Check out the companies making headlines before the bell:
Capri Holdings (CPRI) — The parent company of luxury brands such as Michael Kors, Versace and Jimmy Choo saw its stock rise 11% in the primary market after posting better-than-expected quarterly numbers before nearly all of those gains were returned. Capri earned an adjusted $1.02 per share, 20 cents above estimates, and was able to expand profit margins in the face of pandemic-related problems. However, the company released lower-than-expected revenue forecasts for the full year.
HP Inc. (HPQ) – HP beat estimates by 3 cents with adjusted quarterly earnings of $1.08 per share. Computer and printer maker revenue also beat Wall Street expectations. HP raised its earnings forecast, benefiting from strong commercial customer demand despite supply chain turmoil.
sales force (CRM) Salesforce rose 9.1% in the primary market after beating analyst estimates by 4 cents with adjusted quarterly profit of 98 cents per share. The business software giant also beat revenue expectations and raised its full-year guidance amid continued strong demand.
Victoria’s Secret (VSCO) — Victoria’s Secret jumped 6.8% in pre-market trading despite a mixed quarterly report. The retailer’s adjusted earnings of $1.11 per share for the fourth quarter beat consensus estimates of 84 percent, and revenue matched expectations. This quarter’s earnings guidance fell below some expectations. The company was able to negate the primary impact of supply chain issues and subdued consumer spending.
Weibo (World Bank)–The China-based social media company reported better-than-expected earnings and revenue for the fourth quarter. The company added users and described its advertising activity as “relatively resilient” in the face of the country’s Covid lockdowns. Weibo jumped 5.5% in pre-market activity.
Ambarella (AMBA) — Ambarella stock fell 3.8% in premarket trading after the chip maker released its current quarter revenue forecast lower than analysts’ estimates, due to the negative impact of China’s Covid shutdowns. Ambarella recorded the highest and lowest loss in its last quarter.
ChargePoint Holdings (CHPT) — ChargePoint’s adjusted loss for its last quarter was 21 cents per share, 2 cents higher than analysts had been expecting. Electric vehicle charging network operator revenue exceeded expectations. ChargePoint has also released lower-than-expected revenue guidance for the current quarter and full year, as it addresses global supply constraints. The stock fell 2.3% in pre-market trading.
Lee Otto (LI) — The China-based electric car maker delivered 11,496 vehicles in May, up 166% from the previous year. Li shares added 2% in the premarket market.
New (NIO) — Nio delivered 7,024 vehicles in May, up 4.7% from the previous year. The China-based electric car 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 pre-market trading.
Exping (XPEV) — Xpeng delivered 10,125 electric vehicles last month, up 78% from a year ago, with year-to-date deliveries more than doubling compared to the previous year. The China-based company’s stock added 1.3% in the pre-market.