Biggest stock movers today: Apple, WestRock, BlackBerry, C3.ai and more
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Stock futures fell on Thursday due to increased concerns over the Federal Reserve's interest rate policy and potential future hikes, while China's iPhone ban impacted the tech sector.
Here are some of Thursday's biggest stock movers:
Biggest stock gainers

G-III Apparel Group (NASDAQ:GIII) shares surged 17% after exceeding expectations in Q2 and upgrading its FY2024 projection. The company boosted its sales forecast to $3.30B, up from $3.29B and the consensus of $3.26B, and raised its adjusted EPS forecast to $3.20 to $3.30, up from $2.80 to $2.90 and the consensus of $2.85.

WestRock (NYSE:WRK) shares rose over 12% following discussions to merge with Europe's Smurfit Kappa (OTCPK:SMFTF), forming a global paper and packing company worth $20B. The deal, expected to be announced next week, follows Smurfit Kappa's rejection of an unsolicited $10.7B bid from International Paper in 2018.
GameStop's (NYSE:GME) pared its previous gains after surging for more than 6% in premarket trading following upbeat Q2 results. The company stated that it will continue to assess the entire portfolio of assets as part of its efforts to achieve sustainable profitability in order to confirm their strategic and financial fit and eliminate redundancies.
UiPath (NYSE:PATH) increased by 6% after the company outperformed in Q2 results with top line growth of ~19% and provided strong revenue guidance. It anticipates Q3 revenue between $313M and $318M, vs. the consensus of $282M and FY2024 revenue between $1.273B and $1.278B, vs. the consensus of $1.27B. The company also approved a $500M stock repurchase program.

Biggest stock losers

Apple (NASDAQ:AAPL) shares fell over 5% due to concerns that the Chinese government has banned iPhone use by its agencies. However, investment firm Wedbush Securities believes the issue is "way overblown" and that Apple has seen significant share gains in the Chinese smartphone market over the past 18 months. Analyst Dan Ives expects significant design enhancements and a $100 price increase on the iPhone 15 Pro and Pro Max, while also highlighting China's importance in the success of the iPhone 15, with a 75% to 25% split expected, up from historical splits of 60% to 40%.
BlackBerry (NYSE:BB) stock plunged around 9% after the company's preliminary Q2 revenue of $132M fell short of analysts expectations of $155.5M. The company also reiterated its full-year revenue guidance for both Cybersecurity and Licensing and Other. CEO John Chen stated, "Given the potential impact of factors that include rescheduling of software development programs and production schedules at certain large automakers and uncertainty in the macroeconomic environment, the full-year revenue outlook for the IoT business unit is now expected to be in the range of $225M to $240M."
Despite exceeding the consensus mark in Q3, C3.ai (NYSE:AI) shares fell over 8% after the enterprise software company said it would not be profitable on a non-GAAP basis in 4Q24, though it still anticipates being cash positive in that period and in FY 2025.
Shares of ChargePoint (NYSE:CHPT) slipped more than 8% after the company reported mixed Q2 results and provided a downbeat outlook. The company sees Q3 revenue in the range of $150M to $165M, below the consensus of $182M, and fiscal year revenue between $605M and $630M, short of market expectations of $678M.

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