Biggest stock movers Wednesday: GME, GEV, and more

Stock futures were mixed during the premarket hours of Wednesday as investors eagerly awaited key inflation data set to be released later today, a pivotal economic indicator that could influence future Federal Reserve policy.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• GameStop (GME) shares climbed over 4% despite mixed FQ3 results, with revenue plunging over 20% Y/Y. The company closed the quarter with $4.62B in cash, significantly higher than $929.2M a year ago. CEO Matt Furlong noted, “We remain focused on right-sizing our cost structure while investing in growth initiatives.” The company also stated it does not plan any further at-the-market stock offerings for the current fiscal year.

Biggest stock losers

• GE Vernova (GEV) shares dropped 3% after the company reaffirmed its FY 2024 guidance but narrowed its adjusted EBITDA margin outlook to 5.5%-6.0% from the previous 5%-7%, raising investor concerns despite revenues and free cash flow trending toward the higher end of prior guidance. While the company raised its FY 2025 forecasts for revenues ($36B-$37B), free cash flow ($2B-$2.5B), and adjusted EBITDA margin (high single digits), these updates failed to ease concerns as revenue guidance remained below the $37.3B analyst consensus. The company also declared a $0.25/share quarterly dividend and approved an initial $6B share repurchase authorization.
• Dave & Buster’s Entertainment (PLAY) shares tumbled 15% following a downbeat FQ3, with a wider-than-expected loss. The company’s profitability was impacted by a material fiscal calendar mismatch, adverse weather, remodel construction, and certain “unusual” items. Adding to the pressure, CEO Chris Morris announced his resignation. The board appointed Chairman Kevin Sheehan as interim CEO.