Stocks Making the Biggest Premarket Moves: Dollar General, Salesforce, Palantir and More

Check out the companies making the biggest moves before the bell:

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Dollar GeneralDollar General saw a decrease of 15.3% in its stock value after revealing second-quarter earnings per share of $2.13, falling short of the anticipated StreetAccount consensus estimate of $2.47. Additionally, its revenue of $9.80 billion did not meet the expected $9.93 billion. The provided guidance for both the second quarter and the full year disappointed market expectations.

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Campbell SoupShares of Campbell Soup experienced a modest increase of approximately 1% as the company reported revenue of $2.07 billion, surpassing the estimated $2.06 billion as forecasted by analysts polled by Refinitiv. The earnings reported were in line with the projected expectations.

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UBSU.S.-listed shares of Swiss bank UBS exhibited a notable rise of nearly 5% following its announcement of a second-quarter profit amounting to $28.88 billion. This result exceeded the projected net profit of $12.8 billion, according to a Reuters poll.

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ShopifyThe e-commerce platform Shopify witnessed a substantial rally of about 7% subsequent to its announcement that merchants on its platform can now utilize Amazon’s "Buy with Prime" option.

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PalantirShares of Palantir declined by 3.6% in premarket trading due to a downgrade by Morgan Stanley from equal weight to underweight. The reasoning behind this downgrade pertained to investors' expectations for substantial revenue from the company’s generative artificial intelligence initiatives, which might not be fully met. Despite a remarkable 154% surge in the stock's value this year, concerns over tangible revenue have led to this adjustment.

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SalesforceThe software company Salesforce observed a notable increase of 6.2% subsequent to exceeding earnings expectations in its most recent report. Adjusted earnings per share for the second quarter were reported at $2.12, surpassing the consensus estimate of $1.90 from Refinitiv. Additionally, revenue amounted to $8.60 billion, which exceeded the anticipated $8.53 billion. This performance led Goldman Sachs to raise its price target to $340 a share, implying a potential 58% upside.

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Canopy Growth, Cronos Group, Tilray BrandsCannabis stocks experienced upward movement following a recommendation by the U.S. Department of Health and Human Services to reclassify marijuana as a lower-risk drug. This reclassification could potentially expand the market for marijuana products. Cronos saw a 2.6% climb, Tilray gained 2.3%, and Canopy Growth increased by about 1%.

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Victoria’s SecretShares of Victoria's Secret declined by 6.5% after reporting an earnings and revenue miss in its recent report following Wednesday's market close. The company also indicated an anticipated third-quarter loss ranging from 70 cents to $1 per share, contrasting with the anticipated 14 cents loss projected by analysts.

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Arista NetworksArista Networks, a network equipment provider, witnessed a substantial increase of 276% after being upgraded by Citi from neutral to buy. This upgrade was attributed to Arista's potential as an early player in the field of artificial intelligence.

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OktaOkta, a technology company, experienced a significant surge of 10.6% in premarket trading following a positive earnings and revenue report released after the bell on Wednesday. The company reported second-quarter adjusted earnings per share of 31 cents, surpassing the expected 22 cents as forecasted by analysts. Additionally, revenue amounted to $556 million, exceeding the anticipated $535 million. Okta also provided a robust outlook for the full year.

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SkyWestThe regional airline SkyWest observed an increase of 3.7% after receiving an upgrade from Raymond James, transitioning from market perform to outperform. The upgrade was driven by improving pilot attrition trends and the company's success in mitigating higher costs through partnership arrangements. SkyWest has already achieved a remarkable 150% rally year to date.

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Five BelowShares of the discount retailer Five Below experienced a decline of nearly 5% due to a third-quarter guidance that fell short of expectations. The company projected earnings per share in the range of 17 to 25 cents on revenue of $715 million to $730 million. This contradicted analysts' predictions of 40 cents per share on revenue of $738 million as surveyed by Refinitiv. The company attributed part of the earnings guidance to increased reserves for "shrink," a retail term that includes theft. The second-quarter results for Five Below were largely consistent with estimates.

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ChewyDespite reporting positive earnings and revenue postmarket on Wednesday, pet food retailer Chewy's stock value declined by 4.8%. However, the company's revenue guidance for the third quarter, projected to be between $2.74 billion and $2.76 billion, fell short of the expected $2.79 billion from analysts, as reported by StreetAccount.

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