Check out the companies making headlines before the bell. Salesforce — Shares of the cloud software vendor plunged 16% after the company reported weaker-than-expected revenue and issued guidance that trailed Wall Street’s expectations. Revenue in the fiscal first quarter increased 11% from a year earlier, marking the first time since 2006 that Salesforce fell short on revenue, according to LSEG data. Salesforce said it saw budget scrutiny and longer deal cycles than usual during the quarter. PayPal — The payments platform added 2% following an upgrade to buy from Mizuho. Analyst Dan Dolev cited PayPal’s newly-launched one-click checkout tool, Fastlane, as a potential catalyst for the stock. Okta — Shares advanced nearly 5% after Evercore ISI upgraded the access management company to outperform and increased its price target, saying that Okta’s strong quarterly results suggest the company has moved beyond its execution issues. Birkenstock — The footwear maker jumped 8% after posting a second-quarter earnings and revenue beat. The company also raised its full year revenue guidance to between €1.77 billion and €1.78 billion, higher than its previous estimate of between €1.74 billion and €1.76 billion. Foot Locker — Shares rallied more than 12% in the premarket after the apparel and sneaker retailer reported first-quarter earnings that beat expectations . The company posted an adjusted profit of 22 cents per share, while analysts polled by LSEG expected earnings of 12 cents per share. “We had a solid start to the year in the first quarter, which demonstrates that our ‘Lace Up Plan’ is working,” CEO Mary Dillon told CNBC in an interview. Best Buy — The stock rose 1% after the electronics retailer reported fiscal first-quarter earnings of $1.20 per share, higher than the $1.08 analysts polled by LSEG had expected. However, Best Buy’s revenue of $8.85 billion came in below the $8.96 billion consensus estimate. Dollar General — Shares added 2.5% after the discount retailer topped earnings estimates for its first quarter. Earnings per share came in at $1.65, versus the $1.57 expected from analysts polled by LSEG. Revenue was $9.91 billion, beating the $9.90 billion consensus estimate. Kohl’s — Shares plunged 20% after the department store chain posted a first-quarter loss of 24 cents per share, whereas analysts had expected a gain of 4 cents, according to LSEG. The company’s $3.18 billion revenue also came below the expected $3.34 billion. American Eagle Outfitters — Shares slipped 7% after the company posted weaker-than-expected sales in its fiscal first-quarter, despite beating on earnings. Finance chief Mike Mathias told CNBC that clothing company is maintaining a “cautious” outlook for the second half of the year. HP — The technology company popped 4% after reporting fiscal second-quarter earnings of 82 cents on $12.8 billion of revenue, higher than the 81 cents on $12.60 billion that analysts polled by LSEG had expected. Nutanix — Shares plunged 12% after the cloud company issued a fiscal fourth-quarter revenue forecast of between $530 million to $540 million, while analysts polled by StreetAccount expected $546 million. Nutanix, however, beat on both earnings and sales expectations for its fiscal third quarter. UiPath — Shares plunged 29% after UiPath posted second-quarter and full-year revenue guidance that fell short of expectations. In the second quarter, the software company anticipates revenue between $300 million and $305 million, lower than the FactSet consensus estimate of $342.3 million. The company also announced CEO Rob Enslin was resigning, effective June 1. C3.ai — The tech stock jumped 10% after a better-than-expected fiscal fourth-quarter report. C3.ai reported an adjusted loss of 11 cents per share on $86.6 million of revenue. Analysts surveyed by StreetAccount were expecting a loss of 30 cents per share on $84.4 million of revenue. The company said it expects revenue to grow by about 23% in the new fiscal year. — CNBC’s Michelle Fox, Fred Imbert, Yun Li, Sarah Min, Jesse Pound and Pia Singh contributed reporting.
Stocks making the biggest moves premarket: CRM, KSS, FL, AEO
