Stocks making the biggest moves premarket: Salesforce, Foot Locker, Pure Storage, PSQ Holdings & more
Check out the companies making headlines before the bell: Salesforce — Shares rallied more than 12% after the enterprise software company posted a third-quarter revenue beat. Salesforce reported $9.44 billion in revenue, better than the $9.35 billion expected by analysts, according to LSEG. Subscription revenue also beat analyst expectations. Dollar Tree — The stock rose more than 4% following the discounter’s better-than-expected third-quarter results . Dollar Tree earned $1.12 per share on revenue of $7.56 billion. That’s better than the LSEG consensus estimates of $1.07 per share on $7.44 billion in revenue. The company also announced that CFO Jeff Davis would step down from his role. Pure Storage — Shares surged 21% after Pure Storage beat fiscal third-quarter estimates and highlighted it won a contract with a major tech company. CEO Charles Giancarlo told CNBC’s ” Closing Bell: Overtime ” said he expects the company could replace 90% of the customer’s storage to the company’s direct flash technology. Following the results, Piper Sandler upgraded Pure Storage to overweight from neutral. Foot Locker — The stock sank nearly 15% after the sneaker giant posted an earnings and revenue miss. Foot Locker also slashed its full-year sales and earnings guidance . The company cited a more promotional environment and softer demand outside of key selling periods. Okta — Shares rallied more than 13% after the identity and access management software company reported third quarter earnings and revenue that topped expectations. Okta also issued rosy fourth-quarter guidance. Adjusted earnings of 67 cents per share topped the expected 58 cents earnings per share, according to the LSEG consensus estimate. Revenue of $665 million exceeded the $650 million forecast. Marvell Technology — The integrated circuit maker jumped nearly 13% after Marvell beat third-quarter estimates and gave upbeat revenue guidance, leading several Wall Street firms to raise their price targets. JPMorgan, which assigned a target on the stock that reflects nearly 36% upside, sees continued AI and cyclical tailwinds into next year that it said should lead to a multi-quarter period of positive EPS revisions. PSQ Holdings — The owner of online marketplace PublicSquare saw shares falling 15% in premarket trading, a day after a monster rally. The stock surged 270% on Tuesday on news that Donald Trump Jr. joining the board of PSQ Holdings. Chewy — The pet supplies retailer slipped 6% after posting a profit of just 1 cent per share, while analysts polled by LSEG expected 8 cents per share. Chewy’s $2.88 billion revenue came in line with estimates. General Motors – Shares slid 1% after the Detroit automaker disclosed that a restructuring of its joint venture operations with SAIC Motor Corp. in China will cost more in $5 billion. Campbell’s — The stock fell 3% after Campbell Soup’s quarterly net sales missed expectations. The food company also named insider Mick Beekhuizen as its new chief executive officer. Roku — Shares jumped 4.4% after Needham analyst Laura Martin said the company will likely be bought for a “large premium” over the next 12 months. — CNBC’s Sean Conlon, Michelle Fox, Lisa Han, Yun Li and Pia Singh contributed reporting Correction: A previous version misspelled Campbell’s’ name.
