Check out the companies making headlines in pre-market trading. Robinhood — Shares of Robinhood rose more than 3% after the online brokerage announced a $200 million deal to acquire cryptocurrency exchange Bitstamp. The transaction is expected to close in the first half of 2025. Goldman Sachs maintained a buy rating on the stock, calling it an “industry standard.” Lululemon — The athleisure retailer’s first-quarter results beat analysts’ expectations, sending its shares up 8.6%. However, the company’s outlook for the second quarter is weak as the Americas, the company’s largest market, cools. 5 points below – The discount retailer fell 15.8% on weak revenue guidance for the quarter. Five Below told investors it expected the company to be valued at $830 million to $850 million, while analysts polled by LSEG forecast $883 million. First-quarter revenue also fell short of expectations. Smartsheet — The workplace technology platform gained 14% after reporting a stronger-than-expected first-quarter report. Smartsheet’s adjusted earnings per share were 32 cents on revenue of $263 million, while analysts polled by LSEG expected earnings of 27 cents per share on revenue of $258 million. Sprinklr — Business technology stocks fell 21.1% on weak guidance for the quarter and full year. According to FactSet, Sprinklr lowered its full-year expected revenue range to between US$779 million and US$781 million, below analysts’ consensus forecast of US$805.4 million. Sealed Air — Packaging Solutions shares rose 3% after Mizuho upgraded the stock to buy from neutral. Mizuho said investors saw light at the end of the tunnel as trading volumes reached a turning point. StoneCo — Financial technology stocks rose 2.6% after JPMorgan upgraded its rating to overweight from neutral. The bank linked its optimistic forecast to earnings per share potential and valuation discounts. Ultragenyx Pharmaceutical — The biopharmaceutical stock rose nearly 4% after Goldman Sachs upgraded its rating to “buy” from “neutral.” The bank said the stock has upside potential “based on the diverse rare disease pipeline” and is confident in the company’s monoclonal antibody treatment for brittle bone disease. eBay — Shares of eBay rose 1% after Citi upgraded the e-commerce company to buy from neutral after a period of hiatus. The bank said eBay’s growth prospects have improved, margins have expanded and profits from expected buybacks have also risen. CH Robinson Worldwide — The logistics stock rose 1.2% after UBS upgraded its rating to neutral from sell. UBS said corporate measures should support cost reductions and better execution. Rubrik — The data management stock rose 2.9% after BMO Capital Markets upgraded its rating to outperform. BMO said the stock’s risk-reward ratio is more favorable after the recent selloff. Viridian Therapeutics — The biopharma stock rose 2.5% after Goldman Sachs issued a buy rating. Goldman Sachs points to its drug pipeline as a reason for excitement. Carvana — Shares of Carvana rose 3.6% after Evercore ISI added the auto e-commerce company to its strategic outperform list. The move by Evercore ISI comes ahead of a competitor conference, earnings report and inspection center tour this month. Shopify — The e-commerce technology stock fell 1.6% as MoffettNathanson downgraded its rating to neutral from buy. Moffett Nathanson warned there should be some “adverse” adjustments to sales and marketing intensity in the short term. Fluence Energy — Shares of Fluence Energy fell 1.6% after Guggenheim downgraded the energy storage stock to neutral from buy. Guggenheim said shares are now “reasonably valued” after recent gains. —CNBC’s Jesse Pond, Michelle Fox and Lisa Kelleyhan contributed reporting.
