Check out the companies making headlines in premarket trading.
Robinhood — The online brokerage rose more than 3% after revealing a $200 million deal to purchase crypto exchange Bitstamp. The deal is expected to close in the first half of 2025.
Nvidia — The artificial intelligence darling traded 1.8% higher, building on momentum from Wednesday’s rally that pushed the stock’s market cap above $3 trillion. Goldman Sachs maintained its buy rating on the stock, calling it the “industry standard.”
Lululemon — The athleisure retailer jumped 8.6% after its first-quarter results topped analyst expectations. However, the company offered weak second-quarter outlook as it grapples with cooling in the Americas, which is its largest market.
Five Below — The discount retailer slid 15.8% on soft current-quarter revenue guidance. Five Below told investors to expect between $830 million and $850 million, while analysts polled by LSEG forecasted $883 million. Revenue in the first came also came in below expectations.
Smartsheet — The workplace technology platform rallied 14% on the heels of a stronger-than-expected first-quarter report. Smartsheet recorded adjusted earnings of 32 cents per share and $263 million in revenue, while analysts surveyed by LSEG anticipated 27 cents a share and $258 million in revenue.
Sprinklr — The business technology stock dove 21.1% in the wake of weak guidance for the current quarter and full year. Sprinklr cut its expected revenue range for the entire year to between $779 million and $781 million, below the $805.4 million consensus forecast of analysts, per FactSet.
Sealed Air — The packaging solutions stock added 3% on the heels of a Mizuho upgrade to buy from neutral. Mizuho said there’s a light at the end of the tunnel for investors as volume hits an inflection point.
StoneCo — The financial technology stock rose 2.6% following an upgrade to overweight from neutral by JPMorgan. The bank tied its optimistic call to earnings per share potential and discounted valuation.
Ultragenyx Pharmaceutical — The biopharma stock added nearly 4% following an upgrade to buy from neutral at Goldman Sachs. The bank said there’s upside for the stock “per the diverse rare disease pipeline,” and has conviction in the firm’s monoclonal antibody treatment to target brittle bone disease.
eBay — Shares of the e-commerce company added 1% after being upgraded to buy from neutral at Citi, after a period of rating suspension. The bank cited an improved growth outlook for eBay, as well as a return to margin expansion and earnings upside from anticipated buybacks.
CH Robinson Worldwide — The logistics stock traded higher by 1.2% after a UBS upgrade to neutral from sell. UBS said company initiatives should support both cost reduction and better execution.
Rubrik — The data management stock climbed 2.9% following a BMO Capital Markets upgrade to outperform. BMO said shares have a more favorable risk-to-reward ratio after a recent sell-off.
Viridian Therapeutics — The biopharmaceutical stock advanced 2.5% following Goldman Sachs’ initiation at a buy rating. Goldman pointed to its drug pipeline as its reason for excitement.
Carvana — Shares increased 3.6% after Evercore ISI added the car e-commerce company to its tactical outperform list. Evercore ISI’s move came ahead of an appearance at a competitor conference, earnings report and an inspection center tour all taking place this month.
Shopify — The e-commerce technology stock slipped 1.6% on the back of a MoffettNathanson downgrade to neutral from buy. MoffettNathanson warned that there should be several “unfavorable” revisions to sales and marketing intensity in the near-term.
Fluence Energy — Shares ticked 1.6% down after Guggenheim downgraded the energy storage stock to neutral from buy. Guggenheim said shares are now “fairly valued” after a recent run-up.
