Check out the companies making headlines in premarket trading. CrowdStrike — Shares of the cloud security platform ticked up about 2% following an upgrade to buy from HSBC. Analyst Stephen Bersey asserted that “the bad news is behind us” on CrowdStrike stock regarding the mid-July outage tied to a software update. Lululemon — The athleisure stock advanced 4.5% after following an earnings beat. Lululemon reported $3.15 earnings per share in the second quarter, topping an LSEG estimate of $2.93 per share. To be sure, revenue of $2.37 billion fell below a consensus of $2.41 billion. The company also lowered its full-year outlook. Abercrombie & Fitch — The clothing retailer added 2% after Citi upgraded shares to buy, with analyst Paul Lejuez positing that a recent sell-off presents a buying opportunity for investors at an attractive entry point. Alibaba — U.S.-traded shares of e-commerce company rose after China’s market regulator said Alibaba had completed a three-year regulatory “rectification” process . The company had been fined in 2021 as part of an antitrust investigation. Ulta Beauty — The beauty retailer saw shares tumbling more than 8% in premarket trading after the company fell short of second-quarter expectation s and trimmed its full-year guidance after a decline in same-store sales. It marked the company’s first earnings per share miss since May 2020 and first revenue miss since December 2020. Marvell Technology — The semiconductor company advanced more than 10% after its third-quarter outlook surpassed Wall Street estimates. Marvell now expects adjusted earnings of 40 cents per share on revenue of $1.45 billion, while analysts polled by LSEG called for 38 cents and $1.40 billion. Intel — The chipmaker added more than 3% on news that Intel was working with bankers to explore options to address recent weakness in its core business. Elastic NV — Shares pulled back nearly 29% after the artificial intelligence search company’s fiscal second quarter revenue outlook missed estimates. Elastic now forecasts revenue in the range of $353 million to $355 million, while analysts polled by LSEG expected $361 million. — CNBC’s Hakyung Kim, Yun Li and Jesse Pound contributed reporting
https://www.cnbc.com/2024/08/30/stocks-making-the-biggest-moves-premarket-crwd-baba-intc-ulta-and-more.html
