Check out the companies making the biggest moves in pre-market trading: Defense stocks — Defense stocks soared after President Donald Trump called for a $1.5 trillion defense budget in 2027 and said in a post on Truth Social that he wanted to build a “dream army.” Lockheed Martin and L3Harris Technologies rose 8%, while Northrop Grumman jumped 8.5%. General Dynamics and RTX rose about 5%. Applied Digital — Shares rose nearly 5% after the company reported second-quarter results with higher profits and sales. Applied Digital’s revenue came in at $127 million, compared to LSEG’s consensus estimate of $88 million. Earnings per share also matched analysts’ expectations for a loss of 12 cents per share. The company said it is in advanced discussions with another investment-grade hyperscaler across multiple regions. Gap — The retailer added 4% on the back of a buyback upgrade at UBS and said it expected a rebound in sales and profit growth. Alcoa — The aluminum company fell 3.8% after JPMorgan was downgraded to underweight. The company cited uncertainty surrounding tariffs and the relative valuation of stocks. Generac — The generator maker rose 2% after Citi upgraded its stock to buy from neutral. The bank said the more than 20% drop in share price since late October was excessive and needed a rise of more than 45%. Constellation Brands — maker of Corona and Modelo rose 1.6% after reporting third-quarter earnings. Constellation reported adjusted earnings of $3.06 per share on revenue of $2.22 billion. Analyst estimates compiled by LSEG were for earnings of $2.63 per share and revenue of $2.16 billion. Shell — Shares fell more than 2% after the petrochemical giant issued an updated fourth-quarter outlook, noting weakness in its chemicals and products division and trading and optimization to be “significantly lower” than in the third quarter. — CNBC’s Fred Imbert contributed reporting.
