Macy’s, Dollar General, and Okta fell in premarket/ Stocks 01

Market movers

After Market Movers

Premarket active stocks

Expert’s pick and cuts

insider Trading

Earning calendar

MARKET MOVERS 

After Hour movers

GAINERS

• MongoDB (NASDAQ:MDB) 22% HIGHER; MongoDB (NASDAQ:MDB) posted Q1 EPS of $0.56, $0.38 higher than the analyst expectation of $0.18. This represents a 22% increase. Contrary to the average forecast of $347.67M, the actual revenue for the quarter was $368.3M. In contrast to the consensus estimate of $0.14, MongoDB expects Q2 2024 EPS of $0.43 to $0.46. Compared to the consensus estimate of $361.59M for Q2 2024, MongoDB anticipates revenue of $388-392M. Compared to the consensus estimate of $1.03, MongoDB anticipates FY2024 EPS of $1.42 to $1.56.
• Lululemon Athletica Inc (NASDAQ:LULU) 13% HIGHER; Lululemon Athletica Inc. (NASDAQ:LULU) posted Q1 EPS of $2.28, $0.32 higher than the analyst expectation of $1.96. This is an increase of 13%. Contrary to the average expectation of $1.92B, the quarter’s revenue came in at $2B. Instead of the consensus estimate of $2.50, lululemon athletica anticipates Q2 2024 EPS of $2.47–$2.52. In contrast to the consensus estimate of $2.16B, lululemon athletica expects Q2 2024 revenue of $2.14–2.17B. Compared to the consensus estimate of $11.61, Lululemon Athletica expects FY2024 EPS of $11.74 to $11.94. Contrary to expectations, lululemon athletica expects FY2024 sales of $9.44–9.51 billion.

LOSERS

• SentinelOne (NYSE:S) 35% LOWER; SentinelOne (NYSE:S) posted Q1 EPS of ($0.15), $0.02 above the analyst estimate of ($0.17), and is now 35% LOWER. The actual revenue for the quarter was $133.4 million as opposed to the consensus forecast of $136.62 million. Compared to the consensus estimate of $151.9M for Q2 2024, SentinelOne, Inc. expects revenue of $141M. Contrary to the average estimate of $638.5M, SentinelOne, Inc. anticipates FY2024 sales of $590-600M.
• PagerDuty, Inc. (NYSE:PD) 15% LOWER; NYSE:PD PagerDuty, Inc. 15% LOWER; Q1 EPS of $0.20 were recorded, $0.17 more than the $0.03 analyst forecast. Compared to the average expectation of $103.22M, the actual revenue for the quarter was $103.2M. Instead of the consensus estimate of $0.09, PagerDuty, Inc. expects Q2 2024 EPS of $0.10 to $0.11. In contrast to the consensus estimate of $108.6M, PagerDuty, Inc. expects Q2 2024 revenue of $103.5–105.5M. In contrast to the consensus estimate of $0.44, PagerDuty, Inc. forecasts FY2024 EPS of $0.60 to $0.65. In contrast to the consensus estimate of $448.3M, PagerDuty, Inc. expects FY2024 sales of $425-430M.
• Elastic N.V. (NYSE:ESTC) 5% LOWER; Elastic N.V. (NYSE:ESTC) posted Q4 EPS of $0.22, $0.13 more than the analyst forecast of $0.09, resulting in a 5% LOWER share price. Contrary to the average forecast of $277.63M, the actual revenue for the quarter was $280M. Elastic N.V. forecasts Q1 2024 EPS of $0.10–$0.12, lower than the $0.13 average. Compared to the consensus estimate of $285.85M for Q1 2024, Elastic N.V. expects revenue of $283–286M. Elastic N.V. anticipates FY2024 EPS between $0.94 and $1.06 compared to the $0.89 average. Contrary to the average estimate of $1.25B, Elastic N.V. anticipates FY2024 sales of $1.238–1.25B.
• Broadcom (NASDAQ:AVGO) 2% LOWER; Broadcom (NASDAQ:AVGO) posted Q2 EPS of $10.32, $0.20 more than the analyst estimate of $10.12, resulting in a 2% LOWER share price. Contrary to the average forecast of $8.7B, the quarter’s revenue came in at $8.73B. Contrary to the $8.72B consensus estimate, Broadcom anticipates Q3 2023 revenue of $8.85B.

Pre-market active stocks

Gainers

• Nordstrom (NYSE:JWN) stock rose 3.5%; After the department store operator reported better-than-expected revenues for the April quarter, confirming its outlook for fiscal 2023, Nordstrom’s (NYSE:JWN) stock increased by 3.5%.

Losers

• Okta (NASDAQ:OKTA) stock fell 19%;  Even after posting outstanding first-quarter results, Okta’s (NASDAQ:OKTA) stock dropped 19% as CEO Todd McKinnon warned that the identification software business would face difficult times in the future.
• CrowdStrike (NASDAQ:CRWD) stock fell 10%; After the cybersecurity business CrowdStrike (NASDAQ:CRWD) reported sluggish sales growth, with the 42% year-over-year revenue gain falling short of the 61% growth witnessed a year ago, the stock dropped 10%.
• Macy’s (NYSE:M) stock fell 10%;  The shares of high-end department store operator Macy’s (NYSE:M) dropped 10% after it failed quarterly revenue projections and lowered its full-year guidance as consumers cut down on discretionary spending in response to stubbornly rising inflation.
• Dollar General (NYSE:DG) stock fell 9.4%; The stock of discount retailer chain Dollar General (NYSE:DG) plummeted 9.4% after it lowered its expectation for same-store sales for the entire year due to consumers’ reduced spending due to inflation.
• Salesforce (NYSE:CRM) stock fell 6.6% As businesses cut back on spending, Salesforce (NYSE:CRM) saw its shares drop 6.6% after the cloud software provider reported an 11% increase in quarterly sales. This was the company’s slowest rate of growth in 13 years.
• Target’s (NYSE:TGT) stock dropped 1.6% after JPMorgan changed its rating from ‘overweight’ to ‘neutral’ on the big-box retailer, citing future margin worries.

Upgrades by Experts

The increase by Deutsche Bank boosts the price of Avis.

Yesterday, shares of Avis Budget Group (NASDAQ:CAR) increased more than 2% as a result of Deutsche Bank raising its price target for the business from $239.00 to $263.00 and upgrading it from Hold to Buy.

Upgraded to Buy for Q2, shares rise 5%

Shares of Q2 (NYSE:QTWO) increased by more than 5% yesterday after BTIG changed its rating from neutral to buy and set a price target of $36.00, underscoring the firm’s increasingly positive stance for the long run.

Shares of Bluebird Bio (NASDAQ:BLUE) increased more than 6% in premarket trading after Barclays boosted its price objective for the firm from $7.00 to $8.00 and upgraded it from Equal Weight to Overweight.

Intercorp Financial Services (NYSE:IFS) was raised by JPMorgan from Neutral to overweight with a $27.00 price objective.

Downgrades by Experts

JPMorgan downgrades the target

As InvestingPro in real time reported, JPMorgan downgraded objective (NYSE:TGT) to Neutral from Overweight and lowered its price objective to $144.00 from $182.00. On Wednesday, shares experienced a more than 2% decline.

Following a Q1 miss, Advance Auto Parts receives two downgrades.

The stock price of Advance Auto Parts (NYSE:AAP) fell more than 35% yesterday as a result of the company reporting a Q1 loss and lowering its guidance. As a result, it was downgraded by two Wall Street companies.(Goldman Sachs, JPMorgan)

Exxon Mobil (NYSE:XOM) was downgraded by RBC Capital from Outperform to Sector Perform with a $125.00 price objective.
United States Steel (NYSE:X) was downgraded by Wolfe Research from Peerperform to Underperform. Shares decreased 1.1% in the morning

Insider trading

 Everbridge, Inc. (EVBG) Director David Henshall filed a form 4 with the SEC disclosing the acquisition of 20,000 common shares on May 30th at a price of $23.24.The cost of the acquisition was $464,800.Following the acquisition, Henshall now holds 28,331 common shares in total.

 Gary Torgow, a director of Huntington Bancshares (HBAN), filed a form 4 with the SEC disclosing the acquisition of 23,680 common shares on May 30th at a price of $10.5631. The purchase is estimated to be worth $250,000.

Director Torgow of Huntington Bancshares purchases $250,000 in stock.

Chatham Lodging Trust (CLDT) Director Edwin Brewer filed a form 4 with the SEC disclosing the acquisition of 8,800 common shares at $18.95

Jamie Odell, a director of Light & Wonder, Inc. (LNW), purchased 10,000 shares on May 29 and May 30, at prices ranging from $58.90 to $59.05.The purchases cost around $590,000 in total.

Bernard Lanigan, a director of CNX Resources (CNX), purchased 137,835 common shares on May 30, 1982, for $15.2358.The transaction cost $2,100,026.50 in total.

Kevin Dallas, a director of Align Technology (ALGN), purchased 7,000 common shares on May 30, 23, for $285.2572.The acquisition cost $1,996,800.38 in total.Following the most recent acquisition, Dallas now owns 12,246 shares in total.

Stephen Walker, the CFO of Taboola (TBLA), purchased 75,000 shares on May 30, 23, for $2.63.The cost of the acquisition was $197,250.After the most recent acquisition, Walker now owns 1,125,980 shares in total.

Earnings Calendar

Friday June 2, 2023

NO Earnings

Thursday june 1, 2023

Broadcom (AVGO), Dollar General (DG), Lululemon Athletica (LULU), Hormel Foods (HRL), Zscaler (ZS), Cooper (COO)