Capri Holdings, Salesforce, Weibo and others
See which companies are making the headlines even before the bell rings.
Capri Holdings (CPRI) – The parent of luxury brands, like Michael Kors, Versace and Jimmy Choo, saw its stock surge 11% in the premarket after posting better-than-expected quarterly numbers before giving back nearly all those gains. Capri posted an adjusted $1.02 per shares, which was 20 cents more than estimates and helped to increase profit margins in spite of the pandemic-related problems. However, the company issued a lighter-than-expected revenue forecast for the full year.
HP Inc. (HPQ) – HP beat estimates by 3 cents with an adjusted quarterly profit of $1.08 per share. Street predictions were also exceeded by the revenue of HP, a computer- and printer manufacturer. HP improved its profit outlook due to the strong demand from commercial customers, even with disruptions to supply chains.
Salesforce (CRM) – Salesforce rallied 9.1% in the premarket after beating analyst estimates by 4 cents with an adjusted quarterly profit of 98 cents per share. In spite of continued high demand, Salesforce beat revenue estimates and raised its full year guidance.
Victoria’s Secret (VSCO) – Victoria’s Secret jumped 6.8% in premarket trading despite posting a mixed quarter. Intimate apparel retailer Victoria’s Secret reported adjusted earnings in the latest quarter of $1.11 per sen. This was higher than the consensus estimate by 84 cents, while revenue exceeded expectations. Some forecasts were lower than the current-quarter earnings guidance. The bottom-line effects of supply chain issues on the company’s bottom line and a muted consumer spend were negated by the company.
Weibo (WB) – The China-based social media company reported better-than-expected profit and revenue for its latest quarter. The company increased its user base and called its advertising business “relatively robust” even though it was subject to Covid lockdowns. Premarket activity saw Weibo jump 5.5%
Ambarella (AMBA) – Ambarella slid 3.8% in premarket trading after the chipmaker issued a current-quarter revenue forecast below analyst estimates, due to the negative impact from China’s Covid lockdowns. Ambarella’s latest quarter saw a top- and bottom-line beating.
ChargePoint Holdings (CHPT) – ChargePoint’s adjusted loss for its latest quarter was 21 cents per share, 2 cents more than analysts were anticipating. Electric vehicle charging network operator ChargePoint’s revenues exceeded expectations. ChargePoint also issued lighter-than-expected revenue guidance for the current quarter and full year, as it deals with global supply constraints. Premarket trading saw the stock fall 2.3%.
Li Auto (LI) – The China-based electric vehicle maker delivered 11,496 vehicles in May, up 166% from a year earlier. Li shares rose 2% on the premarket.
Nio (NIO) – Nio delivered 7,024 vehicles in May, a 4.7% rise from a year earlier. China-based maker of electric vehicles also announced that 2022 vehicle deliveries will increase 11.8% compared to 2021’s first five months. In premarket trading, Nio rose 1.6%
Xpeng (XPEV) – Xpeng delivered 10,125 electric vehicles last month, 78% more than a year ago, with year-to-date deliveries more than doubling compared with a year earlier. China-based company saw an increase of 1.3% on the premarket.