Stocks making the biggest moves premarket: CrowdStrike, Alibaba, Intel, Ulta Beauty and more
Get a glance at the companies making waves in the early trading hours.
— The cloud security platform’s shares edged up by approximately 2% following an upgrade to a ‘buy’ rating from HSBC. Analyst Stephen Bersey suggested that there is no more bad news for CrowdStrike stock related to the mid-July outage caused by a software update.
— The sportswear stock sprang forward 4.5% after beating earnings expectations. The second-quarter earnings per share of Lululemon stood at $3.15, exceeding the LSEG’s estimate of $2.93. However, revenue of $2.37 billion fell short of the consensus estimate of $2.41 billion. The company has also revised down its yearly outlook.
— The shares of the apparel retailer rose by 2% after Citi upgraded them to ‘buy’. Analyst Paul Lejuez believes that the recent dip in shares provides investors with an enticing entry point.
— Shares trading in the U.S. of the e-commerce giant went up after China’s market regulator stated that Alibaba had successfully completed a three-year regulatory “rectification” process. The company had been fined in 2021 during an antitrust investigation.
— The beauty retailer’s shares plunged over 8% in early trading after the company didn’t meet second-quarter expectations and reduced its annual guidance following a drop in same-store sales. This was the company’s first miss on earnings per share since May 2020 and the first miss on revenue since December 2020.
— Shares of the semiconductor company climbed over 10% after its third-quarter forecast exceeded Wall Street estimates. Marvell now anticipates adjusted earnings of 40 cents per share and revenue of $1.45 billion, surpassing LSEG’s expectations of 38 cents and $1.40 billion.
— Shares of the chipmaker rose over 3% on reports that Intel is liaising with bankers to explore strategies to tackle recent decline in its main business.
— The artificial intelligence search company saw its shares dip almost 29% after its fiscal second quarter revenue forecast fell short of predictions. Elastic now projects revenue between $353 million and $355 million, below the $361 million LSEG anticipated.
