Stocks making the biggest moves premarket: Turning Point Therapeutics, Lululemon, RH and others
Check out the companies making headlines before the bell:
Turning Point Therapeutics (TPTX) – The biopharmaceutical company's shares more than doubled in premarket trading after agreeing to be acquired by Bristol Myers Squibb (BMY) for $76 per share in cash, or $4.1 billion. Turning Point specializes in cancer treatments.
Lululemon (LULU) – Lululemon shares rose 1% in premarket trading after the athletic apparel and leisurewear maker reported a better-than-expected quarter and raised its full-year forecast. Lululemon beat estimates by 5 cents with a quarterly profit of $1.48 per share, amid continued strong demand for premium sportswear.
RH (RH) – RH slipped 4% in the premarket after the luxury home goods company issued a weaker-than-expected revenue outlook for the full year. RH reported better-than-expected profit and sales for its latest quarter and announced a $2 billion expansion of its stock buyback program.
CrowdStrike (CRWD) – CrowdStrike fell 4.3% in premarket action even though the cybersecurity company posted better-than-expected results for its latest quarter and issued an upbeat outlook. CrowdStrike stock had surged 7.8% Thursday ahead of the earnings report.
Kohl's (KSS) – Kohl's shares rallied 7.3% in premarket trading after the Wall Street Journal reported that the retailer received takeover bids from private equity firm Sycamore Partners and retail holding company Franchise Group. Sycamore's bid is said to value Kohl's in the mid-$50s per share, while Franchise Group is offering about $60. Kohl's had closed Thursday at $41.18.
Tesla (TSLA) – Tesla shares slid 4.7% in the premarket following a report that CEO Elon Musk ordered an immediate hiring freeze and a 10% reduction in staff. The order came in a memo seen by Reuters, which quoted Musk as saying he feels "super bad" about the economy.
Coinbase (COIN) – Coinbase is extending a hiring freeze and rescinding some job offers that had been accepted. The cryptocurrency exchange operator said in a blog post that it would pause hiring for "as long as this macro environment requires." Coinbase fell 3.7% in premarket trading.
Alaska Air (ALK) – The airline boosted its current-quarter revenue outlook, saying it is experienced sustained strong demand. Alaska Air also said stronger revenue is offsetting higher costs for fuel. The stock added 1% in the premarket.
Okta (OKTA) – The identity management software company's stock surged 15.6% in the premarket after it reported better-than-expected results for its fiscal first quarter. Okta said it is not seeing any impact from the security breach of its systems in March, nor from macroeconomic conditions. The premarket surge in Okta shares follows a nearly 11% gain in Thursday's trading.
Chegg (CHGG) – The education technology company's shares rallied 6.3% in premarket trading after it announced a $1 billion increase in its share repurchase program.
PagerDuty (PD) – The cloud computing company reported better-than-expected revenue for its latest quarter and a smaller-than-expected loss. The company also anticipates it will report an annual profit next year. PagerDuty added 3.2% in the premarket.