Premarket Movers | Credo Soars over 16%; AppLovin Jumps Another 4%; Novo Rises Nearly 2%; Onsemi Falls 5%; Goodyear Sinks 7%

Credo Technology stock jumped over 16% in premarket trading after the connectivity solutions provider reported preliminary third quarter revenue far exceeding analyst expectations.

Shares of mobile ad-tech firm AppLovin surged another 3.83% in premarket trading after a 13% rally on Monday. Short seller CapitalWatch has issued an apology and revised its report accusing a major AppLovin shareholder of financial crimes. This news served as a direct catalyst for the stock's sharp rally.

Novo stock rose another 1.86% in premarket trading. Telehealth firm Hims & Hers reversed its launch of a $49 compounded weight-loss pill over the weekend, following legal threats from Novo and the U.S. Food and Drug Administration.

Chipmaker Onsemi missed Wall Street estimates for fourth-quarter revenue, with its business segments declining as much as 17%, hurt by a persistent inventory glut. The shares dropped 4.76% in premarket trading.

Goodyear shares sank 7% in premarket trading after an adjusted profit miss, but recovering to close down by 2%. The company's fourth-quarter segment operating income rose by 9% to $416 million, driven by the Goodyear Forward initiative. Despite a revenue decline to $4.9 billion, it surpassed forecasts by $50 million, although adjusted profit per share fell short by 10 cents.