Check out the companies making the biggest moves in pre-market trading: Memory stocks — Shares of memory chip makers fell after Google announced a new AI model that the company said could reduce the amount of memory needed to run large language models. SanDisk fell nearly 4%, while Micron Technology, Western Digital and Seagate Technology each fell about 2%. Qualcomm — The chipmaker fell nearly 2%. Bernstein downgraded the stock’s performance from Outperform, citing memory headwinds in the industry. Mining stocks — Gold and silver miner stock prices also fell as precious metals prices fell. First Majestic Silver fell about 5%, and Cool Mining and Hecla Mining both fell nearly 4%. Newmont and Freeport-McMoRan fell about 3%. Adobe — Software shares fell 1.4% after Prime Minister William Blair downgraded Adobe from outperform to market perform and said it was currently unclear whether the stock was an AI winner or loser. NAVAN — The travel technology company soared 18% after forecasting strong earnings in 2027. Navan expects full-year revenue to be $866 million to $874 million, compared with the FactSet consensus estimate of $840.8 million. The company’s fourth-quarter adjusted earnings per share and revenue also exceeded Wall Street expectations. MillerKnoll — The furniture company plunged 17.5% after posting third-quarter adjusted earnings of 43 cents on revenue of $926.6 million. This reflects a 2% decline in adjusted earnings and a 6% increase in revenue year over year. Miller Nord warned of an approximately $8 million to $9 million fourth-quarter impact related to the Middle East conflict. This is due to minimal expected shipments to that region of the world and increased logistics costs. Snapchat — Shares fell 1.3% after the European Union said it was investigating Snapchat for not taking sufficient measures to prevent child grooming and the sale of illegal products. Worthington Steel — The steel processing company plunged nearly 13% in thin trading after posting adjusted earnings of 27 cents per share in the fiscal third quarter, but down from 35 cents per share in the year-ago period. — CNBC’s Sarah Ming and Lisa Han contributed reporting.
