US Premarket: Shell, Lululemon and other stocks making biggest moves

Starbucks (SBUX)

Starbucks rose 0.81% in the premarket after appointing Laxman Narasimhan as its new chief executive officer. Previously, Narasimhan was the CEO of Lysol and Enfamil maker Reckitt Benckiser. He has also served in executive positions at PepsiCo. Narasimhan will replace interim CEO Howard Schultz on October 1.

Shell (SHEL)

Shell gained 1.4% in premarket trading after Reuters reported that CEO Ben van Beurden is preparing to step down next year, after nearly a decade in the position. According to the report, the energy producer has identified four candidates to succeed van Beurden.

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Lululemon (LULU)

Lululemon surged 9.5% in premarket trading after reporting better-than-expected quarterly results and issuing and positive outlook. The leisurewear and athletic apparel maker said it continues to see strong sales momentum.

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PagerDuty (PD)

PagerDuty gained 5.8% in premarket trading after reporting better-than-expected quarterly earnings and strong guidance. The operations management software company reported a 7.1% increase in total paid customers compared with a year earlier. PagerDuty saw a 37.5% growth in the number of customers providing annual recurring revenue exceeding $100,000.

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Broadcom (AVGO)

Shares of the chipmaker added 2% in the premarket after reporting higher-than-expected quarterly earnings and revenue. Broadcom issued an upbeat revenue forecast for the ongoing quarter. The company expected strong demand across all its end markets to continue this quarter, said CEO Hock Tan.

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Beyond Meat (BYND)

Beyond Meat rose 1% in the premarket after Investment firm Baillie Gifford reported a 6.61% stake in the maker of plant-based meat alternatives as of August 31, compared with a 13.38% stake on December 31, 2021.

Bed Bath & Beyond (BBBY)

Shares of the houseware retailer fell 5.5% in premarket action, setting it up for a likely fourth straight negative session. On Wednesday, the company popular among “meme stock” traders, announced many steps designed to improve its finances.

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Rocket Lab USA (RKLB)

Shares of the space rocket company gained 2.9% in premarket action after successfully test-firing a reused Rutherford first stage engine for the first time. The Rutherford engine is a liquid propellant rocket engine designed and manufactured by Rocket Lab.