A Lululemon store in New York
Scott Mlyn | CNBC
Check out the companies making the biggest moves premarket:
Lululemon — Shares of the Canadian apparel company fell more than 10% after Lululemon lowered its gross margin guidance for the first quarter. The “athleisure” chain raised its net revenue guidance for the fourth quarter and now expects growth of 25% or more, year over year.
Duck Creek — The provider of intelligence solutions for the insurance industry will be taken private by Vista for $19 a share in cash, CNBC’s David Faber reported. The deal should be announced shortly, he said. Shares surged 39%.
Zillow — Shares of the real estate marketplace company gained 4% after Bank of America double upgraded the stock to buy, citing its improved growth outlook despite a challenging macroeconomic environment.
Hologic — The women’s diagnostics provider reported fiscal first quarter revenue Sunday that topped its most recent guidance and Wall Street analyst estimates. Shares gained 2.8% premarket.
Bed, Bath & Beyond — Shares of the beleaguered retailer jumped more than 17% premarket. Bed, Bath & Beyond last week warned of its ability to continue as a going concern, sending shares plummeting.
Oracle — Shares of the software maker rose more than 1% in premarket trading following an upgrade to overweight from neutral by Piper Sandler. The investment bank said in a note that Oracle’s cloud business could see annual growth above 20% in the next few years.
Uber — Shares gained 2.8% after the rideshare platform was upgraded to overweight from neutral by Piper Sandler. The bank said increased car prices will push consumers to Uber and other rideshare platforms.
Nvidia — The stock gained 1.6% premarket after being named a top pick by Wells Fargo analysts, who said they see a positive data center product-cycle materializing through 2023.
Ferrari — Shares rallied more than 2% premarket after being named a top pick for 2023 by Bank of America. Analysts noted the automaker’s balanced strategy, resilient financial performance and conservative 2023 outlook.
—CNBC’s Tanaya Macheel, Jesse Pound, Alex Harring, Sarah Min and Michael Bloom contributed reporting.
(With inputs from CNBC)