Check out the companies making headlines in premarket trading. Tesla — Shares jumped 7% after CEO Elon Musk said his $56 billion pay package and a resolution to move the company’s incorporation to Texas were both set to pass a shareholder vote. The former garnered criticism heading into the vote, with notable shareholders publicly sharing their intentions to vote against the compensation plan. Broadcom — Shares jumped nearly 14% after the chipmaker posted an earnings and revenue beat and announced a 10-for-1 stock split. Adjusted earnings per share for its fiscal second quarter came in at $10.96, topping the $10.84 expected from analysts polled by LSEG. Revenue was $12.49 billion, versus the $12.03 billion expected. Dave & Buster’s — Shares of the entertainment and restaurant chain fell 10% after first-quarter sales missed expectations. Dave and Buster’s reported $588 million of revenue for the first quarter, below the $621 million projected by analysts, according to LSEG. Oxford Industries — Shares tumbled 4% after the clothing maker’s weaker-than-expected earnings report. The Tommy Bahama parent posted adjusted earnings of $2.66 per share on $398.2 million in revenue. Analysts polled by FactSet had penciled in a profit of $2.68 per share and $404.8 million in revenue. Guidance for the current quarter and full year was also softer than Wall Street anticipated. Virgin Galactic — The space tourism company slipped 8.5% after its board of directors approved a 1-for-20 reverse stock split. The stock is trading below $1. Kimberly-Clark — The consumer packaged goods stock advanced 2.2% on the heels of a rare double upgrade to buy from Bank of America. The firm said the Huggies and Kleenex maker is on the precipice of see structural changes. Nextera Energy Partners — Shares retreated 3.2% on the back of a Barclays downgrade to underweight from equal weight. Barclays said the company has no way to get out from under the overhangs caused by convertible equity portfolio financing. Corning — Shares slipped around 1% following a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said Corning’s stock has a more balanced risk-to-reward ratio after a notable rally this year. — CNBC’s Michelle Fox and Jesse Pound contributed reporting
https://www.cnbc.com/2024/06/13/stocks-making-the-biggest-moves-premarket-tsla-avgo-play-and-more.html
