Stocks making the biggest moves premarket: GameStop, USA Rare Earth, Applied Materials, Zillow and more

Premarket trading showed varied movements, with Applied Materials down 2.2% after projecting a $110 million Q4 and $600 million FY26 revenue hit from new U.S. export restrictions, and GameStop falling 2.7% on plans for asset sales. Conversely, USA Rare Earth climbed 8.8% following news of White House communication, while Entergy gained 2% after announcing a deal to power Google's new $4 billion Arkansas data center. Additionally, Zillow and Freeport-McMoRan each rose over 1% on analyst upgrades, with UBS citing an "overly pessimistic" market reaction to Freeport's Grasberg mine issues.

Analysis

Premarket activity demonstrates significant divergence driven by company-specific events rather than a broad market trend. Geopolitical factors and corporate guidance are creating distinct headwinds, most notably for Applied Materials (AMAT), which slipped 2.2% after quantifying the negative impact of new U.S. export restrictions at approximately $110 million in Q4 revenue and $600 million in fiscal 2026 revenue. Separately, capital raising activities are pressuring stocks, with GameStop (GME) falling 2.7% on plans to sell an assortment of assets and Uranium Energy (UEC) declining 2% after announcing a 15.5 million share secondary offering. Conversely, positive catalysts are propelling other names. USA Rare Earth jumped 8.8% following reports of direct communication with the White House, implying strategic governmental alignment. Entergy (ETR) rose 2% after securing a major contract to power Google’s new $4 billion data center. Analyst sentiment has also been a key driver, with Zillow (Z) and Freeport-McMoRan (FCX) both gaining over 1% on upgrades; analysts cited an overdone sell-off in Zillow and an overly pessimistic market reaction to Freeport's force majeure at its Grasberg mine as creating attractive entry points.

Key Decisions for Investors

• Investors in the semiconductor equipment sector should re-evaluate exposure to U.S.-China export controls, as Applied Materials' quantified revenue warning indicates a tangible and ongoing headwind.
• The declines in GameStop and Uranium Energy highlight the immediate negative market reaction to potential share dilution; positions in companies announcing secondary offerings or ambiguous asset sales should be monitored for continued price pressure.
• Analyst upgrades for Zillow and Freeport-McMoRan suggest potential contrarian opportunities, warranting a closer look to assess if recent negative catalysts have been overly priced in, creating an attractive risk-reward profile.
• Positive, fundamental catalysts such as Entergy's long-term power agreement with Google and Red Cat's new 'buy' rating based on a sector 'supercycle' thesis may signal durable growth narratives worth investigating further.