Before the bell, these companies were in the headlines. Target’s share fell more than 7% after Q1 earnings didn’t meet expectations, mainly due to a 3% YoY sales drop as consumers purchased fewer discretionary items. Analog Devices, a semiconductor manufacturer, saw a 6.2% increase in shares after surpassing quarterly estimates. The company reported adjusted earnings of $1.40 per share on $2.16 billion revenue in the fiscal second quarter, outperforming FactSet’s predicted earnings of $1.26 per share and $2.11 billion revenue. Shopify’s stock rose 2.6% after Goldman Sachs upgraded it from neutral to buy, citing an attractive entry point after a challenging year. However, cloud storage firm Box fell 2.2% following Morgan Stanley’s downgrade from overweight to equal weight, recommending other software companies like Docebo and Smartsheet. Urban Outfitters saw a 1.8% increase in shares after exceeding Wall Street’s estimated fiscal first-quarter results with 69 cents per share on $1.20 billion revenue. PDD Holdings, the Chinese owner of discount retailer Temu, rose 7.6% after a 131% increase in Q1 revenue. Toll Brothers, a homebuilder, gained about 1% after better-than-expected fiscal second quarter results. Analysts from LSEG anticipated $4.14 per share on $2.53 billion revenue, but Toll reported $4.55 per share on $2.65 billion revenue. Meanwhile, digital pharmacy Hims & Hers Health fell around 3% after Citi downgraded it to neutral from buy. Lululemon lost 3.7% after announcing a new integrated design structure and the departure of its chief product officer. Reporting credits go to CNBC’s Alex Harring, Jesse Pound, and Sarah Min.
