Stocks making the biggest moves premarket: CNVA, NET, PNR
Check out the companies making headlines before the bell. UniFirst – The stock tumbled more than 10% after Cintas terminated discussions to acquire the workwear provider in a deal that would have been worth $275 per share in cash. In a statement, Cintas CEO Todd Schneider said, “While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst regarding key transaction terms. We do not believe further discussions are warranted at this time.” KB Home – The homebuilder stock pulled back 8% after its first-quarter results missed Wall Street’s expectations. KB Home posted earnings of $1.49 per share on $1.39 billion in revenue, while analysts surveyed by LSEG had penciled in $1.58 per share and $1.5 billion in revenue. KB Home also cut its fiscal 2025 revenue outlook. Trump Media – Shares gained 9% after the Truth Social parent announced a deal with Crypto.com to launch a series of exchange-traded funds and other related products. Trump Media said that it plans to launch the funds later this year. Cloudflare – Shares popped 5.7% on the back of Bank of America’s double upgrade to buy from underperform . BofA said the network security stock has improving fundamentals and catalysts that can help growth accelerate. Pentair – The water treatment company’s stock climbed more than 1% after receiving an upgrade to outperform from neutral at Baird, which pointed to its slide in shares this year as well as long-term drivers as providing a buying opportunity for investors. Oklo – Shares fell nearly 7% after the advanced nuclear technology company posted a steeper annual loss compared to the prior-year period. In an SEC filing , the company also said, “We are an early‑stage company with a history of financial losses, and we expect to incur significant expenses and continuing financial losses.” Carvana – Shares of the online used car marketplace advanced about 6% after Morgan Stanley upgraded the stock to overweight from equal weight. The firm said its recent pullback affords investors a “unique” opportunity to “gain exposure to a leader in auto retail and fleet fulfillment.” American Electric Power – The stock slipped nearly 2% after the utility company said it is offering a $2 billion secondary sale of common stock through Citigroup and Barclays. Illumina – The DNA sequencing and array-based life sciences company rose 1.5% early Tuesday on a Wall Street Journal report that Corvex Management chief investment officer and activist investor Keith Meister will join the board of directors, and former Food and Druig Administration chairman Scott Gottlieb will become chairman, effective Friday. Illumina has slumped 35% in the past three months. — CNBC’s Alex Harring, Michelle Fox Theobald and Scott Schnipper contributed reporting.
