Check out the companies making headlines before the bell:
Capri Holdings (CPRI) – The parent company of luxury brands, like Michael Kors, Versace and Jimmy Choo, saw its stock jump 11% in premarket after posting better-than-expected quarterly numbers before returning nearly all of those gains. Capri earned an adjusted $1.02 per share, 20 cents above estimates, and managed to boost profit margins amid pandemic-related issues. However, the company released a softer-than-expected revenue forecast for the full year.
HP Inc. (HPQ) – HP beat estimates by 3 cents with adjusted quarterly earnings of $1.08 per share. The computer and printer maker’s revenue also beat Street’s forecast. HP raised its earnings outlook, benefiting from strong demand from business customers despite supply chain disruptions.
Salesforce (CRM) – Salesforce rose 9.1% premarket after beating analyst estimates by 4 cents with adjusted quarterly earnings of 98 cents per share. The enterprise software giant also beat revenue forecasts and raised its full-year guidance amid continued strong demand.
Victoria’s Secret (VSCO) – Victoria’s Secret jumped 6.8% in premarket trading despite a mixed quarter. The intimate apparel retailer’s adjusted earnings of $1.11 per share for its latest quarter beat the consensus estimate of 84 cents and revenue was in line with forecasts. The current quarter earnings forecast fell short of some forecasts. The company was able to reverse the impact on results from supply chain issues and reduced consumer spending.
Weibo (WB) – The China-based social media company reported better-than-expected earnings and revenue for its latest quarter. The company added users and called its advertising business “relatively resilient” in the face of Covid lockdowns in the country. Weibo jumped 5.5% in the premarket action.
Ambarella (AMBA) – Ambarella fell 3.8% in premarket trading after the chipmaker released a current-quarter revenue forecast that fell below analysts’ estimates, due to the negative impact of lockdowns of Covid in China. Ambarella posted an up and down pace for its last quarter.
ChargePoint Holdings (CHPT) – ChargePoint’s adjusted loss for its latest quarter was 21 cents per share, 2 cents higher than analysts expected. The electric vehicle charging network operator’s revenues exceeded forecasts. ChargePoint also released a lighter-than-expected revenue guidance for the current quarter and year as it addresses global supply constraints. The stock fell 2.3% in premarket stock.
Li Auto (LI) – The China-based electric vehicle maker delivered 11,496 vehicles in May, up 166% from a year earlier. Li shares added 2% premarket.
Nio (NIO) – Nio delivered 7,024 vehicles in May, an increase of 4.7% over the previous year. The China-based electric vehicle maker also said vehicle deliveries were up 11.8% for 2022 compared to the first five months of 2021. Nio was up 1.6% in premarket trade.
Xpeng (XPEV) – Xpeng delivered 10,125 electric vehicles last month, 78% more than a year ago, with year-to-date deliveries more than doubling from a year earlier. Shares of the China-based company gained 1.3% premarket.