Stocks making the biggest moves premarket: Salesforce, Kohl’s, Foot Locker and American Eagle Outfitters
May 30, 2024 at 8:54 am - by Editor Prism MarketView
These are the companies grabbing attention before trading kicks off.
- The cloud software provider’s stocks fell 16% in the wake of weaker-than-expected revenues and projected earnings trailing Wall Street’s forecast. Revenue growth was at 11% in the first fiscal quarter, marking the first time since 2006 that Salesforce revenue has fallen short, per LSEG data. The company pointed to budget constraints and prolonged deal cycles during the quarter.
- The online payments platform saw a 2% hike following Mizuho’s upgrade to ‘buy’. Analyst Dan Dolev highlighted PayPal’s newly-introduced one-click checkout tool, Fastlane, as a potential boost for the stock.
- Stocks of the access management company climbed nearly 5% post Evercore ISI’s upgrade to ‘outperform’ and an increased price target, drawing on Okta’s strong quarterly results as evidence of the company moving past its execution challenges.
- The shoe manufacturer’s stocks climbed 8% following its second-quarter earnings and revenue beat. The company also elevated its full-year revenue forecast to between €1.77 billion and €1.78 billion, exceeding its prior estimate of between €1.74 billion and €1.76 billion.
- The apparel and footwear retailer saw a 12% rally in premarket shares after reporting first-quarter earnings that surpassed expectations. CEO Mary Dillon lauded the company’s ‘Lace Up Plan’ following the strong start to the year in an interview with CNBC.
- The electronics retailer stock rose by 1% after reporting fiscal first-quarter earnings of $1.20 per share, ahead of LSEG-predicted $1.08. However, Best Buy’s $8.85 billion revenue fell short of the $8.96 billion consensus.
- Shares went up by 2.5% in the wake of the discount retailer exceeding earnings estimates in its first quarter. Revenue reached $9.91 billion, beating the $9.90 billion consensus.
- Stocks dropped 20% following the chain store’s first-quarter loss, which analysts had anticipated to be a 4 cents gain, according to LSEG. Revenue of $3.18 billion also fell short of $3.34 billion expectation.
- Stocks dipped 7% following weaker-than-expected sales in the fiscal first-quarter. Despite exceeding earnings expectations, CFO Mike Mathias mentioned a “cautious” second-half outlook to CNBC.
- The tech firm saw a 4% stock surge after posting fiscal second-quarter earnings of 82 cents on $12.8 billion revenue, slightly ahead of LSEG-predicted 81 cents on $12.60 billion.
- Stocks dipped 12% following the cloud company’s underwhelming fiscal fourth-quarter revenue forecast, falling short of StreetAccount’s $546 million expectation. However, Nutanix did beat both earnings and sales expectations for its third fiscal quarter.
- Stocks dipped 29% after UiPath issued lower second-quarter and full-year revenue guidance than anticipated. Additionally, the company announced CEO Rob Enslin’s resignation, effective from June 1.
- Tech shares spiked 10% following the company’s better-than-expected fiscal fourth-quarter results. The firm reported an adjusted loss of 11 cents per share on $86.6 million revenue, outperforming StreetAccount’s predicted 30 cents loss per share on $84.4 million revenue. The firm projected about 23% revenue growth in the coming fiscal year.
