Today's Pre-Market Stock Movers: MU, LULU, UBS, BBWI and More

Movers and Shakers wrote a column · Mar 29, 2023 08:13

Gapping up

$Micron Technology(MU.US)$ +2.9% (The company reported a fiscal second-quarter loss that was much wider than expected, said sales dropped 53%, and announced it would be reducing staff by about 15%, up from a previous plan to cut 10% of the workforce. The chip maker said high customer inventories, which have been weighing heavily on the company's results, have been showing signs of improvement. )

$Lululemon Athletica(LULU.US)$ +14% (the clothing retailer reported fiscal fourth-quarter earnings and sales that beat analysts' expectations and issued better-than-expected guidance for the current fiscal year.)

$Lucid Group(LCID.US)$ +1.9% (The electric vehicle startup said it would be cutting staff by 1,300 employees, or about 18% of the workforce, in a bid to save money.)

$UBS Group(UBS.US)$ +3.8% (It announced that Sergio Ermotti would return as chief executive following the Swiss banking giant's agreement to acquire rival $Credit Suisse(CS.US)$. Ermotti had run UBS for nine years until 2020.)

$Carnival(CCL.US)$ +2.5% (Susquehanna upgraded Carnival to positive from neutral. The investment firm said in a note to clients that Carnival has “ample liquidity” and should be able to improve its unit margins this year.)

Gapping down

$Bath & Body Works(BBWI.US)$ -2% (Shares of the home care and fragrances retailer received a downgrade from UBS, saying it expects a recessionary environment to weigh on the stock this year and next. UBS calls many of the company’s products as discretionary, pointing to candles as an example, and areas where consumers “will choose to spend less in a challenging macro environment.”)

$Alibaba(BABA.US)$ -1% (The company shares surged in Hong Kong on Wednesday after the Chinese tech giant announced it plans to split itself into six units -- including one for cloud computing -- each of which will explore fundraising including possible initial public offerings. American depositary receipts of Alibaba were down 1.7% in premarket trading after closing more than 14% higher on Tuesday.

$Cintas(CTAS.US)$ the uniform and business facility products and services company, and payroll services company $Paychex(PAYX.US)$ are scheduled to report quarterly earnings before stocks begin trading Wednesday.

Source: Dow Jones

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