May 19, 2024

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Turning Point Therapies, Lululemon, RH and others

Turning Point Therapies, Lululemon, RH and others

Check out the companies making headlines before the bell:

Turning Point Treatments (TPTX) – Shares of the biopharmaceutical company doubled in pre-market trading after approval of its acquisition by Bristol-Myers Squibb (BMY) for $76 per share in cash, or $4.1 billion. Turning Point specializes in treating cancer.

Lululemon (LULU) — Shares of Lululemon rose 1% in premarket trading after the sportswear and leisure apparel maker reported a better-than-expected quarter and raised its full-year forecast. Lululemon beat estimates by 5 cents with quarterly earnings of $1.48 per share, amid continued strong demand for luxury sportswear.

R (RH) – RH fell 4% in pre-market after the luxury home goods company released weaker-than-expected revenue forecasts for the full year. RH reported better-than-expected earnings and sales for the fourth quarter and announced a $2 billion expansion in its stock buyback program.

CrowdStrike (CRWD) – CrowdStrike fell 4.3% in pre-market activity although the cybersecurity firm posted better-than-expected results for its last quarter and issued an optimistic forecast. CrowdStrike stock rose 7.8% Thursday before the earnings report.

kohl (KSS) — Kohl’s shares rose 7.3% in premarket trading after the Wall Street Journal reported that the retailer had received takeover offers from private equity firm Sycamore Partners and Franchise Group Holdings. Sycamore bid is said to value Kohl’s at mid-$50 a share, while Franchise Group is offering around $60. Kohl’s closed Thursday at $41.18.

Tesla (TSLA) — Tesla shares fell 4.7% in the primary market after a report that CEO Elon Musk ordered an immediate hiring freeze and 10% staff cut. The order came in a note seen by Reuters that quoted Musk as saying he felt “very bad” about the economy.

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Queen Piece (COIN) – Coinbase is extending the hiring freeze and canceling some accepted job offers. The cryptocurrency exchange operator said in a blog post that it will pause hiring “for as long as this macro environment requires.” Coinbase stock is down 3.7% in pre-market trading.

Alaska Air (ALK) — The airline boosted its revenue outlook for the current quarter, saying it is seeing strong, sustained demand. Alaska Airlines also said strong revenue offset higher fuel costs. The stock added 1% in Premarket.

octa (OKTA) — The identity management software company’s stock rose 15.6% in premarket after it reported better-than-expected fiscal first-quarter results. Octa said it did not see any impact from the security breach in its systems in March, nor from macroeconomic conditions. The initial rise in Octa’s share price followed a nearly 11% rise in trading on Thursday.

jiggle (CHGG) — Shares of the education technology company rose 6.3% in pre-market trading after it announced a $1 billion increase in its share buyback program.

BigDuty (PD) – The cloud computing company posted better-than-expected revenue for the fourth quarter and a lower-than-expected loss. The company also expects to report an annual profit next year. PagerDuty added 3.2% to the market.