Stocks making the biggest moves premarket: Alibaba, EchoStar, Micron & more

Check out the companies making the biggest moves premarket: EchoStar — Shares rose nearly 4.5% after the Federal Communications Commission approved the company’s $40 billion sale of wireless spectrum to AT & T and SpaceX. The company is selling 50 megahertz of its spectrum to AT & T and 65 megahertz to SpaceX. Alibaba — U.S.-listed shares of the Chinese e-commerce giant fell 3% after the company posted an 84% plunge in Q1 profit. Alibaba also reported heavy investments in AI. Nextpower — The energy stock surged 14% after Nextpower raised its full-year revenue guidance to a range of $3.8 billion to $4.1 billion, while previously it had estimated a range of between $3.6 billion to $3.8 billion. The company also posted a fiscal fourth-quarter adjusted earnings and revenue beat versus analysts’ expectations, per FactSet. Birkenstock — The shoe designer and manufacturer fell more than 5.5% after it missed estimates on both earnings and revenue in its fiscal second-quarter financial report. War in the Middle East weighed on growth in the Europe, Middle East and Africa region, the company said. Karman — Shares fell nearly 8% after the aerospace and defense company posted fiscal first-quarter adjusted earnings of 11 cents per share, while analysts polled by FactSet were expecting 12 cents. On the other hand, Karman’s revenue and adjusted EBITDA for the last quarter came in above forecasts. Micron , Nvidia — A slew of technology companies were higher after a decline in the group led the broader market lower on Tuesday. Micron, which fell more than 3.5% on Tuesday after a 23% two-day rally, was up more than 5.5%. Nvidia, which bucked the trend and closed higher Tuesday, was up 2%. Resideo Technologies — Shares plunged almost 9% after the home security products and systems company guided for current-quarter adjusted earnings in the range of 71 to 75 cents per share, while analysts were expecting 84 cents, per FactSet. The company also sees its revenue falling in between $1.916 billion to $1.940 billion, versus the $2.01 billion analyst consensus. However, Resideo reported a first-quarter beat on both the top and bottom lines. Photonics stocks — The AI trade supported optical networking names on Wednesday. Coherent was the best performing stock on the S & P 500, rising 7%. Lumentum was up more than 4.5%, while Corning jumped 4%. Wix.com — The web development platform plunged almost 15% after adjusted earnings came in lighter than expected at 68 cents per share. Analysts polled by FactSet were expecting earnings of $1.24 per share. — CNBC’s Lisa Kailai Han and Fred Imbert contributed reporting