Before the bell, see which firms are in the news.
Target — As a result of a 3% drop in sales year over year as customers purchased less luxuries, Target’s shares fell more than 7% following the company’s first-quarter earnings that fell short of analyst expectations.
Analogue Devices:
The manufacturer of semiconductors had a 6.2% increase after beating quarterly projections. In its fiscal second quarter, Analogue Devices reported adjusted earnings of $1.40 per share on revenue of $2.16 billion, compared to analysts surveyed by FactSet who predicted earnings of $1.26 per share, excluding one-time items, on revenue of $2.11 billion.
Shopify After Goldman Sachs upgraded to buy from neutral, the retail software shares increased by 2.6%. After a challenging year thus far, the investment bank stated that the shares of the market leader are now at a compelling entry price.
Box:
After Morgan Stanley downgraded Box from overweight to equal weight, the cloud storage business had a 2.2% decline. The analyst stated that alternative software companies, such Docebo and Smartsheet, were more intriguing.
Urban Outfitters:
The retailer of clothes gained 1.8% after reporting fiscal first-quarter results that exceeded Wall Street forecasts.
PDD — PDD Holdings, the Chinese company that owns Temu, a cheap retailer, saw a 7.6% growth in revenue for the first quarter of 2019.
Toll Brothers — The homebuilder saw a gain of almost 1% following its fiscal second quarter’s better-than-expected results. On $2.65 billion in revenue from house sales, Toll reported earnings per share of $4.55.
Hers and His Health — Following Citi’s downgrade from buy to neutral, the stock of the internet drugstore fell almost 3%. The stock has mostly realised its upside potential due to the bank’s statement that Hims and Hers is “doing everything above-board” following the revelation that it will be adding GLP-1s to its platform.
Source (CNBC)
