Check out the companies making headlines before the bell. TARGET — Target stock is down 7% after first-quarter profits fell short of expectations as sales fell about 3% year-over-year as consumers cut back on purchases of discretionary goods. It has fallen more than that. Analog Devices — The semiconductor manufacturing company beat quarterly estimates and rose 6.2%. Analog Devices’ second-quarter results showed adjusted earnings of $1.40 per share on revenue of $2.16 billion, but analysts compiled by FactSet had expected sales of $1.40 per share excluding one-time items. The company’s annual profit was $1.26 and sales were $2.11 billion. Shopify — The retail software stock rose 2.6% after Goldman Sachs upgraded it to buy from neutral. The investment bank said the industry leader’s stock is at an attractive entry point after a difficult year so far. Box — The cloud storage company downgraded Box from overweight to equal weight, saying other software names such as his Docebo and his Smartsheet were more convincing. fell 2.2%. Urban Outfitters — The clothing retailer rose 1.8% after its fiscal first quarter results beat Wall Street expectations. Urban Outfitters reported adjusted earnings of 69 cents a share on sales of $1.2 billion, according to LSEG, compared with analysts’ expectations for earnings of 69 cents a share on sales of $1.18 billion. It was more than 52 cents per dollar. PDD — His PDD Holdings, the Chinese parent company of discount retailer Temu, reported a 131% increase in first-quarter sales, which rose 7.6%. Toll Brothers — The homebuilder rose about 1% after its second-quarter results beat expectations. Toll reported earnings per share of $4.55 on home sales revenue of $2.65 billion. Analysts surveyed by LSEG had expected earnings of $4.14 per share on revenue of $2.53 billion. Hims & Hers Health — Digital pharmacy stock fell about 3% after Citi downgraded the company from buy to neutral. The bank said that while Hims & Hers was “doing everything according to plan”, the stock gained most of its upside from the company’s announcement to implement GLP-1 on its platform. Lululemon — Lululemon fell 3.7% after the sports apparel retailer announced Tuesday it would implement a new unified design structure and announced the resignation of its chief product officer, The Wall Street Journal reported. Ta. —CNBC’s Alex Harring, Jesse Pound and Sarah Min contributed reporting.
Stocks with the biggest moves pre-market: TGT, LULU, SHOP
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