Check out the companies making headlines before the bell.
CrowdStrike — Shares soared 10% after the cybersecurity firm posted better-than-expected first-quarter results and strong guidance. CrowdStrike reported adjusted earnings of 93 cents per share on $921 million in revenue, which was higher than the 89 cents on $905 million in revenue analysts polled by LSEG had expected.
Hewlett Packard Enterprise — The technology stock climbed 15% after Hewlett Packard reported stronger-than-expected results for its fiscal second quarter. The company reported adjusted earnings of 42 cents per share on revenue of $7.2 billion, while analysts surveyed by LSEG had expected per-share earnings of 39 cents on $6.82 billion of revenue.
Dollar Tree — The discount retailer slipped 2% after reporting first-quarter results that were in line with analysts’ expectations, according to LSEG. Dollar Tree CEO Rick Dreiling also said the company is exploring a sale of Family Dollar after acquiring the chain in 2015.
PVH — Shares slipped more than 1% after the luxury clothing brand owner announced that Martijn Hagman, CEO of Tommy Hilfiger Global and PVH Europe, would be leaving the company. PVH also reported a first-quarter earnings and revenue beat and raised its full-year earnings guidance.
Nio — The electric vehicle manufacturer added 1% after the company won regulatory approval to build a third factory in China, according to Reuters. The company also received permission to test its automated driving technology on roads, along with a handful of other automakers.
AMC Entertainment — The movie theatre chain slipped 1%. The stock has rallied nearly 11% week-to-date as momentum around meme stocks grew after Roaring Kitty posted a screenshot that seemingly disclosed a massive position in GameStop shares.
Applied Materials, KLA — The semiconductor equipment manufacturers added 2% each after Barclays upgraded the stocks to an equal-weight rating from underweight. Analyst Tom O’Malley cited growth in China spend in the current year as a catalyst for the upgrades.
Instacart — Shares of the e-commerce company rose nearly 2% after an upgrade to buy from hold at research firm Gordon Haskett. The firm said Instacart’s stock has sold off too much and that early data is positive about the company’s second-quarter performance.
Taiwan Semiconductor Manufacturing — The semiconductor manufacturer rose 2% following the introduction of its 2nm chips, a new generation designed to be faster and consume less power than earlier iterations, according to Barclays. The bank also increased its price target for the stock.
Hanesbrands — Shares of the clothing company rallied 15% after Hanesbrands reached a deal to sell its global Champion business to Authentic Brands. The transaction could be valued at up to $1.5 billion and is expected to be completed in the latter half of 2024.
