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Premarket Movers Tuesday: Torchlight, GameStop, Plug Power

Stocks moving in premarket trading include Torchlight Energy Resources, GameStop, Plug Power, Sanderson Farms and MicroVision.
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Stock futures were higher Tuesday ahead of testimony from Federal Reserve Chairman Jerome Powell.

Here are some of the top movers during premarket trading on Tuesday:

1. Torchlight Energy Resources - Down 2.3%

Torchlight Energy Resources  (TRCH)  wavered after jumping to a record in the previous session as the oil and natural gas developer was touted on retail-trading forums as a potential short-squeeze opportunity. The company said it agreed to extend to June 30 the date by which it must close its merger with Canada's Metamaterial.

2. GameStop - Up 8.6%

GameStop  (GME)  jumped after the videogame retailer and meme-stock favorite, said it sold 5 million common shares in an at-the-market offering that raised just over $1.1 billion. GameStop said it would use the funds for general purposes, to invest in growth initiatives and maintain a strong balance sheet.

3. Plug Power - Up 0.2%

Shares of Plug Power  (PLUG)  climbed after the fuel-cell maker posted a wider-than-expected first-quarter loss but beat Wall Street's revenue expectations. The company, which last month completed the restatement of its financial statements for the past three years, said revenue rose 76% to $72 million.

4. Sanderson Farms - Up 11%

Sanderson Farms  (SAFM)  surged after The Wall Street Journal reported that Sanderson hired Centerview Partners for advice after attracting the interest of potential buyers, including agricultural investment firm Continental Grain. The company, the third-biggest U.S. chicken producer by processing capacity, had a market value of around $3.5 billion as of Monday afternoon.

5. MicroVision - Down 9.6%

Shares of MicroVision  (MVIS)  fell after the laser-scanning technology company said it would sell up to $140 million of stock periodically, using the funds for general purposes. The company in April reported a wider-than-expected loss.