Several companies made headlines before the bell, with Walt Disney sliding more than 4% despite posting fiscal second-quarter earnings that beat expectations. Hims & Hers Health saw their stock surge 14% after releasing second-quarter revenue guidance that exceeded estimates, with revenue anticipated to be between $292 million and $297 million. The Gap, on the other hand, gained 3.2% after being upgraded by Citi, which raised its price target and predicted that the apparel retailer could surpass first-quarter earnings expectations. Target also saw a 1.6% increase in its stock following optimistic calls from both Citi and UBS, who upgraded the stock to buy and predicted positive results from the upcoming earnings report.
Palantir Technologies, however, did not fare as well, as their shares tumbled 11% after issuing weaker-than-expected guidance. The defense-technology company expects full-year revenue to fall short of analysts’ expectations, with revenue for the current quarter also below consensus estimates. Lucid Group also saw a drop of 8% after releasing their latest results, which included a loss of 30 cents per share and reaffirmed production guidance for 2024. Revenue for the electric vehicle maker came in above estimates, but the stock still experienced a decline. Rocket Lab USA experienced a 3% drop in shares after posting first-quarter revenue that fell below expectations, coming in at $92.8 million, slightly below the estimate of $95 million.
Simon Property Group, however, saw a 0.7% increase in shares after posting first-quarter revenue that beat expectations. The mall operator exceeded analyst predictions by reporting $1.30 billion in revenue. Microchip Technology saw a 2% decrease in shares after issuing weaker-than-expected guidance for the current quarter, with projected earnings per share and revenue below analyst expectations. The top and bottom line results for the fiscal fourth quarter were in line with predictions. Overall, while some companies experienced positive stock movement based on strong results and upgrades from analysts, others struggled after reporting weaker guidance and missing revenue expectations.
