Check out the companies making headlines before the bell.
Intel — Shares rose more than 1% in the premarket after the company announced new artificial intelligence chips aimed at competing with those from rivals Nvidia and AMD. Despite the AI boom, Intel is down nearly 40% year to date, while Nvidia and AMD are up 132% and 11% in that time, respectively.
GameStop — GameStop slipped 2% following a 21% rally on Monday amid speculation that meme stock trader Keith Gill could hold a major position in the video game retailer. The Wall Street Journal reported that E-Trade is weighing Gill from the platform due to market manipulation concerns. Shares of AMC Entertainment slipped 3% following an 11% jump.
Bath & Body Works — Shares of the home fragrance and personal care retailer dropped 9%. Bath & Body Works topped first-quarter earnings and revenue estimates but shared disappointing guidance for the current period. The company expects earnings to range between 31 cents and 36 cents a share, versus a FactSet estimate of 38 cents.
SentinelOne — The cybersecurity stock rose 2.3% on the back of a Canaccord Genuity upgrade to buy from hold. The firm called SentinelOne a secular winner in the long term and said its recent sell-off was “overdone.”
Gitlab — The software company shed 2.3% despite posting an earnings and revenue beat postmarket for its fiscal first quarter Monday. Adjusted earnings per share came in at 3 cents, versus the 4 cent loss per share expected from analysts polled by LSEG. Revenue was $169 million, topping the $166 million consensus estimate.
Alphabet — Alphabet shares hovered below the flatline after the search giant cut at least 100 positions within its cloud unit, CNBC reported.
