Stocks making the biggest moves premarket: Apple, Tesla, Intuit, Ross Stores and more

Several companies experienced significant stock movements following earnings reports and updated guidance, with Intuit rallying nearly 8% on a strong full-year outlook and StepStone Group gaining over 5% due to increased assets under management. Conversely, Ross Stores and Deckers Outdoor shares plunged 12% and 19%, respectively, after withdrawing or declining to provide full-year guidance, citing tariff uncertainties and macroeconomic conditions; Xerox also fell 9% after cutting its dividend by 80%.

Analysis

The premarket session revealed significant stock movements driven by corporate guidance, earnings results, and geopolitical factors, notably trade policy concerns. Apple (AAPL) shares declined 3.5% following presidential remarks about potential 25% tariffs on iPhones manufactured outside the U.S., highlighting ongoing supply chain vulnerabilities. In contrast, nuclear energy stocks, including Oklo (OKLO) and NuScale (SMR) which rallied over 8% each, and Cameco (CCJ) which rose 4%, benefited from reports of impending executive orders aimed at boosting the sector. Intuit (INTU) shares surged nearly 8% after issuing a strong full-year outlook, with adjusted earnings guidance revised upwards to $20.07-$20.12 per share from a previous $19.16-$19.36, significantly surpassing the $19.40 analyst consensus, complemented by a robust fiscal third-quarter performance. StepStone Group (STEP) gained over 5% as its assets under management increased to $189.4 billion in its fiscal fourth quarter, up from $156.6 billion year-over-year. Autodesk (ADSK) also saw a modest rise of over 1% on a positive second-quarter outlook, projecting adjusted earnings of $2.44-$2.48 per share and revenue between $1.72 billion and $1.73 billion, both ahead of analyst expectations. However, several companies faced headwinds: Ross Stores (ROST) shares plummeted over 12% after withdrawing its full-year guidance and providing disappointing second-quarter earnings guidance, citing tariff uncertainties. Deckers Outdoor (DECK) experienced a sharper 19% drop for declining to provide fiscal 2026 guidance due to "macroeconomic uncertainty related to evolving global trade policies," even as its fourth-quarter results exceeded expectations. Workday (WDAY) shares fell more than 8%; although its first-quarter results beat expectations, its second-quarter subscription revenue forecast of $2.16 billion, merely aligning with consensus, appeared to disappoint investors. Xerox (XRX) shares dropped over 9% following an 80% dividend cut, from 12.5 cents to 2.5 cents, as part of an updated capital allocation strategy preceding its planned Lexmark acquisition, despite reiterating its fiscal year 2025 outlook. Tesla (TSLA) shares edged down 1.1%, with a positive analyst price target revision and optimistic commentary on its autonomous vehicle prospects failing to lift the stock ahead of its anticipated robotaxi launch.

Key Decisions for Investors

• Investors should closely monitor companies sensitive to trade policy, such as Apple, Ross Stores, and Deckers Outdoor, as tariff-related news is directly influencing their stock performance and financial guidance.
• Consider potential opportunities in the nuclear energy sector, including Oklo, NuScale, Cameco, and Constellation Energy, which may benefit from anticipated supportive government policies, while acknowledging the speculative nature until formal actions are taken.
• Evaluate companies like Intuit and Autodesk, which are demonstrating strong fundamentals and providing clear, positive guidance, whilst exercising caution with firms such as Workday where in-line future guidance for key metrics can trigger negative market reactions despite past earnings beats.
• Approach companies withdrawing or negatively revising guidance due to macroeconomic uncertainties, exemplified by Ross Stores and Deckers Outdoor, with increased scrutiny, and be wary of significant capital allocation changes like Xerox's dividend cut, which can signal underlying financial pressures or strategic shifts.
• For Tesla, the market's tepid response to positive analyst commentary suggests that more tangible catalysts, such as a successful robotaxi launch and demonstrable progress in autonomous technology, may be required to drive significant stock appreciation.