Nvidia and Best Buy rise premarket; Dollar Tree and Snowflake fall

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Investing.com — Stocks in focus in premarket trade on Thursday, May 25th. Please refresh for updates.

• Nvidia (NASDAQ:) stock soared 28% after the world’s most valuable listed chip company forecast strong current-quarter revenues, adding it was ramping up supply to meet surging demand for its artificial intelligence chips.

• Best Buy (NYSE:) stock rose 4.4% after the consumer electronics company beat quarterly estimates, as its promotional programs aided higher sales.

• Dollar Tree (NASDAQ:) stock fell 11.2% after the discount company cut its annual profit forecast, as high inflation dampens demand for higher-margin items.

• Snowflake (NYSE:) stock fell 13.6% after the software company provided a disappointing sales outlook for the current quarter, suggesting companies are trimming their spending on cloud software given the uncertain macro environment.

• American Eagle Outfitters (NYSE:) stock slumped 19.7% after the retailer cut its full-year revenue forecast, as demand for its apparel slowed down due to still-high inflation.

• MetLife (NYSE:) stock rose 2.2% after the insurer signed a $19.20 billion reinsurance deal with retirement and life insurance firm Global Atlantic, and boosted its stock buyback program to $4B.

• Virgin Galactic (NYSE:) stock rose 6.1% with the space tourism firm set to launch its first spaceflight mission nearly two years later Thursday, a final planned test flight before it can begin its long-awaited commercial service.

• Vipshop (NYSE:) stock rose 3.9% after JPMorgan upgraded its stance on the Chinese e-commerce company to ‘overweight’ from ‘neutral’, calling it the best defensive play in the e-commerce world.