People walk past Macy’s on January 26, 2023 in New York City. U.S. gross domestic product rose 2.9% year-over-year in the fourth quarter of 2022.
Leonardo Munoz | Corbis News | Getty Images
Check out the companies making headlines before the bell rings.
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Nordstrom — Shares rose 4.7% after Nordstrom’s first-quarter results beat Wall Street expectations. The company posted earnings per share of 7 cents and revenues of $3.18 billion. Analysts had estimated a loss per share of 10 cents and $3.12 billion in revenue, according to StreetAccount.
C3.ai — The artificial intelligence company fell 21% after sharing disappointing expectations for the fiscal first quarter. That overshadowed a smaller-than-expected loss for the fiscal fourth quarter.
Sales team — Shares of the software giant fell 6% after the company reported higher-than-expected capital costs and lower demand for consulting deals in the fiscal first quarter.
Okay — Shares of the cloud software company plummeted more than 20% on Thursday. While Okta’s first-quarter results came in above consensus analyst estimates, declining subscription revenue growth and smaller deals due to a deteriorating macro environment worsened investor sentiment. BMO Capital Markets downgraded its stock rating to market perform from outperform in a Thursday note.
Macy’s – According to Refinitiv, shares of the premarket retail giant fell 7% after the company missed its most recent quarter’s revenue estimates. Macy’s also lowered full-year earnings and sales expectations after “demand trends weakened” for discretionary items in March.
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Lucid Group – The luxury electric vehicle maker saw its shares fall 12.5% after it said it would raise about $3 billion through a new stock offering. It added that about $1.8 billion of the raise will come from a private placement with Saudi Arabia’s Public Investment Fund, which owns about 60% of the company.
Tough — Shares rose 17% after the pet products e-commerce company reported a profit and revenue increase for the first quarter. The company also raised its full-year guidance and announced plans to expand into Canada in the third quarter.
Dollar General — Shares fell 9% after the company reported a first-quarter profit and revenue miss. The company said the macroeconomic environment is more challenging than it previously expected and reduced the number of expected new store openings.
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CrowdStrike — Shares of the cybersecurity firm fell 10%, despite CrowdStrike’s first-quarter results beating analyst expectations. Revenue reported 57 cents of adjusted earnings per share on $693 million in revenue. Analysts polled by Refinitiv had expected 51 cents per share and $676 million per share. Several Wall Street analysts pointed to a slowdown in annual recurring revenue growth as negative for the quarter.
Goal — Shares fell 1.4% after JPMorgan downgraded them from overweight to neutral. The bank cited several factors, including a weakening environment for consumer spending, continued market share losses due to recent controversies and supermarket inflation headwinds.
Victoria’s Secret — The stock fell 13.6% after the company reported a quarterly profit and missed sales. The lingerie retailer lowered its full-year revenue forecast by a low-single-digit range from previous estimates of a mid-single-digit range.
CSX — Stocks added 1.5% in premarket trading after an upgrade by UBS to buy from neutral. The Wall Street firm cited CSX’s strong network operation, which the company says will leverage the next volume increase. UBS also raised its price target from $33 to $37, suggesting a nearly 21% increase from Wednesday’s close.
Veeva Systems – The computer applications company got a 9% increase in its stock price after posting better-than-expected earnings and earnings for the first quarter. Veeva also increased full-year earnings per share by 26 cents.
Pure storage — Shares rose 5% after a better-than-expected first-quarter earnings report. The company’s full-year revenue expectation also beat analysts’ estimates.
— CNBC’s Tanaya Macheel, Samantha Subin, Jesse Pound and Michelle Fox contributed to the reporting