Stocks making the biggest moves before the bell: Tesla, Broadcom, Dave & Buster’s and more

Discover the companies that dominated premarket trading headlines.

Tesla

— An impressive 7% surge was recorded in shares as CEO Elon Musk confirmed the passing of his $56 billion compensation package and the decision to reposition the firm’s incorporation to Texas in a shareholder vote. The compensation package had earned negative feedback from significant shareholders voicing their plans to vote against it.

Broadcom

— Earnings and revenue beat, followed by the announcement of a 10-for-1 stock split, saw shares soar to nearly 14%. The chipmaker reported its fiscal second-quarter adjusted earnings per share at $10.96, surpassing the $10.84 forecasted by LSEG analysts. The revenue reached $12.49 billion, against the predicted $12.03 billion.

Dave & Buster’s

— The entertainment and restaurant chain’s shares slumped by 10% after first-quarter sales fell short of predictions. The company reported a revenue of $588 million for the first quarter, which was lower than the $621 million forecasted by LSEG analysts.

Oxford Industries

— The clothing manufacturer’s shares dropped 4% following their disappointing earnings report. The parent company of Tommy Bahama reported adjusted earnings of $2.66 per share on a revenue of $398.2 million. In contrast, analysts from FactSet had estimated a profit of $2.68 per share and a revenue of $404.8 million. The guidance for the current quarter and the full year also came in lower than market expectations.

Virgin Galactic

— The space tourism firm’s shares dipped by 8.5% after its board of directors greenlit a 1-for-20 reverse stock split. The stock is currently trading below $1.

Kimberly-Clark

— Shares in the consumer goods company rose by 2.2% following a rare double upgrade to ‘buy’ from Bank of America. The Huggies and Kleenex manufacturer is poised to undergo structural changes, according to the firm.

Nextera Energy

— The company’s shares receded 3.2% due to a Barclays downgrade from ‘equal weight’ to ‘underweight’. Barclays pointed out the company’s inability to evade the overhangs from convertible equity portfolio financing.

Corning

— The company’s shares shrank approximately 1% as a result of a Morgan Stanley downgrade from ‘overweight’ to ‘equal weight’. Morgan Stanley stated that Corning’s stock now offers a more balanced risk-to-reward ratio after its significant rally this year.

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Stocks making the biggest moves before the bell: Tesla, Broadcom, Dave & Buster’s and more

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