The stock market saw several companies making headlines before the bell, with Walt Disney sliding more than 4% despite posting fiscal second-quarter earnings that beat expectations. Hims & Hers Health surged 14% after announcing second-quarter revenue guidance that surpassed estimates, while Gap shares gained 3.2% after a Citi upgrade to buy from neutral. Target also saw a 1.6% increase following optimistic calls on Wall Street. However, Palantir Technologies tumbled 11% after issuing weaker-than-expected guidance, and Lucid Group dropped 8% after releasing its latest results. Rocket Lab USA also saw a 3% decrease in shares after missing revenue expectations, while Simon Property Group rose 0.7% after beating revenue expectations. Microchip Technology fell 2% after issuing weaker-than-expected guidance for the current quarter.
Walt Disney Company saw its stock drop over 4% despite posting fiscal second-quarter earnings that exceeded expectations. The media giant was bolstered by narrowing streaming losses, but investors appeared to be concerned about other factors impacting the company. Meanwhile, Hims & Hers Health saw a significant surge in stock price, climbing 14% after announcing positive second-quarter revenue guidance. The telehealth consultation platform anticipates revenue between $292 million and $297 million, which is better than analyst estimates. Gap also saw its shares rise after a Citi upgrade and optimistic outlook for first-quarter earnings. Target’s stock also experienced a boost following positive calls from Wall Street analysts, who see it as a winning retailer in its sector.
However, not all companies fared well in pre-market trading. Palantir Technologies shares tumbled 11% after issuing weaker-than-expected guidance for the full year. The defense-technology company anticipates revenue between $2.68 billion and $2.69 billion, below analyst expectations. Lucid Group also saw a decrease in stock price, dropping 8% after releasing its latest results. The electric vehicle maker posted a loss of 30 cents per share but reaffirmed its 2024 production guidance. Rocket Lab USA experienced a 3% drop in shares after its first-quarter revenue missed expectations. The aerospace manufacturer’s revenue of $92.8 million was below analyst estimates, but its loss per share met expectations.
Simon Property Group, on the other hand, saw its shares rise 0.7% after posting first-quarter revenue that beat expectations. The mall operator’s revenue of $1.30 billion exceeded analyst estimates, showcasing a positive performance for the company. Microchip Technology, however, saw a 2% decline in shares after issuing weaker-than-expected guidance for the current quarter. The company expects earnings per share between 48 and 56 cents on revenues of $1.22 billion to $1.26 billion, which fell short of analyst expectations. Despite this, Microchip’s fourth-quarter results met analysts’ expectations in terms of both top and bottom line numbers. Overall, the pre-market activity of these companies paints a mixed picture of the market, with some companies exceeding expectations while others fall short.
