Lululemon, Costco, Broadcom and others
Take a look at the businesses making headlines earlier than the bell:
Lululemon (LULU) – Lululemon slid 7.1% within the premarket after the athletic attire maker issued a weaker-than-expected outlook. Lululemon reported better-than-expected revenue and income for its newest quarter, but it surely noticed a smaller-than-expected improve in comparable retailer gross sales.
Costco (COST) – Costco missed estimates on each the highest and backside strains for its newest quarter as inflation-hit shoppers reduce on spending. The warehouse retailer additionally noticed elevated working bills.
Broadcom (AVGO) – Broadcom shares rallied 3.6% in premarket motion after the chip maker reported better-than-expected quarterly outcomes and an upbeat outlook. The corporate additionally raised its dividend and stated it could resume share buybacks.
Netflix (NFLX) – Netflix gained 3% within the premarket following two optimistic analyst stories. Wells Fargo upgraded the streaming service’s inventory to chubby from equal weight, saying content material progress would reduce buyer churn. Cowen named the inventory a “finest concept” for 2023, pointing to extra monetization avenues together with the brand new ad-supported tier.
DocuSign (DOCU) – DocuSign posted an 11.3% premarket leap following upbeat quarterly outcomes for the digital signature expertise firm. DocuSign additionally reported better-than-expected billings — a metric that tracks gross sales to new prospects — plus subscription renewals and extra gross sales to present prospects.
AmerisourceBergen (ABC) – Walgreens (WBA) has lower its stake within the drug distributor, promoting $1 billion in AmerisourceBergen shares. The transfer cuts Walgreens’ stake to about 17% from 20% and can give Walgreens funds to pay down debt and fund strategic priorities. Walgreens stays AmerisourceBergen’s largest shareholder. AmerisourceBergen fell 2.6% within the premarket.
Bathtub & Physique Works (BBWI) – Bathtub & Physique Works shares jumped 4.9% within the premarket following information that Daniel Loeb’s Third Level has a greater than 6% stake within the private care merchandise retailer. An SEC submitting additionally revealed that Third Level is pushing the corporate to nominate new board members.
RH (RH) – The corporate previously generally known as Restoration {Hardware} beat prime and backside line estimates in its newest quarterly report. However the luxurious way of life retailer additionally stated its enterprise would proceed to deteriorate due to accelerating weak spot within the housing market. RH rose 1% in premarket motion.
