Stocks making the biggest moves premarket: BX, MRVL, PANW
Check out the companies making the biggest moves premarket: Private equity firms — The group fell after Bloomberg News reported Partners Group, a Swiss-based private equity firm, capped withdrawals from one of its private equity funds. Blackstone fell 6%, while KKR tumbled more than 5.5%. Blue Owl Capital was off nearly 4%. Palo Alto Networks — The cybersecurity stock fell 2%. Palo Alto posted stronger-than-expected revenue guidance for its current quarter and lifted its full-year revenue guidance. The company also posted fiscal third-quarter adjusted earnings of 85 cents per share on $3 billion in revenue, beating the earnings of 80 cents and $2.94 billion in revenue that analysts had expected, per LSEG. GitLab — Shares lost nearly 4% after the software company guided for adjusted earnings per share of 17 cents to 18 cents, while analysts polled by LSEG had penciled in 19 cents per share. GitLab also said that it would reduce its full-time workforce by approximately 14%, or 350 team members, and exit 22 countries. The company also expects to incur between $30 million and $35 million in pretax restructuring charges. Marvell Technology — The stock rose on Wednesday after it posted its best day ever on Tuesday, where it jumped 32%. In premarket trading, Marvell was jumping more than 13%. Macy’s — Shares of the retailer were up 1.5% after it posted its strongest first-quarter growth in four years. Revenue also came in above estimates, at $4.68 billion compared to analysts polled by LSEG’s expectations for $4.61 billion. The company also hiked its full-year outlook. Cboe Global Markets — The exchange was up 1.5% after a three-day decline where the stock tumbled nearly 20%. Fears of what the introduction of perpetual futures to the U.S. may do to traditional exchanges has weighed on these stocks this week. Ulta Beauty — The beauty stock lost 1% despite the company lifting its full-year earnings guidance. Ulta also reported first-quarter earnings of $7.74 per share, beating the $6.86 a share analysts were expecting, per LSEG. Its $3.16 billion revenue also exceeded the $3.10 billion estimate. Ollie’s Bargain Outlet — Shares rose more than 4% after a mixed first-quarter financial report, where the company beat expectations on earnings but missed on revenue. However, the company hiked full-year earnings guidance, with Ollie’s estimating a range of between $4.45 to $4.55 in earnings per share, compared to analysts polled by FactSet’s expectations of $4.44. GameStop — The video gaming retailer popped almost 13% after it reported adjusted earnings of 30 cents per share in the first quarter. That was above analysts polled by FactSet’s estimates for 16 in earnings per share. Revenue also rose 14% from a year ago. Shake Shack — Shares were off 1% after Morgan Stanley and Raymond James downgraded the stock. Morgan Stanley moved its rating to equal-weight from overweight, while Raymond James moved its outlook to outperform from strong buy. Analysts at Raymond James said margin volatility has increased as beef and energy prices have risen. Medtronic — The medical device company was up 3% after it delivered better-than-expected revenues of $9.81 billion in the company’s fiscal fourth quarter. Adjusted earnings came in-line with estimates, while full-year earnings guidance for the current fiscal year missed expectations slightly. Yum Brands — Shares rose 1.5% after a Morgan Stanley upgrade to overweight from equal-weight. Analysts noted the stock is cheaply valued and should trade at a higher multiple thanks to a strong growth profile. — CNBC’s Lisa Kailai Han contributed reporting
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