Let’s check out the companies making waves in pre-market trading. Tesla — Shares rose 7% after CEO Elon Musk said both his $56 billion compensation package and a resolution to move the company to Texas were on track to pass a shareholder vote. The former drew criticism ahead of the vote, with prominent shareholders publicly stating they intended to vote against the compensation plan. Broadcom — Shares rose nearly 14% after the chipmaker reported better-than-expected profits and revenue and announced a 10-for-10 stock split. Second-quarter adjusted earnings per share of $10.96 beat analysts surveyed by LSEG’s estimate of $10.84. Revenue of $12.49 billion beat expectations of $12.03 billion. Dave & Buster’s — Shares of the entertainment and restaurant chain fell 10% after first-quarter sales fell short of expectations. Dave & Buster’s reported first-quarter revenue of $588 million, below analyst expectations of $621 million, according to LSEG. Oxford Industries — Shares fell 4% after the clothing maker reported weaker-than-expected earnings. Tommy Bahama’s parent company posted adjusted earnings per share of $2.66 on revenue of $398.2 million. Analysts surveyed by FactSet were expecting earnings per share of $2.68 and revenue of $404.8 million. Current quarter and full-year guidance also fell short of Wall Street expectations. Virgin Galactic — The space travel company fell 8.5% after its board approved a 20-for-1 reverse stock split. Shares are trading below $1. Kimberly-Clark — The consumer goods stock rose 2.2% after a rare double-grade buy recommendation from Bank of America. NextEra Energy Partners — Shares fell 3.2% after Barclays downgraded the stock to underweight from equal weight. Barclays said the company has no way out of the burden of its convertible bond portfolio financing. Corning — Shares fell about 1% after Morgan Stanley downgraded the stock to equal weight from overweight. Morgan Stanley said Corning’s stock has a more balanced risk/reward ratio following its significant rally this year. — CNBC’s Michelle Fox and Jesse Pound contributed reporting.
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