Every once in a while, the market hands us one of those mornings where the premarket action feels almost too loud to ignore. You pour your coffee, fire up the terminal, and suddenly half a dozen names are already moving 5-10% before most people have even checked their phones. Today, December 4, 2025, is shaping up to be exactly that kind of day.
I’ve been watching these pre-bell swings for years, and honestly? Some of the biggest yearly gains (and losses) start right here in the dark, when volume is thin and sentiment is raw. So let’s dig into the stocks stealing the show this morning and, more importantly, figure out what it actually means for the rest of the session – and maybe the rest of the week.
Why Premarket Moves Still Matter in 2025
Look, I get it – the meme-stock era made a lot of people cynical about premarket gaps. But when established companies with real earnings drop fresh numbers or guidance, those early moves usually carry weight. Liquidity has improved dramatically since 2020, and algos now react within milliseconds to headline risk. In my experience, a 5%+ premarket move on solid volume often becomes the path of least resistance once the regular session starts.
That’s exactly what we’re seeing right now across multiple sectors: software, retail, consumer staples, fintech, and automation. Breadth like this early in the day usually signals something bigger than random noise.
Salesforce (CRM) – Quietly Building Momentum
Salesforce tends to fly a bit under the radar these days compared to the AI darlings, but don’t sleep on it. The company just raised Q4 revenue guidance to a range of $41.45–$41.55 billion. That’s not earth-shattering, but it’s meaningfully above where many analysts were modeling just a few weeks ago.
Third-quarter results were mixed – typical Salesforce fashion – but the forward outlook is what’s pushing shares almost 2% higher premarket. In a world obsessed with 30%+ growth rates, consistent mid-teens revenue expansion with improving margins still deserves respect. I’ve owned CRM through multiple cycles; the stock rarely makes you rich quickly, but it rarely makes you poor either.
When a mature software giant lifts guidance in December, institutions listen. Simple as that.
Snowflake (SNOW) – The Growth Scare Returns
Now here’s the flip side of the coin. Snowflake absolutely crushed its third-quarter numbers – no debate there – but the January quarter product revenue guidance came in lighter than the most bullish expectations. Shares are down 8.6% as I write this, and the comment sections are already filling with the usual “growth story is dead” hot takes.
Let’s add some context though. We’re talking about a company that still grew product revenue over 30% last quarter while consumption patterns remain lumpy. Yes, the guide was conservative. Yes, the stock is volatile. But I’ve watched this name long enough to know that every single time Snowflake has “disappointed” on guidance, it’s beaten the print three months later. Food for thought.
- Beat on top and bottom line? Check.
- Raising full-year outlook? Check.
- Still guiding 25%+ product growth for next year? Also check.
Sometimes the market just needs an excuse to take profits after a 100%+ run. We’ll see if today becomes one of those excuses.
Five Below (FIVE) – Discount Retail Defies Gravity
Okay, can we take a moment to appreciate what just happened here? Five Below reported adjusted earnings of 68 cents per share – nearly triple the 24 cents analysts expected – on revenue that blew past $1 billion for the first time in a third quarter. Shares are up 4.5% premarket and honestly feel like they could run more.
In a retail environment where everyone keeps waiting for the consumer to crack, Five Below is out here proving that “treasure hunt” discount still works magic with teens and budget-conscious parents. Traffic was up, comps were strong, and they’re expanding the higher-price “Five Beyond” concept aggressively.
Perhaps the most interesting part? Management sounded downright confident on the call – rare air these days. If you’ve been hesitant on retail stocks, this print deserves a second look.
Hormel Foods (HRL) – Yes, Even Spam Can Surprise
I’ll be honest – Hormel isn’t the first name I check when I wake up. But a 6.5% premarket pop will make anyone pay attention. Revenue came in light (nobody’s shocked – food inflation has been brutal), but the company guided fiscal 2026 EPS as high as $1.51 – well above the $1.45 consensus.
Translation: management sees pricing power returning and costs easing. In defensive food land, that’s the kind of commentary that gets portfolio managers adding on dips. Not sexy, but sometimes boring wins.
The Smaller Names Worth Watching
Beyond the headliners, a few other stocks are moving meaningfully:
- Toast (TOST) +2.8% after JPMorgan upgrade calling it a true software-payments leader
- nCino (NCNO) +8% on raised 2026 guidance – cloud banking is quietly having a moment
- UiPath (PATH) +8% after yet another clean beat in robotic process automation
Notice a pattern? Software and fintech names with improving fundamentals are getting rewarded, even in a tape that’s been choppy for growth overall.
What Happens When the Bell Rings?
Here’s my take after watching hundreds of these sessions: the names with real fundamental catalysts (Five Below, UiPath, nCino) tend to hold most of their gains. The ones where sentiment flipped on a dime (looking at you, Snowflake) can stay weak into the open as fast money rotates out.
But never forget the broader context. We’re in December. Tax-loss harvesting is peaking. Index rebalancing is coming. A single strong or weak open doesn’t define the week – positioning does.
Still, mornings like this are why I love markets. In thirty minutes of premarket chaos, you get a crystal-clear snapshot of what investors are rewarding and punishing right now: consistent execution, prudent guidance, and realistic growth still win. Flashy headlines without substance? Not so much.
Keep an eye on volume as we approach 9:30 ET. If the movers we discussed are trading multiple times normal premarket volume, chances are the direction sticks. If it’s thin air, treat it as noise.
Either way, days like today remind me why I still get up early for this job. There’s always something new to learn – and occasionally, something new to trade.
Disclosure: No positions in any stocks mentioned at time of writing. Always do your own research – these are just my observations from the front row.
