21 May Stocks making the biggest moves premarket: TGT, PANW, LOW, UNH
Check out the companies making headlines before the bell. Palo Alto Networks — Shares of the cybersecurity company dipped 3.7% after Palo Alto Network’s gross margin for the fiscal third quarter came out below estimates . The company still beat on earnings and revenue expectations, however. UnitedHealth — Shares dropped more than 6% after HSBC downgraded the health insurance giant, saying valuations are still elevated despite a recent rout. Target — The retailer’s stock slipped 3.5% after Target missed first-quarter revenue estimates and cut its full-year sales outlook. Executives blamed tariff uncertainty, weaker discretionary spending and backlash to the company’s rollback of key diversity, equity and inclusion efforts for its performance. Lowe’s — Shares of the home improvement retailer rose 2%. Lowe’s reaffirmed its full-year forecast , putting the retailer on track for year-over-year sales growth. Lowe’s also reported earnings of $2.92 per share, beating an LSEG estimate of $2.88 per share. Revenue of $20.93 billion came out just shy of the $20.94 billion expected. Toll Brothers — The homebuilder rose more than 4% after fiscal second-quarter results topped expectations. Toll Brothers reported $3.50 in earnings per share on $2.74 billion in revenue. Analysts surveyed by LSEG were looking for $2.83 per share in earnings and $2.48 billion in revenue. Carter’s — Shares of the children’s clothing company slid about 6% after Carters cut its quarterly dividend to 25 cents per share, down from 80 cents per share. The company’s chief executive said in a release that Carter’s dividend was misaligned with its level of profitability against the current market environment, and that higher tariffs could lead Carter’s to incur significantly higher product costs. Wolfspeed — Shares of the semiconductor supplier plunged more than 60% after The Wall Street Journal reported , citing sources familiar with the matter that Wolfspeed is preparing to file for bankruptcy within weeks. Xpeng — The Chinese EV maker rose than 5% in the premarket after a smaller-than-expected loss for the first quarter . Xpeng added it expects to deliver between 102,000 and 108,000 vehicles in the second quarter. That represents a year-over-year increase of more than 200%. — CNBC’s Sarah Min and Jesse Pound contributed reporting.