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Stocks Making the Biggest Premarket Moves: Pagerduty, Dell, Tesla, Broadcom and More

September 3, 2023
minute read

Check out the companies making headlines in midday trading:

VMware: The cloud services company witnessed a decline of 2.8% following a second-quarter report that delivered mixed results. While VMware exceeded earnings per share expectations, it fell short on revenue figures.

Lululemon Athletica: The athletic apparel retailer experienced a 6% surge in its stock price after announcing impressive earnings following the close of trading on Thursday. For the fiscal second quarter, Lululemon reported earnings per share of $2.68, surpassing analyst expectations of $2.54. Additionally, its revenue of $2.21 billion exceeded estimates of $2.17 billion. Lululemon also raised its guidance for the full year.

Broadcom: This chip manufacturer saw a 5.5% decrease in its stock value as it provided fiscal fourth-quarter revenue guidance slightly below Wall Street's expectations, citing concerns about competition in the networking chip sector. However, Broadcom did report better-than-expected earnings and revenue for its latest quarter.

Papa John’s: The pizza chain experienced a 1.9% increase following an upgrade from Wedbush, which raised its rating to "outperform" from "neutral," citing undervalued shares.

PagerDuty: The stock declined by 7.7% after PagerDuty issued third-quarter earnings guidance that fell short of analysts' projections. The company anticipates earnings per share between 13 cents and 14 cents for the quarter, which is below the StreetAccount consensus of 15 cents per share. Baird also downgraded PagerDuty from "outperform" to "neutral," indicating that its shares are currently facing challenges.

A-Mark Precious Metals: The shares of this precious metals trading company soared by 10.9% during Friday's trading session, driven by its latest quarterly results and the announcement of a special dividend of $1 per share. While revenue exceeded expectations at $3.16 billion, earnings per share were slightly lower than analysts' projections at $1.71, compared to the expected $1.76, according to StreetAccount.

Dell Technologies: Dell Technologies recorded an impressive 21.3% surge in its stock price after surpassing analysts' expectations for the second quarter. The computer company reported adjusted earnings per share of $1.74 and revenue of $22.93 billion, outperforming the Refinitiv consensus estimates of $1.14 per share and $20.85 billion, respectively. Morgan Stanley also designated Dell as a top pick in the IT hardware sector.

Walgreens Boots Alliance: The drugstore chain experienced a 7.4% decline following the announcement that Roz Brewer had stepped down from her role as the company's chief executive and departed from the board.

Tesla: Tesla's shares saw a drop of nearly 5.1% after the electric vehicle manufacturer reduced prices for certain Model S and Model X vehicles in China.

MongoDB: MongoDB's stock exhibited a modest gain of just over 3% after surpassing Wall Street's expectations in its latest quarter. The database software maker reported adjusted earnings of 93 cents per share on revenue totaling $423.8 million for the second quarter, exceeding consensus estimates of 46 cents in earnings per share and $393 million in revenue, as per Refinitiv's consensus estimate.

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Eric Ng
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John Liu
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Bryan Curtis
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Adan Harris
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Cathy Hills
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