Turning Point Therapeutics, Lululemon, RH and others
Check the companies that make headlines before the bell:
Turning Point Therapeutics (TPTX) – The biopharmaceutical company’s stock more than doubled in pre-market trading after agreeing to be acquired by Bristol Myers Squibb (BMY) for $ 76 per share in cash, or $ 4.1 billion. Turning Point specializes in cancer treatments.
Lululemon (LULU) – Lululemon shares rose 1% in pre-market trading after the sportswear and leisurewear manufacturer reported a quarter better than expected and increased its full-year forecast. Lululemon beat estimates by 5 cents with a quarterly result of $ 1[ads1].48 per share, amid continued strong demand for premium sportswear.
RH (RH) – RH fell 4% in the advance market after the luxury housing company gave weaker income prospects than expected for the whole year. RH reported better-than-expected earnings and sales for its last quarter, announcing a $ 2 billion expansion of its share buyback program.
CrowdStrike (CRWD) – CrowdStrike fell 4.3% in advance market measures, although the cybersecurity company posted better-than-expected results for its last quarter and offered a positive outlook. CrowdStrike shares rose 7.8% on Thursday before the earnings report.
Kohl’s (KSS) – Kohl’s shares rose 7.3% in pre-market trading after the Wall Street Journal reported that the trader received takeover bids from private equity firm Sycamore Partners and retail holding company Franchise Group. Sycamore’s bid is said to value Kohl’s in the middle of $ 50 per share, while Franchise Group offers around $ 60. Kohl’s had closed Thursday at $ 41.18.
Tesla (TSLA) – Tesla shares fell 4.7% in the advance market after a report that CEO Elon Musk ordered an immediate layoff and a 10% reduction in staff. The order came in a note seen by Reuters, which quoted Musk as saying that he feels “super bad” about the economy.
Coinbase (COIN) – Coinbase extends a layoff and withdraws any job offers that have been accepted. The operator of the cryptocurrency exchange said in a blog post that it would stop the employment “as long as this macro environment requires”. Coinbase fell 3.7% in pre-market trading.
Alaska Air (ALK) – The airline increased its revenue prospects for the current quarter, saying they are experiencing sustained strong demand. Alaska Air also said that stronger revenues outweigh higher fuel costs. The stock added 1% to the premarket.
Okta (OKTA) – The identity management software company’s share rose by 15.6% in the advance market after reporting better-than-expected results for the first quarter. Okta said that they do not see any impact from the security breach in the systems in March, nor from macroeconomic conditions. The premarket rise in Okta shares follows an increase of almost 11% in Thursday’s trading.
Chegg (CHGG) – The education technology company’s shares rose 6.3% in pre-market trading after announcing a $ 1 billion increase in the share buyback program.
PagerDuty (PD) – The cloud computing company reported better-than-expected revenue for its last quarter and a smaller-than-expected loss. The company also expects to report an annual profit next year. PagerDuty added 3.2% in the advance market.
