Take a look at the companies making headlines in premarket trading: CrowdStrike – Shares of the cloud security platform rose about 2% after upgrading to buy from HSBC. Analyst Stephen Bersey claimed that “the bad news is behind us” on CrowdStrike stock regarding the mid-July outage due to a software update. Lululemon – Athleisure stock rose 4.5% after an earnings beat. Lululemon reported second-quarter earnings per share of $3.15, ahead of LSEG’s estimate of $2.93 per share. Revenue of $2.37 billion fell below the consensus of $2.41 billion. The company also lowered its full-year guidance. Abercrombie & Fitch – The apparel retailer added 2% after Citi upgraded the stock to buy, with analyst Paul Lejuez saying a recent sell-off presents a buying opportunity for investors at an attractive entry point. Alibaba – The e-commerce company’s US-traded shares rose after China’s market regulator said Alibaba had completed a three-year regulatory “rectification process.” The company was fined in 2021 as part of an antitrust investigation. Ulta Beauty – The beauty retailer saw its shares tumble more than 8% in premarket trading after the company missed second-quarter expectations and lowered its full-year guidance following a decline in same-store sales. It was the company’s first per-share loss since May 2020 and its first revenue loss since December 2020. Marvell Technology – The semiconductor company advanced more than 10% after third-quarter guidance beat Wall Street estimates. Marvell now expects adjusted earnings of 40 cents per share on revenue of $1.45 billion, while analysts surveyed by LSEG called for earnings per share of 38 cents on revenue of $1.40 billion. Intel – The chipmaker added more than 3% on news that Intel was working with bankers to explore options to address recent weakness in its core businesses. Elastic NV – Shares fell nearly 29% after the artificial intelligence search company’s fiscal second-quarter revenue guidance missed estimates. Elastic now forecasts revenue between $353 million and $355 million, while analysts surveyed by LSEG expected $361 million. – CNBC’s Hakyung Kim, Yun Li and Jesse Pound contributed reporting.
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