US Premarket: Capri Holdings, Weibo and other stocks making biggest moves

Capri Holdings (CPRI)

Shares of the parent company of luxury brands, like
Michael Kors, Versace and Jimmy Choo, surged 11% in the premarket after
reporting better-than-expected quarterly results before giving back nearly all
those gains. Capri posted adjusted earnings of $1.02 per share, 20 cents above
estimates. It managed to expand profit margins in the face of pandemic related issues.
However, the company issued a lower-than-expected revenue forecast for the full
year.

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Salesforce (CRM)

Shares of Salesforce jumped 9.1% in the premarket after
exceeding analyst estimates by 4 cents with an adjusted quarterly profit of 98
cents per share. The business software company also beat revenue estimates and
raised its full-year guidance amid continued strong demand.

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Weibo (WB)

Weibo surged 5.5% in premarket trading. The China-based
social media company posted better-than-expected profit and revenue for the
first quarter. The company saw growth in users and called its ad business
“relatively resilient” in the face of the country’s Covid lockdowns.

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Victoria’s Secret (VSCO)

The stock surged 6.8% in premarket action despite the
company reporting a mixed quarter. The intimate apparel retailer posted
adjusted earnings of $1.11 per share for its latest quarter, 84 cents above the
consensus estimate, and revenue matched forecasts. Current-quarter earnings
guidance fell below some forecasts. The company was able to negate the
bottom-line impact of supply chain issues and slow consumer demand. 

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Ambarella (AMBA)

Ambarella fell 3.8% in the premarket after the chipmaker
issued a lower-than-expected revenue forecast for its latest quarter, due to
the negative impact of China’s Covid lockdowns. Ambarella exceeded the top and
bottom-line estimates for its latest quarter.

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ChargePoint Holdings (CHPT)

ChargePoint’s stock fell 2.3% in premarket action after
reporting a wider-than-expected loss of 21 cents per share for the latest
quarter, 2 cents above analysts’ estimates. The electric vehicle charging
network operator’s revenue beat estimates. ChargePoint, also issued
lighter-than-expected revenue guidance for the ongoing quarter and full year,
as it faces global supply constraints.

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Li Auto (LI)

Li shares jumped 2% in the premarket after the
China-based electric vehicle maker reported 166% year on year growth in sales
as it delivered 11,496 vehicles in May 2022.