Pre-Open Stock Movers:

Snap (NYSE: SNAP) 34% LOWER; warns for Q2. The company said since they issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range.

Abercrombie & Fitch (NYSE: ANF) 32% LOWER; reported Q1 EPS of ($0.27), $0.35 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $813 million versus the consensus estimate of $799.31 million. Net sales to be flat to up 2% from $3.7 billion in 2021, down from previous outlook of up 2 to 4% driven by a combined 200 basis point adverse impact from foreign currency and an assumed inflationary impact on consumer demand, partially offset by higher-than-expected sales in Q1.

INmune Bio, Inc. (NASDAQ: INMB) 20% LOWER; announced that on May 20, 2022, the Company was informed via e-mail communication from the U.S. Food and Drug Administration (FDA) requesting additional information around Chemistry Manufacturing and Controls (CMC) of the newly manufactured XPro1595 (XPro™). As part of the communication, the Agency placed the Company’s Investigational New Drug (IND) application to initiate its Phase 2 clinical trial of XPro™ in patients with Alzheimer’s Disease (AD) in the U.S. on clinical hold. The FDA indicated they will provide an official clinical hold letter to INmune in approximately 30 days. INmune plans to provide additional updates pending discussion with the FDA. The Phase 2 trial of XPro™ remains open in Australia and continues to enroll patients.

Nautilus (NYSE: NLS) 14% LOWER; reported Q4 EPS of ($0.58), in-line with the analyst estimate of ($0.58). Revenue for the quarter came in at $119.7 million versus the consensus estimate of $120.85 million.

Pinterest, Inc. (NYSE: PINS) 12% LOWER; falls on Snap's Q2 warning.

DexCom (NASDAQ: DXCM) 9% LOWER; DexCom is in talks to acquire Insulet (NASDAQ: PODD), according to Bloomberg, citing people with knowledge of the matter.

Insulet (NASDAQ: PODD) 8% HIGHER; DexCom (NASDAQ: DXCM) is in talks to acquire Insulet (NASDAQ: PODD), according to Bloomberg, citing people with knowledge of the matter.

Meta Platforms, Inc. (NASDAQ: FB) 8% LOWER; falls on Snap's Q2 warning.

Zoom (NASDAQ: ZM) 5% HIGHER; reported Q1 EPS of $1.03, $0.16 better than the analyst estimate of $0.87. Revenue for the quarter came in at $1.07 billion versus the consensus estimate of $1.07 billion. Zoom sees Q2 2023 EPS of $0.90-$0.92, versus the consensus of $0.88. Zoom sees Q2 2023 revenue of $1.115-1.12 billion, versus the consensus of $1.11 billion. Zoom sees FY2023 EPS of $3.70-$3.77, versus the consensus of $3.53. Zoom sees FY2023 revenue of $4.53-4.55 billion, versus the consensus of $4.55 billion.

Google (NASDAQ: GOOGL) 5% LOWER; falls on Snap's Q2 warning.

Twitter, Inc. (NASDAQ: TWTR) 4% LOWER; falls on Snap's Q2 warning.

Best Buy (NYSE: BBY) 3% LOWER; reported Q1 EPS of $1.57, $0.06 worse than the analyst estimate of $1.63. Revenue for the quarter came in at $10.65 billion versus the consensus estimate of $10.44 billion. Comparable Sales Decreased 8.0% Compared to 37.2% Growth in Q1 FY22 Best Buy sees FY2023 EPS of $8.40-$9.00, versus the consensus of $8.90. Best Buy sees FY2023 revenue of $48.3-49.9 billion, versus the consensus of $50.12 billion.

Marqeta Inc. (NASDAQ: MQ) 3% HIGHER; Morgan Stanley upgraded from Equalweight to Overweight with a price target of $15.00.

Tesla, Inc. (NASDAQ: TSLA) 3% LOWER; numbers cut at Daiwa Securities on the Shanghai lockdown

Lattice Semiconductor (NASDAQ: LSCC) 1% HIGHER; Susquehanna upgraded from Neutral to Positive with a price target of $65.00 (from $58.00).

Albemarle Corporation (NYSE: ALB) 1% HIGHER; further revised its full-year 2022 guidance today, reflecting mainly the completion of additional lithium contract renegotiations with its lithium customers following its Q1/22 earnings release on May 4, 2022. Net sales are now expected to be in the range of $5.8 - $6.2 billion versus the prior outlook of $5.2 - $5.6 billion and the consensus of $5.44 billion. Adjusted EBITDA is now seen in the range of $2.2 - $2.5 billion versus the prior guidance of $1.7 - $2.0 billion. Adjusted diluted EPS in the range of $12.30 - $15.00 versus the consensus of $10.88 and prior guidance of $9.25 - $12.25.

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