Stocks making the biggest moves premarket: Starbucks, AMD, Pearson, PacWest & more

cnbc.com:

In this article

Check out the companies making headlines in premarket trading.

Eli Lilly — The pharmaceutical stock rose more than 5% on clinical trial data showing that the company's donanemab drug slowed the progression of Alzheimer's disease.

Starbucks — Shared of the popular coffee chain fell 5% before the bell even after beating analyst estimates and posting stronger-than-expected same-store sales growth. Starbucks reaffirmed its outlook.

AMD — The semiconductor stock fell more than 7% in premarket trading after quarterly results a day earlier. The company reported an adjusted 60 cents per share on $5.35 billion in revenue, which were both ahead of analyst expectations of 56 cents and $5.3 billion, according to Refinitiv. Guidance for sales for the current quarter was lower from the company, however, and analysts are now split on how to view the stock.

Chegg — Shares of the online book renter regained 6.2% on Wednesday after falling as much as 48% a day earlier. The company noted concern of the rise of artificial intelligence as a threat to the core business on its earnings call. CEO Dan Rosensweig also said that the panic that sent the stock plunging was ''extraordinarily overblown."

PacWest, Western Alliance — Regional bank stocks were poised to extend their losses for the week on Wednesday morning. PacWest's shares fell 4.6% in premarket trading after sliding nearly 28% on Tuesday. Western Alliance was down more than 3% after shedding 15% on Tuesday. Shares have been under pressure amid renewed concern over the health of the sector.

Biogen — The biotech company declined about 4% on Wednesday, after Eli Lilly reported its Alzheimer's drug trial data. Biogen reported earnings last week, notching an adjusted $3.40