Significant premarket activity is underway across several sectors, driven by earnings reports and shifts in the cryptocurrency market. Below are the key companies experiencing notable price movements:
Broadcom — Shares of the chipmaker plummeted 15% after reporting second-quarter revenue of $22.19 billion, falling short of the $22.27 billion anticipated by LSEG-polled analysts. This represents Broadcom’s first revenue miss since December 2024. Additionally, the company’s infrastructure revenue of $7.18 billion missed the StreetAccount estimate of $7.32 billion.
Semiconductor Sector — Following Broadcom’s disappointing results, AI-focused semiconductor stocks faced downward pressure. Micron Technology dropped 6%, Super Micro Computer fell 7%, Intel shed 4%, and Advanced Micro Devices lost nearly 5%.
Five Below — Despite providing a stronger-than-anticipated outlook, shares of the discount retailer fell nearly 11%. The company expects second-quarter revenue between $1.18 billion and $1.2 billion, surpassing the $1.15 billion StreetAccount estimate. Furthermore, projected same-store sales growth of 7% to 9% significantly outperformed the 4.4% consensus.
Petco — Shares of the pet retailer declined approximately 12% after its second-quarter adjusted EBITDA forecast of $110 million to $112 million missed the $115 million Wall Street consensus.
Crypto-Related Equities — Robinhood, Coinbase, and MicroStrategy saw declines following a 5% slump in Bitcoin. Robinhood shares dropped nearly 2%, Coinbase lost 1%, and MicroStrategy fell 2.7%.
CrowdStrike — The cybersecurity firm’s stock dropped 10% due to underwhelming second-quarter guidance. While projected Q2 revenue of approximately $1.44 billion sits slightly above the $1.3 billion StreetAccount estimate, its expected earnings per share of $1.16 to $1.17 offered little relief. Shares of Palo Alto Networks and Fortinet also traded lower in sympathy.
PVH — Shares of the parent company of Tommy Hilfiger and Calvin Klein plunged 22% after reiterating its full-year earnings guidance. Although the company reported a first-quarter earnings beat, revenue was largely in line with expectations.
C3.ai — The AI application software company saw its stock rise 1.4%. The firm reported a fourth-quarter adjusted loss of 33 cents per share on $52 million in revenue, outperforming analyst expectations of a 37-cent loss and $50 million in revenue.
UnitedHealth — The health insurer rose 3% following a Bank of America upgrade from neutral to buy. The upgrade was supported by improving medical cost trends and positive near-term data points expected to bolster second-quarter earnings.
Medtronic — The medical technology company advanced nearly 2% after BTIG upgraded the stock from neutral to buy. The move follows Medtronic’s earnings beat on Wednesday, with analysts noting an attractive top-line outlook and a valuation discount relative to industry peers.
