US Premarket: Turning Point, Kohl’s and other stocks making biggest moves

Turning Point Therapeutics (TPTX)

Shares of the biopharmaceutical company jumped 115.95% in
premarket trading after it agreed to be acquired by Bristol yers Squibb (BMY)
for $76 per share in cash of $4.1 billion. Turning Point specializes in cancer
treatments.

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Kohl’s (KSS)

The stock rallied 7.3% in the premarket after the Wall
Street Journal reported that the retailer received takeover bids from private
equity firm Sycamore Partners and retail holding company Franchise Group.
Sycamore’s bid would value Kohl’s at around $50 per share, while Franchise
Group is offering about $60. Kohl’s stock closed at $41.18 on Thursday.

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Tesla (TSLA)

Tesla stock fell 4.7% in premarket trading following a
report that CEO Elon Musk ordered an immediate hiring freeze and a 10%
reduction in staff. According to Reuters, Musk said he felt “super
bad” about the economy.

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Lululemon (LULU)

The stock gained 1% in the premarket after the athletic
apparel and leisurewear maker reported an unexpected quarter and raised its
full-year forecast. Lululemon reported a quarterly profit of $1.48 per share, 4
cents above estimates, amid continued strong demand for premium sportswear.

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Coinbase (COIN)

Coinbase fell 4.7% in premarket action as it extends a
hiring freeze and rescinded some job offers that had been accepted. In a blog
post, the cryptocurrency exchange operator said that it would pause hiring for
“as long as this macro-environment requires”.

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CrowdStrike (CRWD)

CrowdStrike slipped 4.3% in premarket trading even
despite the company reporting better-than-expected results for its latest
quarter and issuing a positive outlook. CrowdStike stock had jumped 7.8% on
Thursday ahead of the earnings reports.

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RH (RH)

RH fell 4% in premarket action after the luxury home
goods company issued a weaker-than-expected revenue outlook for the full
financial year. RH posted better-than-expected profit and sales for its latest
quarter and announced a $2 billion expansion of its stock buyback program.

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Alaska Air (ALK)

The stock surged 1% in the premarket after the airline
raised its revenue outlook for the ongoing quarter, saying it is experienced
sustained strong demand. Alaska Air also said stronger revenue is offsetting
higher fuel costs.