Check out the companies making the biggest pre-market moves: EchoStar — Shares rose nearly 4.5% after the Federal Communications Commission approved the company’s $40 billion sale of radio spectrum to AT&T and SpaceX. The company sells 50 megahertz of its spectrum to AT&T and 65 megahertz to SpaceX. Alibaba — U.S.-listed shares of Chinese e-commerce giant Alibaba fell 3% after the company posted a steep 84% drop in first-quarter profit. Alibaba also reported significant investments in AI. Nextpower — Energy stocks soared 14% after Nextpower raised its full-year revenue outlook to a range of $3.8 billion to $4.1 billion. We had previously expected a range of $3.6 billion to $3.8 billion. The company also announced that its fiscal fourth quarter adjusted earnings and sales exceeded analyst expectations, according to FactSet. BIRKENSTOCK — Shoe designer and manufacturer Birkenstock fell more than 5.5% after its fiscal second quarter financial report missed expectations for both earnings and sales. The company said the war in the Middle East weighed on growth in the Europe, Middle East and Africa region. CULLMAN — Shares fell nearly 8% after the aerospace and defense company reported first-quarter adjusted earnings of 11 cents per share, compared with the 12 cents expected by analysts surveyed by FactSet. Meanwhile, Kalman’s revenue and adjusted EBITDA in the last quarter exceeded expectations. Micron, Nvidia — Many technology companies rose after the group’s decline sent the broader market lower on Tuesday. Micron fell more than 3.5% on Tuesday after rising 23% in two days, but rose more than 5.5%. Nvidia bucked the trend and closed 2% higher on Tuesday. Resideo Technologies — Shares fell nearly 9% after the home security products and systems company said it expected adjusted earnings in the range of 71 cents to 75 cents per share for the current quarter, according to FactSet. Analysts, on the other hand, had expected 84 cents. The company also expects revenue to be between $1.916 billion and $1.94 billion, compared to analyst consensus of $2.01 billion. However, Resideo reported both first-quarter sales and bottom line gains. Photonics Stocks — AI trading favored optical networking stocks on Wednesday. Coherent rose 7%, making it the best performing stock in the S&P 500. Lumentum rose more than 4.5% and Corning rose 4%. Wix.com — The web development platform plunged nearly 15% as adjusted earnings came in at 68 cents per share, lower than expected. Analysts polled by FactSet had expected earnings of $1.24 per share. —CNBC’s Lisa Kai-Lai Hung and Fred Imbert contributed reporting
