Let’s take a look at some of the companies making waves in pre-market trading. Robinhood — The online brokerage rose more than 3% after announcing a deal to acquire cryptocurrency exchange Bitstamp for $200 million. The deal is expected to close in the first half of 2025. Nvidia — The artificial intelligence darling rose 1.8%, riding on Wednesday’s rally that pushed its stock’s market cap past $3 trillion. Goldman Sachs maintained a buy recommendation, calling the stock the “industry standard.” Lululemon — The athleisure retailer rose 8.6% after its first-quarter results beat analysts’ expectations. But it gave a weaker outlook for the second quarter as the company struggles with a slowdown in the Americas, its largest market. Five Below — The discount retailer slumped 15.8% after a weak revenue outlook for the current quarter. Five Below told investors to expect $830 million to $850 million, while analysts surveyed by LSEG expected $883 million.First-quarter revenue also fell short of expectations. Smartsheet – The workplace technology platform rose 14% after reporting a better-than-expected first quarter. Smartsheet posted adjusted earnings of 32 cents per share and revenue of $263 million, while analysts surveyed by LSEG were expecting 27 cents per share and revenue of $258 million. Sprinkler – The business technology stock plunged 21.1% after weak guidance for the current quarter and full year. Sprinkler lowered its full-year expected revenue range to $779 million to $781 million, below analysts’ consensus estimate of $805.4 million, according to FactSet. SealAir – The packaging solutions stock rose 3% after Mizuho upgraded the stock to buy from neutral. Mizuho said trading volumes have hit an inflection point and investors are seeing light at the end of the tunnel. StoneCo — The financial technology stock rose 2.6% after JPMorgan upgraded it to overweight from neutral. The bank linked its optimistic outlook to earnings per share potential and a discounted valuation. Ultragenyx Pharmaceutical — The biopharmaceutical stock rose nearly 4% after Goldman Sachs upgraded it to buy from neutral. The bank said the stock has upside “due to a diverse rare disease pipeline” and is confident in the company’s monoclonal antibody treatment targeting brittle bone disease. EBay — The e-commerce company’s shares rose 1% after Citi upgraded it to buy from neutral after a period of rating suspension. The bank cited eBay’s improving growth outlook, a return to margin expansion and earnings upside from expected share buybacks. C.H. Robinson Worldwide — The logistics stock rose 1.2% after UBS upgraded it to neutral from sell. UBS said the company’s efforts should support both cost reductions and operational improvements. Rubrik — The data management stock rose 2.9% following an upgrade to outperform by BMO Capital Markets. BMO said the stock’s risk-to-reward ratio is more favorable following the recent offering. Viridian Therapeutics — The biopharmaceutical stock rose 2.5% following an initiation with a buy recommendation by Goldman Sachs. Goldman pointed to the company’s drug pipeline as a reason for excitement. Carvana — Shares rose 3.6% after Evercore ISI added the automotive e-commerce company to its tactical outperform list. Evercore ISI’s move came ahead of competitor conference attendance, earnings reports and testing center tours this month. Shopify — The e-commerce technology stock fell 1.6% following a downgrade to neutral from buy by MoffettNathanson. MoffettNathanson warned that there should be some “unfavorable” corrections to sales and marketing intensity in the near term. Fluence Energy — Shares fell 1.6% after Guggenheim downgraded the energy storage stock to “neutral” from “buy.” Guggenheim said the stock is now “fairly valued” following a recent surge in the stock’s value. — CNBC’s Jesse Pound, Michelle Fox and Lisa Kailai Han contributed to this report.
Biggest pre-open movers: HOOD, NVDA, LULU, FIVE
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