Stocks making the biggest moves premarket: On Holding, Under Armour, GameStop, AST SpaceMobile & more

Pre-bell trading was dominated by earnings misses, guidance cuts, and restructuring news across multiple names. Under Armour fell 14% after a 3-cent loss and $1.17 billion in revenue missed estimates, while ZoomInfo tumbled more than 33% after cutting full-year revenue guidance to $1.185 billion-$1.205 billion and GitLab dropped 11% on restructuring plans tied to agentic AI. A few names bucked the trend, including Plug Power, which rose more than 7% on a narrower-than-expected loss and stronger revenue, and Wendy's, which jumped more than 23% on reports of a possible take-private bid.

Analysis

The tape is separating businesses with visible operating leverage from those where guidance is being pulled forward to reset expectations. The real signal is not the magnitude of single-name misses, but the market’s preference for companies that can defend unit economics in a slowing demand backdrop versus those still relying on top-line expansion to mask weak conversion. That tends to favor large-platform names with pricing power and penalize capital-intensive or customer-acquisition-heavy models where small demand slippage rapidly hits EBITDA.

The biggest second-order loser here is the AI-software cohort’s lower-quality growth names: if a company is restructuring to pursue agentic AI, the market is effectively saying the prior operating model was already under-earning its cost of capital. That dynamic can bleed into adjacent names with similar “growth now, efficiency later” narratives, especially where international complexity or sales efficiency is still deteriorating. In contrast, the private takeout chatter in consumer can re-rate the whole sub-sector’s corporate activity premium, but only if financing remains cheap and sponsor appetite holds.

Crypto-linked equities remain highly sensitive to the same factor that hurt them here: revenue miss plus margin compression. The setup is worse than a one-day drawdown because miners now trade on confidence in forward hash-rate economics and balance-sheet survival, not just coin price beta. If BTC stays rangebound, these names likely face multiple compression for weeks, while any sharp spot move could still produce reflexive squeezes.

The contrarian view is that several of these moves look over-extended versus the size of the miss. The market is pricing in not just weaker quarters, but a step-down in terminal growth or strategic relevance, which creates upside asymmetry in the names that still guided positively or can credibly cut costs fast. The best opportunities are likely in names where the guide-down is a reset rather than a thesis break.

Key Decisions for Investors

• Short GTLB into the next 2-4 weeks if the market keeps rewarding AI restructuring headlines over execution; use a tight stop on any disclosure of meaningful cost savings or faster margin inflection. Risk/reward favors downside continuation because the company is asking investors to underwrite a multi-quarter transition with limited near-term proof.
• Avoid catching the falling knife in HIMS and ASTS until management provides explicit path-to-profitability detail; if long exposure is required, express it via smaller size or call spreads only after the next catalyst. These are classic 'guidance credibility' trades where sentiment can stay broken for several quarters.
• Pair long WEN / short a basket of consumer discretionary names with weaker guidance quality for the next 1-3 months. The private-equity angle creates a non-fundamental bid that can persist, while downside in the short leg should be driven by slower consumer spend and higher financing scrutiny.
• Short CLSKW and MARA on any bounce over the next 1-2 weeks, or hedge existing crypto beta with puts. Until crypto price trends improve, miner fundamentals remain a decay trade with unfavorable asymmetry to the downside.
• Take a tactical long in PLUG only as a trading vehicle, not a fundamental hold, with a 1-3 week horizon. The better-than-feared print can drive short-covering, but the business still lacks proof of durable margin normalization, so upside should be harvested quickly.