Gap, Marvell, Workday rise premarket; Ulta Beauty falls
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Gap (NYSE: GPS) stock soared 11% after the clothes retailer reported a surprise profit in the first quarter, citing restructuring efforts and easing supply chain costs.
Marvell (NASDAQ: MRVL) stock rose 19% after the chipmaker reported better-than-expected first-quarter results and offered encouraging revenue guidance for the current quarter as artificial intelligence emerges as a key growth driver.
Ulta Beauty (NASDAQ: ULTA) stock fell 8.7% after the beauty chain reported disappointing first-quarter revenue, while comparable sales growth slowed sharply.
Workday (NASDAQ: WDAY) stock rose 9.2% after the cloud-software company reported better-than-expected quarterly results and lifted its outlook, with subscriptions revenues up over 20% from last year.
Paramount Global (NASDAQ: PARA) stock rose 5.6% after the Wall Street Journal reported that the media conglomerate’s controlling shareholder secured a $125 million investment.
PDD Holdings (NASDAQ: PDD) stock rose 13% after the Chinese company, which owns e-commerce platform Pinduoduo, beat expectations for first-quarter revenue on demand from price-conscious customers.
RH (NYSE: RH) stock fell 2.8% after the company, which specializes in furnishings and fittings for luxury homes, trimmed its outlook on margins as it looks to clear inventory, overshadowing healthy first-quarter results.
Costco (NASDAQ: COST) stock fell 0.5% after the big-box retailer disappointed with its third quarter results, citing a one-time charge to discontinue charter shipping activities.
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