The exterior of a Dollar General store in Austin, Texas, March 16, 2023.
Brandon Bell | Getty Images
Check out the companies making the biggest moves before the bell:
dollar general – The discount retailer fell 15.3% after reporting second-quarter earnings per share of $2.13, missing the StreetAccount consensus estimate of $2.47. Revenue also missed, coming in at $9.80 billion versus $9.93 billion expected. Guidance for the second quarter and the full year was also disappointing.
Campbell’s soup Shares rose about 1% after the company reported revenue of $2.07 billion, beating the $2.06 billion expected from analysts polled by Refinitiv. Earnings were in line with expectations.
UPS – Shares of the Swiss bank listed in the United States rose nearly 5% after UBS reported second-quarter earnings of $28.88 billion, versus an expected net profit of $12.8 billion, according to a Reuters poll.
Shopify – The e-commerce platform rose about 7% after announcing late Wednesday that its merchants can use Amazon’s “Buy with Prime” option.
Palantir – Shares fell 3.6% in pre-market trading after Morgan Stanley downgraded their rating to below equal weight. The Wall Street firm said investors are now looking for tangible revenue from the company’s generative AI initiatives and may be disappointed. The stock is up 154% this year.
Sales force The software company jumped 6.2% after its earnings beat after the bell on Wednesday. Adjusted earnings per share were $2.12 for the second quarter, versus the agreed estimate of $1.90 per Refinitiv. Revenue was $8.60 billion, exceeding the expected $8.53. Goldman Sachs then raised its price target by $15 to $340 per share, indicating an upside of 58%.
canopy growth, Kronos Group, Tilray brands Cannabis stocks rose after the US Department of Health and Human Services recommended reclassifying marijuana as a low-risk drug. The reclassification is likely to expand the marijuana market. Cronos rose 2.6%, Tilray rose 2.3%, and Canopy Growth added about 1%.
Victoria’s Secret Shares fell 6.5% after the lingerie retailer reported lost profit and revenue after Wednesday’s close. Victoria’s Secret also said it expects a loss of 70 cents to $1 per share in the third quarter, versus a loss of 14 cents expected by analysts.
Arista Networks Networking Equipment stock rose 276% after Citi upgraded its shares to buy from neutral. The company said Arista can be seen as an early play on artificial intelligence.
Okta — The stock rose 10.6% in pre-market trading after its earnings and revenue beat after the bell on Wednesday. Adjusted earnings per share for the second quarter was 31 cents, versus the 22 cents expected by analysts polled by Refinitiv. Revenue was $556 million, compared to the expected $535 million. Okta also issued a strong forecast for the full year.
Sky West The regional airline added 3.7% after being upgraded by Raymond James to outperform the market. The Wall Street firm said pilot attrition trends were improving and the company was able to get partners to absorb the higher costs. SkyWest is already up 150% year to date.
five below — Discount retailer shares fell nearly 5% after Five Below’s third-quarter guidance fell short of expectations. The company said it expects earnings per share to range between 17 and 25 cents on revenue of between $715 million and $730 million. Analysts surveyed by Refinitiv had forecast 40 cents per share on revenue of $738 million. The company said the dividend guidance was due in part to increasing reserves from “curtailment,” a retail term that includes theft. Five Below’s results for the second quarter were roughly in line with estimates.
Chewy — The pet food retailer fell 4.8% despite earnings and revenue outperforming Aftermarket on Wednesday. However, its third-quarter revenue guidance of $2.74 billion to $2.76 billion was lower than the $2.79 billion expected by analysts, according to StreetAccount.
— CNBC’s Jesse Pound and Alex Haring contributed reporting.