DocuSign, Vail Resorts, Stitch Fix and others
Check out the companies making headlines before the bell:
DocuSign (DOCU) – The electronic-signature technology company’s stock plunged 26.1% in the premarket after its quarterly profit and revenue fell short of Wall Street forecasts. DocuSign had previously warned that a return to post-Covid working conditions could cut into its business.
Vail Resorts (MTN) – Vail Resorts rallied 6.7% in premarket trading after the resort operator posted better-than-expected quarterly results. Vail benefited from an easing of Covid-related restrictions and noted successful efforts to attract visitors outside of its peak skiing season.
Stitch Fix (SFIX) – Stitch Fix shares slumped 15.4% in premarket action after the online clothing styler posted a wider than expected quarterly loss and gave weaker than expected revenue guidance. Stitch Fix also said it would cut 330 jobs, about 4% of its total workforce.
Rent The Runway (RENT) – The fashion rental company posted a smaller-than-expected quarterly loss while its revenue came in above Wall Street forecasts. Sales doubled from a year earlier and Rent The Runway also issued an upbeat current-quarter revenue forecast. Shares jumped 8.2% in the premarket.
Illumina (ILMN) – The maker of gene-based therapies saw its shares decline 4.2% in the premarket after announcing the departure of Chief Financial Officer Sam Samad, who is taking the CFO role at Quest Diagnostics (DGX).
Netflix (NFLX) – Netflix slid 4.7% in premarket trading after Goldman Sachs downgraded the stock to “sell” from “neutral” and cut the price target to $186 per share from $265. Goldman said it was focusing on a number of factors, including an increased focus on profitability and lower investor tolerance for long-term investments as Netflix and other web-based businesses mature. In the same report, Goldman also cut to “sell” from “neutral” video game company Roblox (RBLX), down 4.7% in the premarket, and eBay (EBAY), down 3.6%.
Angi (ANGI) – The home services company reported a 24% jump in May revenue, compared with a year earlier, even as service requests fell 7%. Separately, the company announced the departure of Chief Financial Officer Jeff Pederson.
CME Group (CME) – The exchange operator’s stock gained 2.3% in the premarket after Atlantic Equities upgraded it to “overweight” from “neutral.” The firm said CME has the strongest fundamental backdrop among U.S.-based exchanges and that a recent drop in the stock provides an attractive entry point.
Kontoor Brands (KTB) – Goldman Sachs downgraded the stock to “neutral” from “buy,” noting that increasing cost pressures have been weighing on results and earnings growth for the parent of the Lee and Wrangler apparel brands. Kontoor Brands fell 1% in the premarket.