Stocks making the biggest moves in the premarket: Slack, Gap, RH, Broadcom, Uber & more

Market Insider

Take a look at some of the biggest movers in the premarket:

United Airlines (UAL), American Airlines (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV), JetBlue (JBLU) – Airline stocks are extending this week’s rally this morning, as demand continues to rebound faster than expected despite being substantially below normal levels.

Gap (GPS) – Gap lost $2.51 per share for the first quarter, wider than the 67 cents a share loss that analysts were expecting. The apparel retailer’s revenue was also below forecasts, amid pandemic-related store closures, although Gap noted an improvement in online sales. Gap also said 55% of its company-owned North American stores are now open.

Slack Technologies (WORK) – Slack lost 2 cents per share for the first quarter, smaller than the 6 cents a share loss that Wall Street had been anticipating. The messaging platform company’s revenue also beat forecasts, but growth in its paid customer base slowed. Slack withdrew its 2021 billings forecast due to pandemic-related uncertainty.

RH (RH) – RH reported quarterly profit of $1.27 per share, beating the consensus estimate of 81 cents a share. The Restoration Hardware parent’s revenue was also above Wall Street forecasts. The home furnishings retailer said that the second quarter is seeing a strong rebound in business.

Broadcom (AVGO) – Broadcom matched estimates with quarterly earnings of $5.14 per share, with the chipmaker’s revenue slightly above forecasts. Broadcom said it had only a limited impact from Covid-19, and saw a surge in demand from cloud customers. It also noted a negative impact from supply-chain constraints, however, and gave a current-quarter revenue forecast below consensus. Following the earnings report, Piper Sandler named the stock a “top pick” based on upbeat prospects for the next 12 to 24 months.

DocuSign (DOCU) – DocuSign beat estimates by 2 cents a share, with quarterly earnings of 12 cents per share. The provider of digital security technology’s revenue beat estimates as well. DocuSign also gave better-than-expected guidance for the current quarter and the full year.

Uber (UBER) – Uber’s Uber Eats service launched a feature that lets U.S. and Canadian customers easily find and order food from black-owned restaurants. The introduction of the feature follows nationwide protests over the death of George Floyd while in police custody.

Netease (NTES) – Netease raised at least $2.7 billion in a secondary stock offering in Hong Kong, according to sources who spoke to Reuters. The Chinese online gaming firm also has the option of selling an additional 25.72 million shares under a so-called “greenshoe” option.

Cooper Companies (COO) – The medical products maker reported quarterly profit of $1.51 per share, short of the $2.29 a share consensus estimate. Revenue also fell short of forecasts, primarily due to weakness at the company’s CooperVision contact lens manufacturing unit.

Kontoor Brands (KTB) – Susquehanna Financial upgraded the maker of Lee and Wrangler jeans to “positive” from “neutral,” noting growth in orders from mass retailers and the fact that a temporary suspension of dividend payments has already been priced into the stocks.

Zumiez (ZUMZ) – The maker of action sports apparel and equipment lost 79 cents per share for its latest quarter, wider than the 54 cents a share loss that analysts were predicting. Revenue was also below forecasts, with sales impacted by virus-related store closures.

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