Several companies were making headlines in premarket trading, with notable movements in their stock prices. Tesla saw a 7% jump in shares after CEO Elon Musk announced that his $56 billion pay package and a resolution to move the company’s incorporation to Texas were set to pass a shareholder vote. Meanwhile, Broadcom’s shares surged nearly 14% after the chipmaker reported an earnings and revenue beat along with a 10-for-1 stock split. The company’s adjusted earnings per share for the fiscal second quarter exceeded analysts’ expectations, coming in at $10.96 on revenue of $12.49 billion.
On the other hand, Dave & Buster’s saw its shares fall by 10% after its first-quarter sales missed expectations. The entertainment and restaurant chain reported $588 million in revenue for the quarter, falling short of the $621 million projected by analysts. Similarly, Oxford Industries experienced a 4% decline in shares following a weaker-than-expected earnings report. The clothing maker, known for brands like Tommy Bahama, posted adjusted earnings of $2.66 per share on $398.2 million in revenue, below Wall Street’s estimates. Guidance for the current quarter and full year also fell short of expectations.
Virgin Galactic, the space tourism company, slipped 8.5% after its board of directors approved a 1-for-20 reverse stock split, with the stock trading below $1. Kimberly-Clark, the consumer packaged goods company, saw a 2.2% increase in its stock price after receiving a rare double upgrade to buy from Bank of America. The firm cited potential structural changes at the Huggies and Kleenex maker. Nextera Energy Partners, on the other hand, experienced a 3.2% retreat in shares following a Barclays downgrade to underweight from equal weight, citing concerns about overhangs caused by convertible equity portfolio financing.
Lastly, Corning saw its shares slip around 1% after a Morgan Stanley downgrade to equal weight from overweight. The investment firm suggested that the stock had a more balanced risk-to-reward ratio following a significant rally earlier in the year. Overall, these companies experienced mixed results in premarket trading, with some seeing significant stock movements following earnings reports, shareholder votes, and analyst actions. Investors will be closely monitoring these developments to assess the impact on future performance.
