Stocks making the biggest moves premarket: Lululemon, Costco, Broadcom and others
Check out the companies making headlines before the bell:
Lululemon (LULU) – Lululemon slid 7.1% in the premarket after the athletic apparel maker issued a weaker-than-expected outlook. Lululemon reported better-than-expected profit and revenue for its latest quarter, but it saw a smaller-than-expected increase in comparable store sales.
Costco (COST) – Costco missed estimates on both the top and bottom lines for its latest quarter as inflation-hit consumers cut back on spending. The warehouse retailer also saw increased operating expenses.
Broadcom (AVGO) – Broadcom shares rallied 3.6% in premarket action after the chip maker reported better-than-expected quarterly results and an upbeat outlook. The company also raised its dividend and said it would resume share buybacks.
Netflix (NFLX) – Netflix gained 3% in the premarket following two positive analyst reports. Wells Fargo upgraded the streaming service’s stock to overweight from equal weight, saying content growth would lessen customer churn. Cowen named the stock a “best idea” for 2023, pointing to additional monetization avenues including the new ad-supported tier.
DocuSign (DOCU) – DocuSign posted an 11.3% premarket jump following upbeat quarterly results for the electronic signature technology company. DocuSign also reported better-than-expected billings — a metric that tracks sales to new customers — plus subscription renewals and additional sales to existing customers.
AmerisourceBergen (ABC) – Walgreens (WBA) has cut its stake in the drug distributor, selling $1 billion in AmerisourceBergen shares. The move cuts Walgreens’ stake to about 17% from 20% and will give Walgreens funds to pay down debt and fund strategic priorities. Walgreens remains AmerisourceBergen’s largest shareholder. AmerisourceBergen fell 2.6% in the premarket.
Bath & Body Works (BBWI) – Bath & Body Works shares jumped 4.9% in the premarket following news that Daniel Loeb’s Third Point has a more than 6% stake in the personal care products retailer. An SEC filing also revealed that Third Point is pushing the company to appoint new board members.
RH (RH) – The company formerly known as Restoration Hardware beat top and bottom line estimates in its latest quarterly report. But the luxury lifestyle retailer also said its business would continue to deteriorate because of accelerating weakness in the housing market. RH rose 1% in premarket action.
