Stocks making the biggest moves premarket: Target, Lululemon, Shopify and more
Here are the top companies that are drawing attention in the stock market today:
Target’s stocks took a tumble of more than 7% in the wake of first-quarter earnings that fell short of expectations. This was due in part to a 3% year-on-year sales decrease as consumers purchased fewer non-essential items.
Analog Devices, a semiconductor manufacturing firm, witnessed an impressive 6.2% increase in their shares after exceeding quarterly projections. The company reported adjusted earnings of $1.40 per share in its fiscal second quarter and total revenue of $2.16 billion, outperforming the expected $1.26 per share and $2.11 billion revenue.
Shopify’s stocks saw a 2.6% rise following an upgrade from Goldman Sachs from neutral to buy. The investment banking firm believes that Shopify’s shares offer a compelling entry point, especially after a challenging year.
Box experienced a 2.2% decrease in their shares after Morgan Stanley downgraded the company from overweight to equal weight. The banking firm asserted that other software names such as Docebo and Smartsheet offer more promise.
Urban Outfitters gained 1.8% after surpassing Wall Street’s estimates for fiscal first-quarter results. They reported adjusted earnings of 69 cents per share on $1.20 billion of revenue, trumping the expected 52 cents per share on $1.18 billion of revenue.
PDD Holdings, the Chinese parent company of discount retailer Temu, saw a significant 7.6% boost in their shares following a 131% increase in first-quarter revenue.
Toll Brothers shares increased by 1% after reporting robust results in the fiscal second quarter. Their earnings stand at $4.55 per share on $2.65 billion of home sales revenue, outperforming the expected $4.14 per share on $2.53 billion of revenue.
Hims & Hers Health’s stocks slipped by approximately 3% after Citi downgraded its rating from buy to neutral. Despite the company’s strong performance, Citi stated that the stocks have reached most of their potential for growth following the announcement of introducing GLP-1s to its platform.
Lastly, Lululemon’s shares shed 3.7% after the company announced a new integrated design structure and the departure of its chief product officer.
