Stocks making the biggest moves premarket: Uber, Chipotle, Microsoft, Lumen and more

Check out the companies making headlines in premarket trading.

Uber — The ride-hailing app’s shares rose more than 7% after it posted fourth-quarter earnings that topped analyst estimates. Uber earned 29 cents a share, beating analysts’ estimate of an 18 cent loss, Refinitiv data showed. Uber’s revenue for the quarter was up 49% year-over-year. CEO Dara Khosrowshahi said Uber ended 2022 with its “strongest quarter ever,” capping off its “strongest year.”

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Chipotle Mexican Grill — Shares of the fast casual restaurant chain fell more than 5% on the back of disappointing quarterly results. Chipotle said it saw customers pull back on their restaurant spending during the fourth quarter. “As we got around the holidays, we just didn’t see that pop, that momentum, that we normally see,” CFO Jack Hartung said on a conference call.

Microsoft — The Xbox maker rose 1.6% after it released a new AI-powered homepage for its Bing search engine.

Lumen Technologies  — The cloud network data company lost 17% premarket after reporting a fourth quarter loss of $3.1 billion (including a $3.3 billion goodwill writedown), and adjusted EPS of 43 cents vs 51c a year ago. This year’s adjusted earnings guidance missed StreetAccount estimates.

Fortinet — The cybersecurity company’s shares rose 11% after it beat analysts’ estimates in the most recent quarter by five cents a share, according to StreetAccount.

Under Armour — The athletic apparel retailer jumped nearly 8% after fiscal third-quarter earnings beat expectations. Under Armour earned adjusted EPS of 16 cents vs a StreetAccount estimate of 9 cents. Revenue also topped estimates.

TripAdvisor — The online travel company’s stock jumped 5% after Bank of America double upgraded it to buy. The bank anticipates upside of almost 60% for TripAdvisor as consumers book more travel.

Enphase Energy — The solar company rose 8.5% after it posted fourth quarter adjusted earnings of $1.51 per share vs a $1.27 estimate, on revenue of $725 million against a $707 million estimate, according to StreetAccount.

Illumina — Shares of the biotechnology company dropped almost 3% on fourth-quarter earnings showing quarterly revenue of $1.08 billion, down 10% year-over-year.

— CNBC’s Fred Imbert, Tanaya Macheel, contributed reporting