June 20, 2024

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Stocks making the biggest moves premarket: Dell Technologies, Ulta Beauty, Ambarella, Gap and more

3 min read
Stocks making the biggest moves premarket: Dell Technologies, Ulta Beauty, Ambarella, Gap and more

Dell Technologies CEO Michael Dell speaks during the MWC session ‘New strategies for a new era’ on the first day of the 18th edition of the Mobile World Congress (MWC) at Fira de Barcelona’s Gran Via venue in L’Hospitalet de Llobregat on February 26, 2024, in Barcelona, Catalonia, Spain.

Kike Rincon | Europa Press | Getty Images

Check out the companies making headlines in premarket trading.

Dell Technologies — Stock in the personal computer and technology company slid more than 16% after executives warned about further margin pressure ahead. The company posted a first-quarter earnings beat on the top and bottom line, but forecasts its gross margin will pull back roughly 150 basis points in 2025.

Lionsgate Studios — Shares soared 11% after Citi initiated coverage of the film studio company with a buy rating. Analyst Jason Bazinet said that company’s decision to spin off its Starz segment could help Lionsgate further expand margins moving forward.

Zscaler — The cloud security stock popped more than 16% after Zscaler beat analyst expectations for its fiscal third-quarter earnings and revenue. The company posted adjusted earnings of 88 cents per share on revenue of $553 million while analysts had expected per-share earnings of 66 cents on $536 million in revenue, according to LSEG.

Nordstrom — The department store stock slumped 5% before the opening bell after reporting a wider-than-expected first-quarter loss. Nordstrom stuck by its full-year earnings forecast, and reported strong growth at its Nordstrom Rack segment, which outperformed the headline brand stores.

Gap — Shares climbed more 25% after the apparel company lifted its full-year operating income forecast on the heels of a first-quarter earnings beat. Gap executives now expect operating income to grow roughly 40%, compared with a previous estimate that called for low-to-mid teens expansion.

Ambarella — Stock in the chipmaker soared 18% after telling investors it expected continued revenue growth into fiscal year 2025 thanks to robust demand for artificial intelligence. Ambarella reported a smaller-than-expected first-quarter loss and in line revenue.

Ulta Beauty — The beauty retailer’s shares added nearly 9% after its CEO outlined five key areas where it is planning on taking action to improve sales. Ulta on Thursday posted fiscal first-quarter earnings that reflected a 1.6% year-over-year increase in same-store sales, a significant slowdown from the same period a year earlier. 

Marvell Technologies — The semiconductor stock pulled back roughly 2% after the company issued in-line second-quarter revenue guidance, but estimates for adjusted earnings per share came in a penny shy of estimates.

MongoDB — Shares of the technology company fell 23% after second-quarter guidance came in below expectations. MongoDB said it expected to earn 46 cents to 49 cents per share on $460 million to $464 million of revenue. Analysts surveyed by LSEG had penciled in $470 million of revenue and earnings of 58 per share.

SentinelOne — The cybersecurity stock fell more than 13% after reporting a softer-than-expected full-year revenue outlook. The company now estimates revenue in the range of $808 million to $815 million, while analysts polled by LSEG forecast $817 million.

VF Corp — Shares of the company behind brand like North Face jumped up more than 7% after announcing Michelle “Sun” Choe will assume the global brands president role of Vans beginning in late July. Choe previously served as Lululemon’s chief product officer.

NetApp — Stock in the data storage company rose more than 2% after beating Wall Street’s fourth-quarter estimates on the top and bottom line, and issuing a strong earning forecast. NetApp expects adjusted earnings per share of $1.80 on revenue of $1.67 billion.

— CNBC’s Lisa Kailai Han, Pia Singh and Jesse Pound contributed reporting