Check out the companies making headlines in pre-market trading. Macy’s — Shares of Macy’s rose about 3% after the department store operator beat first-quarter profit estimates and raised its full-year forecast. Macy’s cited its turnaround plan as the driving force behind the strong results. Lowe’s — The home improvement company’s first-quarter results beat expectations, sending its shares up more than 2%. Lowe’s reported earnings of $3.06 per share on revenue of $21.36 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $2.94 per share on revenue of $21.12 billion. AutoZone — Shares of the auto parts retailer fell more than 2% after third-quarter revenue fell short of analysts’ expectations. AutoZone reported revenue of $4.24 billion, while analysts polled by FactSet forecast revenue of $4.29 billion. The company’s fiscal third-quarter earnings per share were $36.69, beating estimates of $36.02. Xpeng Motors — The Chinese electric car company beat first-quarter revenue and profit estimates, sending its shares up 5%. Xpeng Motors also predicts that car delivery volume in the second quarter will increase by 25% year-on-year to nearly 40%. Toast — The restaurant software company’s shares fell more than 2% after Baird downgraded its rating, with analyst David Koning asserting that the stock may be overvalued after soaring 27% so far this year. Palo Alto Networks — The cybersecurity stock fell nearly 7% after its guidance for the quarter was in line with expectations and total revenue fell short of expectations. Li Auto — Shares of Li Auto fell more than 3% after the Chinese electric vehicle company reported disappointing first-quarter results. The company reported revenue of 25.6 billion yuan, down 38.6% from the fourth quarter of 2023. % senior notes due 2029 and entered into a $1 billion five-year term loan. It also intends to repurchase $800 million of existing debt. Peloton has been grappling with declining sales and recently announced a restructuring plan. Keysight Technologies — Shares of the electronics test and software company fell more than 2% as its outlook for the quarter fell short of expectations. Keysight currently forecasts non-GAAP earnings of $1.30 to $1.36 per share and revenue of $1.18 billion to $1.2 billion. Analysts polled by FactSet expected earnings of $1.45 per share and revenue of $1.21 billion. Lam Research — Shares of Lam Research rose 4.4% after the semiconductor equipment maker said its board approved a $10 billion stock buyback and a 10-for-1 stock split. Gap — Shares of the clothing retailer rose more than 2% after Citigroup began a positive catalyst watch on the company, with analyst Paul Lejuez suggesting Gap could beat Wall Street expectations in the first quarter next week. Zoom Video — Shares of Zoom Video fell nearly 3% even after the video conferencing company reported better-than-expected first-quarter profit and revenue. 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 on revenue of $1.13 billion. Zoom also issued guidance that was broadly in line with its full-year revenue guidance. —CNBC’s Michelle Fox, Sarah Minh and Jesse Pond contributed reporting
