Target’s shares fell more than 7% after first-quarter earnings missed estimates due to a decline in sales as consumers bought fewer discretionary items. Analog Devices saw its stock price rise 6.2% after exceeding quarterly estimates, posting adjusted earnings of $1.40 per share in its fiscal second quarter on revenue of $2.16 billion. Shopify’s stock rose 2.6% following a Goldman Sachs upgrade to buy, citing an attractive entry point after a rough year to date. On the other hand, cloud storage company Box dipped 2.2% after being downgraded by Morgan Stanley, who suggested other software names like Docebo and Smartsheet may be more promising. Urban Outfitters’ stock added 1.8% after beating Wall Street estimates for fiscal first-quarter results, posting adjusted earnings of 69 cents per share on $1.20 billion of revenue.
PDD Holdings, the Chinese parent of discount retailer Temu, saw its stock price rise 7.6% after reporting a 131% increase in first-quarter revenue. Homebuilder Toll Brothers gained about 1% after reporting stronger-than-expected results in its fiscal second quarter, with earnings per share of $4.55 on $2.65 billion of home sales revenue, exceeding analyst expectations. However, Hims & Hers Health saw its stock slip roughly 3% after being downgraded by Citi to neutral from buy, despite its announcement of introducing GLP-1s to its platform. Lululemon’s stock dropped 3.7% after implementing a new integrated design structure and the departure of its chief product officer, according to the Wall Street Journal.
Overall, the stock market saw a mix of gains and losses for companies making headlines before the bell. While some companies like Analog Devices and Urban Outfitters exceeded expectations, others like Target and Box faced setbacks. Investors reacted positively to the strong financial performance of companies like PDD Holdings and Toll Brothers, leading to an increase in their stock prices. However, companies like Hims & Hers Health and Lululemon faced challenges that resulted in a decline in their stock prices. Moving forward, investors will continue to monitor these companies and their performance in the market to make informed decisions.
