GameStop had one of its best days in recent memory after posting its strongest Q1 results in company history. Revenue grew 14%, earnings per share beat Wall Street estimates, and the company ended the quarter with $9.7 billion in cash and related assets.
The board also approved a $2 billion share repurchase program running through July 2029. Shares climbed between 9% and 12% in pre-market and early trading.
CEO Ryan Cohen kept investor attention with his ongoing push to acquire eBay in a proposed $56 billion deal. eBay’s board has rejected the offer, but Cohen has indicated he may pursue a proxy fight and plans to use GameStop’s retail footprint to support eBay’s marketplace.
Marvell Technology extended a massive two-day run, adding over 16% on Wednesday after a 33% surge on Tuesday. The gains follow comments from Nvidia CEO Jensen Huang, who suggested Marvell could be the next company to reach a $1 trillion market valuation.
Investor interest has centered on Marvell’s Teralynx T100 networking chip, designed for AI data center applications. The company is seen as a key supplier for AI infrastructure, including custom silicon solutions.
Intel also moved higher, up around 6%, after its CFO David Zinsner outlined strong demand for data center CPUs. He described the company’s 18A chip as its fastest-ramping product launch in at least five years and said CPU demand could see explosive growth as AI workloads expand.
Zinsner pointed to restructuring efforts under CEO Lip-Bu Tan, including cutting management layers from 12 to 6 and reducing the workforce to below 80,000 employees.
GitLab dropped around 6% after announcing a restructuring that will cut roughly 14% of its global workforce. The company also said it will exit 22 countries, shrinking its geographic presence by about 37%.
GitLab expects to record $30 million to $35 million in pre-tax charges related to the plan, with most of that hitting in the second fiscal quarter of 2027.
Palo Alto Networks fell about 4% even after a strong earnings report. The cybersecurity firm beat estimates with adjusted earnings per share of $0.85 and reported revenue of $3 billion, up 31% year over year.
Next-Generation Security ARR climbed 60% to $8.1 billion. The stock dropped despite the company raising its full-year guidance across all key metrics.
Broader markets were under mild pressure. S&P 500 futures fell 0.08% as renewed missile strikes in the Middle East raised concerns about a stalled U.S.-Iran peace deal, pushing crude oil prices higher.
Bitcoin was up slightly, trading near $67,250. Gold futures dipped 0.65%, and the 10-year Treasury yield rose to 4.483%.
The post Today’s Top Stories: Why GameStop, Marvell, and Intel Stocks Rallied Pre-Market appeared first on CoinCentral.
