Premarket trading yielded a mixed backdrop as a batch of earnings results and deal developments touched a wide swath of names, from consumer brands to software and energy-related plays. According to CNBC, Under Armour slid about 14% after the company posted a quarterly loss of three cents on revenue of $1.17 billion, versus LSEG consensus expecting a 2-cent loss on revenue of $1.68 billion.
Across other notable movers, GameStop shares fell more than 4% after online retailer eBay rejected a $56 billion takeover bid, over concerns about financing the deal. eBay itself traded down slightly. On Holding, the running-shoes maker, dropped about 5% in premarket trading despite reporting first-quarter earnings and revenue that topped expectations and reiterating its full-year net sales growth outlook along with higher earnings guidance.
On the M&A and earnings beat side, Wendy’s jumped more than 23% after The Financial Times reported that Nelson Peltz’s Trian Fund Management was considering raising funds to take the fast-food chain private. ZoomInfo Technologies tumbled more than 33% after cutting its full-year revenue guidance to a range of $1.185 billion to $1.205 billion, down from the prior target of $1.247 billion to $1.267 billion.
Among other active names, Plug Power rose more than 7% after posting a narrower-than-expected adjusted loss of eight cents for the first quarter, with revenue of $163.5 million beating consensus of $139.9 million. Hims & Hers Health fell about 14% after issuing disappointing earnings guidance. AST SpaceMobile dropped around 12% after delivering a larger-than-expected first-quarter loss, even as it reaffirmed its full-year revenue target of $150 million to $200 million. GitLab shares declined about 11% after CEO Bill Staples laid out a broad restructuring plan tied to the company’s move into agentic AI, including workforce reductions, management cuts and a leaner geographic footprint; the company did not provide a headcount figure but will share details on its June 2 earnings call. Webtoon Entertainment fell about 10% after guiding for second-quarter revenue of $332 million to $342 million, below FactSet consensus, with second-quarter adjusted EBITDA of $0 to $5 million also missing expectations. Cleanspark slid about 9% as second-quarter losses widened and revenue underwhelmed estimates. Mara Holding’s crypto-mining parent company fell roughly 4% after posting a first-quarter loss per share of $3.31 and revenue of $174.6 million, both worse than consensus estimates.
Key takeaways
- Under Armour — Shares down about 14% after reporting a loss of three cents on revenue of $1.17 billion, versus a consensus for a two-cent loss on $1.68 billion in revenue, underscoring demand and margin pressures in the sportswear maker’s lineup.
- ZoomInfo — Stock down more than 33% after cutting full-year revenue guidance to $1.185–$1.205 billion from a prior $1.247–$1.267 billion, highlighting the risk to growth targets in the data and market-intelligence space.
- Wendy’s — Shares rally more than 23% on a Financial Times report that Trian Fund Management is weighing funding to take the chain private, signaling potential shifts in ownership and strategy.
- GitLab — Shares slide about 11% as CEO outlined a broad restructuring plan to accelerate AI adoption, with details to be provided on the June 2 earnings call, signaling near-term cost and organizational changes.
- Other movers — A cluster of names traded in divergent directions: GameStop fell after eBay rejected a takeover bid; On Holding beat and raised guidance but posted a premarket decline; Plug Power rose on a narrower loss and revenue beat; several other names including Hims & Hers, AST SpaceMobile, Webtoon Entertainment, Cleanspark and Mara Holdings moved on guidance, losses or strategic updates.
What drove the move
Under Armour’s quarterly results
The sporting-gear maker reported a quarterly loss of three cents per share on $1.17 billion in revenue, versus analysts’ expectations of a two-cent loss on revenue of $1.68 billion, according to LSEG data cited by CNBC. The miss on revenue underscores ongoing demand and margin headwinds in the near term, weighing on shares as investors reassess growth and profitability trajectories in merchandising and direct-to-consumer channels.
Guidance shifts at ZoomInfo
ZoomInfo’s decision to pare its full-year revenue outlook to $1.185 billion to $1.205 billion from the prior range of $1.247 billion to $1.267 billion triggered a sharp stock move. The cut reflects a softer demand environment for business-intelligence platforms and adds to a broader trend of growth-name volatility as investors scrutinize top-line visibility and path to profitability.
M&A chatter and private equity tone
The Wendy’s surge reflects a renewed focus on potential take-private activity, spurred by a report in The Financial Times detailing that Nelson Peltz’s Trian Fund Management is exploring funding options for a bid. Such chatter can reprice risk margins for management and equity holders, even if no formal bid materializes in the near term.
AI transition and corporate restructuring
GitLab’s plan to restructure around agentic AI—including potential headcount reductions and management changes—illustrates how software and platform companies are aligning corporate structures to accelerate AI-driven workflows. While no exact layoff figures were disclosed, investors are evaluating the cost of execution against the expected long-run gains from AI-enabled products and services.
Take-private and strategy shifts in consumer tech/retail
GameStop’s decline followed eBay’s rejection of a $56 billion bid, raising questions about financing for large-scale acquisitions in the retail and collectibles space. Separately, On Holding posted a beat on earnings and revenue and raised its earnings outlook, yet the stock moved lower in premarket trading, illustrating that beat-and-raise results do not always translate into immediate upside when the outlook remains a focal point for investors.
Market reaction
Premarket trading was characterized by dispersion rather than a unified directional tilt. Several growth-oriented or loss-making names faced downward pressure after negative earnings or guidance revisions, while some high-profile names benefited from deal-related excitement or positive results. Notably, Plug Power advanced on a stronger-than-feared quarterly print, while several other names in the small- to mid-cap space moved on a mix of earnings results and forward guidance.
Bigger picture
The day’s movements highlight the market’s continued sensitivity to forward guidance and strategic pivots in a high-rate, inflation-conscious environment. Earnings misses and cautious forecasts remain a litmus test for growth-oriented names, while M&A chatter continues to inject volatility into crowded sectors such as consumer brands and software platforms. The AI pivot at GitLab and the private-equity takeaway speculations around Wendy’s reflect broader macro themes: the recalibration of growth paths, the cost of ambitious AI initiatives, and the appetite for consolidation in consumer and technology markets. Investors are weighing whether stronger AI-enabled outcomes justify near-term earnings volatility, and how such reforms align with expectations for margin expansion and long-run profitability in an evolving competitive landscape.
What to watch next: investors will focus on GitLab’s June 2 earnings call for more detail on its restructuring plan tied to AI initiatives and the cost implications. The broader earnings calendar and any new macro signals—particularly central-bank guidance and inflation data—will continue to shape sentiment, especially for names that hinge on durable growth and discretionary consumer demand.
Upcoming events and data to monitor include earnings updates from other technology and consumer-facing companies, developments around AI-related initiatives, and any renewed comments from policymakers that could influence growth and capex outlooks.
