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Stocks Making the Biggest Premarket Moves: Dell Technologies, Ulta Beauty, Ambarella, Gap and More

May 31, 2024
minute read

Take a look at the companies making headlines in premarket trading:

Dell Technologies
The personal computer and technology company's stock dropped over 16% after executives cautioned about further margin pressure. Despite reporting better-than-expected first-quarter earnings on both the top and bottom lines, Dell forecasted a gross margin decline of approximately 150 basis points for 2025.

Lionsgate Studios
Shares surged 11% following Citi's initiation of coverage with a buy rating. Analyst Jason Bazinet highlighted the potential for margin expansion due to the company's decision to spin off its Starz segment.

The cloud security firm's stock jumped more than 16% after exceeding analyst expectations for its fiscal third-quarter earnings and revenue. Zscaler reported adjusted earnings of 88 cents per share on $553 million in revenue, surpassing the anticipated 66 cents per share on $536 million in revenue according to LSEG.

The department store’s stock fell 5% in premarket trading after reporting a larger-than-expected first-quarter loss. Despite this, Nordstrom maintained its full-year earnings forecast and noted strong performance in its Nordstrom Rack segment, which outshone the main brand stores.

Shares increased by more than 25% after the apparel company raised its full-year operating income forecast following a first-quarter earnings beat. Gap now anticipates operating income growth of around 40%, up from a previous projection of low-to-mid-teens growth.

The chipmaker's stock soared 18% after it announced expectations of continued revenue growth into fiscal year 2025, driven by strong demand for artificial intelligence. Ambarella reported a smaller-than-expected first-quarter loss and revenue in line with forecasts.

Ulta Beauty
The beauty retailer’s shares rose nearly 9% after its CEO outlined five key areas for sales improvement. Ulta's fiscal first-quarter earnings showed a 1.6% year-over-year increase in same-store sales, a notable slowdown compared to the previous year.

Marvell Technologies
The semiconductor stock declined by about 2% after issuing second-quarter revenue guidance that was in line with expectations, but the forecast for adjusted earnings per share missed estimates by a penny.

Shares plummeted 23% after the company's second-quarter guidance fell short of expectations. MongoDB projected earnings of 46 to 49 cents per share on revenue between $460 million and $464 million, below the $470 million revenue and 58 cents per share earnings anticipated by analysts surveyed by LSEG.

The cybersecurity stock dropped over 13% following a weaker-than-expected full-year revenue outlook. The company now estimates revenue between $808 million and $815 million, compared to analysts' forecasts of $817 million.

VF Corp

Shares of the company, which owns brands like North Face, jumped more than 7% after announcing Michelle "Sun" Choe would become the global brand president of Vans starting in late July. Choe previously served as Lululemon's chief product officer.

The data storage company’s stock increased by more than 2% after it surpassed Wall Street’s fourth-quarter estimates on both the top and bottom lines and provided a strong earnings forecast. NetApp expects adjusted earnings per share of $1.80 on revenue of $1.67 billion.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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