Check out the companies making headlines before the market opens. Target — Target shares fell more than 7% as sales fell about 3% annually and first-quarter profit fell short of expectations as consumers bought fewer discretionary items. Analog Devices — The semiconductor manufacturing company’s shares rose 6.2% after beating quarterly estimates. Analog Devices reported fiscal second-quarter adjusted earnings of $1.40 per share on revenue of $2.16 billion, while analysts polled by FactSet forecast earnings of $1.26 per share (excluding one-time items) on revenue of $2.11 billion. Dollar. Shopify — The retail software stock rose 2.6% after Goldman Sachs upgraded the stock to “buy” from “neutral.” The investment bank said the industry leader’s shares are at an attractive entry point after a tough period so far. Box — Shares of the cloud storage company fell 2.2% after Morgan Stanley downgraded Box to equal weight from overweight, saying other software names like Docebo and Smartsheet appeared more attractive. Urban Outfitters – The apparel retailer’s first-quarter results exceeded Wall Street expectations and its shares rose 1.8%. Urban Outfitters reported adjusted earnings of 69 cents a share on revenue of $1.2 billion, beating analysts’ expectations of 52 cents a share on revenue of $1.18 billion, according to LSEG. PDD — Shares of PDD Holdings, the Chinese parent company of discount retailer Temu, rose 7.6% after reporting first-quarter revenue growth of 131%. Toll Brothers — Shares of Toll Brothers rose about 1% after the homebuilder reported stronger-than-expected second-quarter results. Toll reported earnings of $4.55 per share on revenue of $2.65 billion from home sales. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $4.14 per share on revenue of $2.53 billion. Hims & Hers Health — Digital Pharmacy shares fell about 3% after Citi downgraded the stock to neutral from buy. The bank said that while Hims and Hers is “doing everything above board,” the stock has gained most of its upside potential from the announcement that it will introduce GLP-1 on its platform. Lululemon — Shares of Lululemon fell 3.7% after the sportswear retailer said Tuesday it would implement a new integrated design structure and announce the departure of its chief product officer, according to the Wall Street Journal. —CNBC’s Alex Harring, Jesse Pound and Sarah Min contributed reporting.
