People walk past Macy’s on January 26, 2023 in New York City. US gross domestic product increased at an annual rate of 2.9% in the fourth quarter of 2022.
Leonardo Munoz | Corbis News | Getty Images
Check out the companies making headlines before the bell.
Nordstrom — Shares rose 4.7% after Nordstrom’s first-quarter results topped Wall Street’s expectations. The company posted 7 cents earnings per share and revenue of $3.18 billion. Analysts had estimated a loss per share of 10 cents and $3.12 billion in revenue, according to StreetAccount.
C3.ai — The artificial intelligence company sank 21% after sharing disappointing guidance for the fiscal first quarter. That overshadowed a smaller-than-expected loss for the fiscal fourth quarter.
Okta — The cloud software company’s shares tumbled more than 20% Thursday. While Okta’s first-quarter results came above consensus analyst estimates, decelerating subscription revenue growth and smaller deal sizes from a worsening macro environment worsened investor sentiment. BMO Capital Markets downgraded shares to market perform from outperform in a Thursday note.
Macy’s – Shares of the retail giant slid 7% premarket after the company missed revenue estimates for its most recent quarter, according to Refinitiv. Macy’s also slashed its full-year earnings and sales guidance, after “demand trends weakened” for discretionary items in March.
Lucid Group – The luxury EV maker saw its shares drop 12.5% after it said it’s raising about $3 billion through a new stock offering. It added that some $1.8 billion of the raise will come from a private placement with Saudi Arabia’s Public Investment Fund, which owns about 60% of the company.
Chewy — Shares jumped 17% after the pet products e-commerce company reported an earnings and revenue beat for the first quarter. The company also raised its full-year guidance and announced plans for expansion to Canada in the third quarter.
Dollar General — Shares tumbled 9% after the company reported an earnings and revenue miss for the first quarter. The company said the macroeconomic environment is more challenged than it had previously anticipated and reduced its number of expected new store openings.
CrowdStrike — Shares of the cybersecurity company fell 10% despite CrowdStrike’s first-quarter results beating analyst expectations. Sales reported 57 cents in adjusted earnings per share on $693 million of revenue. Analysts surveyed by Refinitiv were expecting 51 cents per share and $676 million per share. Several Wall Street analysts highlighted a slowdown in annual recurring revenue growth as a negative for the quarter.
Target — Shares traded down 1.4% after JPMorgan downgraded them to neutral from overweight. The bank cited several factors, including a weakening consumer spending environment, ongoing share losses from recent controversies and grocery inflation headwinds.
Victoria’s Secret — The stock fell 13.6% after the company reported a quarterly earnings and revenue miss. The lingerie retailer reduced its full-year revenue guidance in the low-single digits range from the prior mid-single digit range estimates.
CSX — Shares added 1.5% in premarket trading following an upgrade by UBS to buy from neutral. The Wall Street firm cited CSX’s strong network operation, which it believes will provide leverage to the next volume upturn. UBS also raised its price target to $37 from $33, suggesting nearly 21% upside from Wednesday’s close.
Veeva Systems – The computer application company got a 9% boost in its stock price after it posted better-than-expected earnings and revenue for the first quarter. Veeva also raised its full-year earnings per share guidance by 26 cents.
Pure Storage — Shares rallied 5% following a better-than-expected first quarter earnings report. The company’s full-year revenue guidance also topped analysts’ estimates.
— CNBC’s Tanaya Macheel, Samantha Subin, Jesse Pound and Michelle Fox contributed reporting