Check out the companies making headlines before the market opens. Salesforce — Shares of the cloud software provider plunged 16% after the company reported lower-than-expected revenue and issued guidance that lagged Wall Street expectations. LSEG data shows that revenue in the first fiscal quarter increased by 11% year-on-year. This is the first time since 2006 that Salesforce has experienced a revenue shortfall. Salesforce said the budget review and deal cycle is longer than usual this quarter. PayPal — The payment platform saw a 2% increase after upgrading to purchase from Mizuho. Analyst Dan Dolev said PayPal’s new one-click checkout tool Fastlane is a potential catalyst for the stock. Okta — Access management company shares rose nearly 5% after Evercore ISI upgraded its rating on the access management company to outperform and raised its price target, saying Okta’s strong quarterly results suggested it had overcome execution issues. Birkenstock — The footwear maker reported second-quarter earnings and revenue that beat estimates, sending its shares up 8%. The company also raised its full-year revenue guidance to 1.77 billion euros to 1.78 billion euros, higher than the previous forecast of 1.74 billion euros to 1.76 billion euros. Foot Locker – Shares of Foot Locker rose more than 12% in premarket after the clothing and sneaker retailer reported first-quarter profit that beat expectations. The company reported adjusted profit of 22 cents per share, while analysts polled by LSEG expected earnings of 12 cents per share. “We got off to a strong start in the first quarter, which shows that our ‘Tie Up Plan’ is working,” Chief Executive Mary Dillon told CNBC. Best Buy — The Electronics The retailer reported fiscal first-quarter earnings of $1.20 per share, beating LSEG analysts’ expectations of $1.08, sending the stock up 1%. However, Best Buy’s revenue of $8.85 billion fell short of consensus estimates of $8.96 billion. Dollar General – Shares of Dollar General rose 2.5% after the discount retailer beat first-quarter profit expectations. Earnings per share were $1.65, while analysts polled by LSEG expected $1.57. Revenue of $9.91 billion beat the consensus estimate of $9.9 billion. Kohl’s – Shares of Kohl’s plunged 20% after the department store chain reported a first-quarter loss of 24 cents a share, while analysts had expected a profit of 4 cents a share, according to London Stock Exchange Group (LSEG). The company’s revenue of $3.18 billion also missed estimates of $3.34 billion. American Eagle Outfitters — Shares of American Eagle Outfitters fell 7% after first-quarter sales fell short of expectations despite better-than-expected earnings. Finance chief Mike Mathias told CNBC the apparel company remains “cautious” about its outlook for the second half of the year. HP – The technology company reported a fiscal second-quarter profit of 82 cents on revenue of $12.8 billion, sending its shares up 4%, topping analysts’ forecasts of 81 cents on revenue of $12.6 billion, according to an LSEG poll. Nutanix — Shares of Nutanix plunged 12% after the cloud company forecast fiscal fourth-quarter revenue of between $530 million and $540 million, compared with analysts polled by StreetAccount who expected $546 million. However, Nutanix’s fiscal third-quarter earnings and sales beat expectations. UiPath — UiPath shares plunged 29% after the company reported lower-than-expected second-quarter and full-year revenue guidance. The software company expects second-quarter revenue in the range of $300 million to $305 million, below the FactSet consensus estimate of $342.3 million. The company also announced that Chief Executive Officer Rob Enslin will resign on June 1. C3.ai reported an adjusted loss of 11 cents per share on revenue of $86.6 million. Analysts polled by StreetAccount expected the company to lose 30 cents a share on revenue of $84.4 million. The company said it expects revenue to grow about 23% in the new fiscal year. —CNBC’s Michelle Fox, Fred Imbert, Yun Li, Sarah Min, Jesse Pound and Pia Singh contributed reporting.
