Premarket stocks see notable gains and losses

Several stocks are showing notable activity in premarket trading today. Five Below's shares jumped 7.8%. The discount retailer reported better-than-expected fourth-quarter earnings and revenue. They earned $3.48 per share on revenue of $1.39 billion, surpassing analyst forecasts. In contrast, PDD Holdings saw a decline of 6% after reporting disappointing earnings. The parent company of Temu reported adjusted earnings of 18.53 yuan per share, which fell short of analysts' expectations. Microchip Technology shares dropped 4.9%. The semiconductor company announced a $1.35 billion stock offering to manage debt and costs, leading to investor concerns. Tesla's stock fell 2.7% following a recall of over 46,000 Cybertruck vehicles. The company needed to address an issue with a trim panel that could detach while driving. ProAssurance experienced a significant increase of nearly 50%. The insurer announced it would be acquired by The Doctors Company for $25 per share, a deal valued at about $1.3 billion. Cava, Boston Beer, and Carvana all saw moderate increases after upgrades from firm analysts. On the other hand, Stellantis and Rivian faced downgrades, impacting their share prices negatively. Overall, these movements indicate mixed performance in the stock market as various companies report earnings and undergo upgrades or downgrades.