Turning Point Therapeutics, Lululemon, HR and others
Check out the companies making headlines before the bell:
Turning Point Therapeutics (TPTX) – Shares of the biopharmaceutical company more than doubled in premarket trading after agreeing to be acquired by Bristol Myers Squibb (BMY) for $76 per share in cash, or 4.1 billion dollars. Turning Point specializes in cancer treatments.
Lululemon (LULU) – Shares of Lululemon rose 1% in premarket trading after the sportswear and leisurewear maker reported a better-than-expected quarter and raised its full-year guidance. Lululemon beat estimates by 5 cents with quarterly earnings of $1.48 per share, amid continued strong demand for high-end activewear.
RH (RH) – RH fell 4% in the pre-market after the luxury home goods company posted a weaker-than-expected full-year revenue outlook. RH reported better-than-expected earnings and sales for its latest quarter and announced a $2 billion extension to its stock buyback program.
CrowdStrike (CRWD) – CrowdStrike fell 4.3% in premarket stock, even as the cybersecurity company posted better-than-expected results for its latest quarter and issued an upbeat outlook. CrowdStrike stock jumped 7.8% on Thursday ahead of the earnings report.
Kohl’s (KSS) – Kohl’s shares rose 7.3% in premarket trading after the Wall Street Journal reported that the retailer had received takeover bids from private equity firm Sycamore Partners and of retail holding company Franchise Group. Sycamore’s offer would value Kohl’s at around $50 per share, while Franchise Group is offering around $60. Kohl’s had closed Thursday at $41.18.
Tesla (TSLA) – Tesla shares fell 4.7% in premarket following a report that CEO Elon Musk ordered an immediate hiring freeze and a 10% reduction in the workforce. The order came in a memo seen by Reuters, which quoted Musk as saying he felt “very badly” about the economy.
Coinbase (COIN) – Coinbase extends the hiring freeze and cancels some job offers that had been accepted. The cryptocurrency exchange operator said in a blog post that it would suspend hiring “for as long as this macro environment requires.” Coinbase fell 3.7% in premarket trading.
Alaska Air (ALK) – The airline improved its revenue outlook for the current quarter, saying it is seeing continued strong demand. Alaska Air also said higher revenues offset higher fuel costs. The title added 1% in pre-marketing.
Okta (OKTA) – Shares of the identity management software company jumped 15.6% in premarket after reporting better-than-expected results for its fiscal first quarter. Okta said it sees no impact from the security breach of its systems in March, or from macroeconomic conditions. The premarket surge in Okta shares follows a nearly 11% gain in trading on Thursday.
Chegg (CHGG) – Shares of the education technology company rose 6.3% in premarket trading after announcing a $1 billion increase in its share buyback program.
PagerDuty (PD) – The cloud computing company posted better-than-expected revenue for its latest quarter and a lower-than-expected loss. The company also plans to report an annual profit next year. PagerDuty added 3.2% premarket.