Ulta shares slipped over 1% after a downgrade from buy to hold by Jefferies. Netflix’s stock dropped nearly 6% due to a weaker revenue growth outlook and a decision to stop reporting quarterly subscriber gains. Meanwhile, Shopify saw a 3% jump in its stock price following an upgrade from Morgan Stanley. First Solar shares gained 1.5% after an upgrade from Wells Fargo. Sunnova Energy’s stock dropped almost 4% after a downgrade from Wells Fargo. SLB’s stock dipped 1.7% despite reporting earnings in line with expectations. Intuitive Surgical saw a 3% increase in its stock price after beating earnings and revenue estimates. Western Alliance’s stock slipped 2% after missing earnings expectations. KB Home climbed 1.6% after announcing a share repurchase plan and dividend increase. Paramount’s stock soared 10% after reports of potential acquisition discussions. Bentley Systems’ stock rose slightly after confirmation of talks for a strategic transaction. Proctor & Gamble reported mixed results for its latest quarter. American Express shares dropped 1.5% despite beating earnings and revenue estimates.
Before the bell, several companies were making headlines for various reasons. Ulta, the beauty chain, saw its stock slip more than 1% after being downgraded by Jefferies to hold from buy. Netflix shares also slid nearly 6% after the company shared a weaker full-year revenue growth outlook and announced it would no longer report quarterly subscriber gains. Despite this, Netflix beat first-quarter earnings and revenue expectations. Shopify, on the other hand, saw its stock jump 3% after being upgraded by Morgan Stanley to an overweight rating.
First Solar’s shares gained 1.5% after Wells Fargo upgraded the stock to overweight, citing potential upside catalysts. In contrast, Sunnova Energy’s stock slipped nearly 4% after a downgrade by Wells Fargo. Schlumberger’s energy stock also dipped 1.7% despite reporting first-quarter earnings in line with expectations, with a slight revenue decline in North America.
Intuitive Surgical saw its shares rise 3% after posting a first-quarter earnings and revenue beat. Western Alliance’s stock slipped 2% after missing earnings expectations in its latest quarter. KB Home climbed 1.6% after announcing a share repurchase plan and dividend increase.
Paramount’s media stock soared 10% amid reports of potential acquisition talks with Sony Pictures Entertainment and Apollo Global Management. Bentley Systems’ stock also rose slightly after confirmation of preliminary talks regarding a strategic transaction by Schneider Electric. Procter & Gamble reported mixed results for its latest quarter, with earnings beating estimates but revenue slightly missing. American Express posted a first-quarter earnings and revenue beat but saw its shares slide 1.5% in premarket trading.
Overall, these companies each had their own developments affecting their stock performance before the bell, with some seeing gains and others experiencing declines. Investors will be watching closely to see how these trends continue throughout the day.
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