Let’s take a look at some companies that are catching our eye in pre-market trading: CrowdStrike – Shares of the cloud security platform rose about 2% after HSBC upgraded it to buy. Analyst Stephen Bursey argued that “the bad news is behind us” regarding the mid-July suspension of CrowdStrike shares related to a software update. Lululemon – Athleisure shares rose 4.5% after revenue beat expectations. Lululemon reported second-quarter earnings per share of $3.15, beating LSEG’s estimate of $2.93 per share. Revenue of $2.37 billion missed the consensus estimate of $2.41 billion. The company also lowered its full-year outlook. Abercrombie & Fitch – The clothing retailer rose 2% after Citi upgraded the stock to buy. Analyst Paul Lejuez speculates that the recent sell-off presents investors with a buying opportunity at an attractive entry point. Alibaba — The e-commerce company’s U.S.-listed shares rose after China’s market regulator said Alibaba had completed a three-year regulatory “remediation” process. The company had been fined in 2021 as part of an antitrust investigation. Ulta Beauty — Shares of beauty retailer Ulta Beauty fell more than 8% in premarket trading after the company reported weaker-than-expected second-quarter results and lowered its full-year guidance following a decline in same-store sales. It was the company’s first time that earnings per share fell short of expectations since May 2020 and its first time that revenue fell short of expectations since December 2020. Marvel Technology — The semiconductor company rose more than 10% after its third-quarter outlook beat Wall Street expectations. Marvell now expects adjusted earnings of 40 cents per share on revenue of $1.45 billion, while analysts surveyed by LSEG expected earnings of 38 cents per share on revenue of $1.4 billion. Intel — The chipmaker’s shares rose more than 3% on news that the company is working with banks to explore options to address recent weakness in its core business. Elastic NV — Shares fell nearly 29% after the artificial intelligence search company’s second-quarter revenue outlook fell short of expectations. Elastic now expects revenue in the range of $353 million to $355 million, while analysts surveyed by LSEG were expecting $361 million. — CNBC’s Ha-Kyung Kim, Yun Lee and Jesse Pound contributed to the report.
CRWD, BABA, INTC, ULTA, etc.
