Stocks making the biggest moves premarket: Marvell Technology, Gap, RH & more
Matt Murphy, president and CEO of Marvell Technology
Adam Jeffery | CNBC
Check out the companies making headlines before the bell:
Marvell Technology — Marvell Technology surged 17% in premarket trading after reporting a top-and-bottom beat in its first quarter. Marvell posted adjusted earnings of 31 cents per share, topping estimates for 29 cents, according to Refinitiv. It reported $1.32 billion in revenue, while analysts polled by Refinitiv expected $1.3 billion. It expects revenue growth will accelerate in the second half of the fiscal year.
Gap — Shares of the apparel retailer jumped more than 11% premarket despite the company posting net losses and declining sales Thursday for its most recent quarter, as investors cheered Gap’s big improvement in its margins thanks to reduced promotions and lower air freight expenses.
Workday — Workday jumped 9% after topping first-quarter expectations on the top and bottom lines. The financial management software firm also named a new chief financial officer, Zane Rowe, and raised the low end of its full year subscription revenue guidance.
Autodesk — Autodesk rose 1% in premarket trading. The software company reported first-quarter results that were in line with analysts’ expectations. It gave second-quarter guidance that was weaker than expected, while its full year outlook was roughly in line.
Deckers Outdoor — Deckers Outdoor fell 2% in premarket trading. The lifestyle footwear company reported fourth-quarter results that exceeded analysts’ expectations, according to Refinitiv. However, it gave full year earnings and revenue guidance that was lower than expected.
RH — Shares of the retailer fell more than 3% in premarket trading despite RH beating estimates for its fiscal first quarter in a Thursday evening report. The company reported $2.21 in adjusted earnings per share on $739 million of revenue. Analysts surveyed by Refinitiv were looking for $2.09 in earnings per share on $727 million of revenue. However, RH’s second-quarter revenue guidance was short of expectations, and the company warned of increased markdowns.
Ulta Beauty — Ulta Beauty slid 9% in premarket trading even after the beauty retailer posted strong earnings and revenue for the first quarter. It very slightly raised full year revenue guidance, and reaffirmed earnings per share guidance. However, comparable sales grew slightly less than expected.
— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting