Check out the companies making headlines premarket. Department store operator Macy’s added about 3% after beating first-quarter profit estimates and raising its full-year forecast. Macy’s touted its wellness plan as a contributor to good results. Lowe’s — Household goods shares rose more than 2% after the company’s first-quarter results beat estimates. Lowe’s reported earnings per share of $3.06 on revenue of $21.36 billion. Analysts surveyed by LSEG expected earnings per share of $2.94 on revenue of $21.12 billion. AutoZone – Shares of the auto parts retailer fell up more than 2% after third-quarter revenue missed analysts’ estimates. AutoZone reported revenue of $4.24 billion, while analysts surveyed by FactSet had forecast $4.29 billion. The company’s fiscal third-quarter earnings of $36.69 per share beat estimates that had called for $36.02. XPeng – Shares rose 5% after the Chinese electric vehicle company beat first-quarter revenue and profit estimates. XPeng also expects vehicle shipments to increase 25% to 40% year-on-year in the second quarter. Toast – Shares of the restaurant software company fell more than 2% following Baird’s downgrade, with analyst David Koning arguing the stock could be overvalued after the stock rose 27% year to date. Palo Alto Networks — Cybersecurity shares fell nearly 7% after current-quarter guidance met estimates and overall accounts fell short of expectations. Li Auto – Shares of the Chinese electric vehicle company fell more than 3% after reporting disappointing first-quarter results. The company reported revenue of 25.6 billion yuan, down 38.6% from the fourth quarter of 2023. Peloton — Shares fell 4% after the connected fitness company said it plans to begin a “global refinancing” process that will include a $275 million convertible bond offering. senior notes due 2029 with a five-year, $1 billion credit facility. It also intends to buy back $800 million of existing debt. Peloton has been struggling with declining sales and recently announced a restructuring plan. Keysight Technologies — Shares of the electronics and software testing company fell more than 2% after a softer-than-expected forecast for the current quarter. Keysight now forecast non-GAAP earnings per share of $1.30 to $1.36 on revenue of $1.18 billion to $1.2 billion. Analysts polled by FactSet expected $1.45 per share and $1.21 billion in revenue . Lam Research – Shares of the semiconductor equipment maker rose 4.4% after Lam Research said its board of directors approved a $10 billion share buyback and a 10-for-1 stock split. Gap – Shares of the clothing retailer rose more than up 2% after Citi issued a positive outlook on the company. Analyst Paul Lejuez believes Gap is likely to beat Wall Street’s first-quarter estimates next week. Zoom Video – Shares fell nearly 3% even after the videoconferencing company reported better-than-expected earnings and revenue for the first quarter. The video communications company reported earnings of $1.35 per share on revenue of $1.14 billion, while analysts polled by LSEG expected earnings of $1.20 per share and revenue of $1.13 billion. Zoom also posted roughly corresponding annual revenue forecast. — CNBC’s Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
