Matt Murphy, President and CEO of Marvell Technology
Adam Jefferies | CNBC
Check out the companies making headlines before the bell:
Marvell technology – Marvell Technology is up 17% in premarket trading after the company posted a top-bottom hit in the first quarter. According to Refinitiv, Marvell posted adjusted earnings of 31 cents per share, beating estimates of 29 cents. Revenue was $1.32 billion, while analysts polled by Refinitiv were expecting $1.3 billion. Revenue growth is expected to accelerate in the second half of the fiscal year.
gap – Shares of the apparel retailer are up more than 11% premarket, though the company posted net losses and declining sales in its most recent quarter on Thursday, as investors hailed Gap’s significant improvement in its margins thanks to reduced promotions and lower air freight costs.
working day – Workday rose 9% after beating expectations for first-quarter revenue and earnings. The financial management software company also appointed a new chief financial officer, Zane Rowe, and raised the low end of its full-year subscription revenue guidance.
Autodesk – Autodesk was up 1% in premarket trading. The software company reported first-quarter results that were in line with analysts’ expectations. The guidance for the second quarter was weaker than expected, while the outlook for the full year was roughly in line.
Decker’s Outdoor – Deckers Outdoor fell 2% in premarket trading. According to Refinitiv, the lifestyle footwear company reported fourth-quarter results that beat analysts’ expectations. However, its full-year earnings and sales guidance came in lower than expected.
RH – Shares of the retailer fell more than 3% in premarket trading, despite RH beating estimates for the fiscal first quarter in a Thursday evening report. The company reported adjusted earnings per share of $2.21 on sales of $739 million. Analysts polled by Refinitiv were expecting earnings per share of $2.09 on revenue of $727 million. However, RH’s sales guidance for the second quarter fell short of expectations, and the company warned of higher discounts.
Ultimate beauty – Ulta Beauty slipped 9% in premarket trading despite the beauty retailer reporting strong earnings and sales in the first quarter. Full-year revenue guidance was raised slightly and earnings per share guidance was confirmed. However, comparable sales increased slightly less than expected.
— CNBC’s Tanaya Macheel and Jesse Pound contributed coverage
https://www.cnbc.com/2023/05/26/stocks-making-the-biggest-moves-premarket-marvell-technology-gap-rh-more.html
