Chegg's stock tumbles on ChatGPT student usage, Pfizer and Burger King parent shares rise on results and other stocks on the move

By Anviksha Patel

These were the some of the most active stocks during Tuesday premarket trading:

Stock gainers:

Uber(UBER) surged nearly 8% premarket after the car-ride hailing company issued an uplifted second-quarter outlook that topped expectations

Woodward Inc.(WWD) rallied more than 16% after the maker of control systems and other components for aircraft and industrial engines reported fiscal second-quarter profit and sales well above Wall Street expectations on "robust demand" for its products and services across aerospace and industrial markets. Woodward also raised its revenue and EPS guidance for fiscal 2023.

Top Financial Group Ltd(TOP), the Hong Kong-based broker, surged more than 8% after becoming a meme stock in the Reddit group WallStreetBets. The stock had closed 52% down on Monday.

Pfizer's (PFE) rose over 1% premarket on Tuesday after the pharmaceutical company issued first-quarter earnings and revenue that fell but beat Wall Street expectations.

Restaurant Brands International Inc.(QSR.T) was trading nearly 1% higher as the parent company of Burger King and Popeyes chain reported Tuesday first-quarter profit and sales rose above expectations

Leggett & Platt Inc.(LEG) advanced 2% premarket after the maker of mattresses and other home and commercial products reported earnings that topped Wall Street views despite feeling what it called the "impact" from economic uncertainty, and kept its 2023 guidance intact.

Stock decliners:

Chegg Inc.(CHGG) tumbled over 43% premarket when it forecasted net revenue below analysts' estimates from weaker customer growth due to a recorded rise in student interest in ChatGPT.

Arista Networks Inc.(ANET) slipped over 8% following a flat day of trading in Monday's regular session to close at $160.16 after the cloud-networking software company topped Wall Street expectations in both results and outlook.

DuPont de Nemours Inc.(DD) were down almost 5% as the materials giant cut its full-year guidance despite beating analyst expectations for first quarter earnings.

MGM Resorts International(MGM) fell nearly 1% premarket on Tuesday even though China's rebound and hotel and gaming demand on the Las Vegas Strip helped push quarterly results above expectations.

Avis Budget Group Inc. (CAR) dropped about 1% despite a first-quarter beat for the rental-car company, which said it had most rental transactions in its first-quarter history. Avis said it also "rigorously" controlled costs in the period.

BP(BP.LN) saw the American depositary receipts of the energy giant trading over 5% down after reporting a drop in first quarter earnings even though it beat earnings expectations and announced a $1.75 billion share buyback program.

-Anviksha Patel

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-02-23 0756ET

Copyright (c) 2023 Dow Jones & Company, Inc.