Check out the companies making headlines before the bell: UiPath — Shares surged 12% after the automation software company posted first-quarter operating income and revenue figures that exceeded FactSet estimates. UiPath also raised its full-year revenue guidance and sees its current-quarter revenue coming in between $345 million and $350 million, while analysts polled by FactSet were expecting $331.3 million. Ulta Beauty — The beauty retailer’s shares rallied 9% after the firm raised its annual profit forecast and crushed expectations with its quarterly results. Ulta said lower inventory losses and new launches — especially celebrity-owned brands — helped drive demand at its stores. American Eagle — Shares slumped 7% after the clothing retailer reported a fiscal first-quarter adjusted loss of 29 cents per share, which was wider than an LSEG estimate for a loss of 22 cents per share. American Eagle’s $1.09 billion in revenue came in as expected. Gap — The apparel retailer plunged 13% after it forecast sales to be flat for its current quarter, while analysts had expected growth of 0.2%. This lackluster guidance overshadowed Gap’s first-quarter earnings and revenue beat. Elastic NV — Shares stumbled 10% after the American-Dutch software company guided for full-year revenue in the range of $1.655 billion to $1.67 billion. This missed the FactSet consensus outlook of $1.68 billion. Marvell Technology — The chip stock slipped 4% after first-quarter results came in roughly in line with expectations. Marvell Technology’s shares were up 9% in May ahead of the report. Adjusted earnings per share were 62 cents, just a tick ahead of the estimate of 61 cents from analysts, according to LSEG. NetApp — The data infrastructure stock shed 5% after forecasting its fiscal first-quarter adjusted earnings to come in the range of $1.48 to $1.58, while analysts polled by FactSet forecast $1.65 per share. However, NetApp posted an earnings and revenue beat for its last quarter. Regeneron Pharmaceuticals , Sanofi — Biopharma stocks Regeneron Pharmaceuticals and Sanofi respectively tumbled 10% and 4% after reporting mixed results in late-stage trials for a respiratory drug called itepekimab they are developing together. Airbnb — Shares slipped 3% after Truist Securities downgraded the short-term vacation home rental company to a sell rating from hold. Analyst Patrick Scholes said investors haven’t fully accounted for soft summer leisure trends, both in the U.S. and Europe. PagerDuty — The cloud computing stock fell 5% after PagerDuty forecast that its second-quarter guidance would come in between 19 cents and 20 cents per share, excluding items. This was lower than the profit guidance of 23 cents per share analysts polled by FactSet had penciled in. Zscaler — Shares rose 6% after the cloud security company topped analysts’ expectations for its fiscal third quarter and raised its full-year earnings and revenue guidance. Zscaler earned 84 cents on an adjusted basis in the third quarter, better than the FactSet consensus estimate for 76 cents per share. Revenue of $678 million exceeded the $666.5 million estimate. — CNBC’s Yun Li, Sarah Min and Jesse Pound contributed reporting.
Stocks making the biggest moves premarket: ULTA, ABNB, GAP, AEO
