Stocks making the biggest moves premarket: Chevron, PG&E, GameStop and more

Chevron (CVX) raised its dividend for the 39th consecutive year, with shares up 42% YTD and a 3.08% yield. Q2 2026 EPS was $6.06 on $67.2B revenue, with strong free cash flow covering dividends. The company has shown resilience during oil price drops, like in 2020, and has secured long-term cash flows through deals like a 20-year Microsoft agreement.

California scrapped a wildfire liability overhaul, leaving utility credit ratings at risk. PG&E and Southern California Edison bonds and stocks were affected, with S&P warning of potential downgrades. The original proposal included a liability cap and was seen as credit supportive, but the revised bill was deemed insufficient. The issue will be left to the next governor, with Moody's warning of higher electricity rates and economic competitiveness challenges.

On Tuesday, U.S. indices declined, with the S&P 500 and Nasdaq down 0.71% and 1.03% respectively. Deere (DE) hit a new 52-week high of $677.89, up 43% in a year, with Baird upgrading it to Outperform and raising the target to $800. The Chef's Warehouse (CHEF) also hit a new high, up 79% in a year, but faces valuation concerns. Builders Firstsource (BLDR) and Dave & Buster's (PLAY) hit new lows, down 54% and 65% respectively in a year.

US Energy Secretary Chris Wright expressed confidence that North American Blue Energy Partners (NABEP) will attract US investors to Venezuela's oil sector. NABEP plans to invest $100 billion to boost production, with US oversight providing legal certainty. The US will have a 35% interest in NABEP, while Chevron announced a $7 billion investment to double its Venezuelan output. Analysts note political risks and production forecasts vary, with some projecting over 3 million b/d by 2045.

Chevron plans to increase Venezuelan oil production to 600,000 barrels daily, calling it a turning point. Economists note job creation impacts on unemployment. Separately, rising fuel costs prompt companies to consider rail transport for goods. A NYT reporter discusses consumers taking on debt for household expenses.

Chevron plans to invest $7 billion in Venezuela over five years, aiming to double oil production to 600,000 barrels daily. The company calls this a 'turning point' for Venezuelan energy. Analysts note Chevron's advantage due to existing operations, but political risks remain.