Biggest stock movers today: NVDA, ZS, and more

Stock futures edged lower in premarket trading on Wednesday, following the S&P 500’s worst performance since early August in the previous session.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• GitLab (NASDAQ:GTLB) shares surged more than 15% after the company reported strong fQ2 results that exceeded expectations and raised its full-year outlook. For FQ3, GitLab expects adjusted EPS of $0.15 to $0.16 on sales of $187M to $188M, surpassing analyst forecasts of $0.11 per share on $187.7M in sales. Additionally, the company raised its full-year guidance, projecting sales between $742M and $744M and adjusted EPS of $0.45 to $0.47, up from prior estimates of $733M to $737M in sales and $0.34 to $0.37 per share in earnings. This revised guidance exceeds the consensus estimate of $736.67M in sales and $0.37 per share in earnings.

Biggest stock losers

• NVIDIA’s (NASDAQ:NVDA) shares continued their decline on Wednesday morning, dropping an additional 3% after a 10% fall the previous day, the largest one-day market cap drop for a U.S. stock in history. The sell-off was triggered following a report that the company received a subpoena from the Department of Justice as part of an antitrust investigation. The investigation centers on NVIDIA’s dominance in the artificial intelligence accelerator market, with officials worried about potential barriers to switching to competitors. NVIDIA has denied any wrongdoing and reiterated its commitment to fair competition.
• Zscaler (NASDAQ:ZS) shares plunged 15% despite delivering strong FQ4 results that surpassed expectations. The drop came as the cybersecurity firm’s outlook for FY2025 fell short of analyst estimates. Zscaler projects adjusted earnings of $2.81 to $2.87 per share, with a midpoint of $2.84, significantly below the estimated $3.36. Additionally, the company forecasts sales between $2.6B and $2.62B, with a midpoint of $2.61B, slightly under the expected $2.63B.