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WAL, TJX, WYNN, TSLA and more

by Index Investing News
May 19, 2023
in Stocks
Reading Time: 3 mins read
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Signage outside Western Alliance Bank headquarters in Phoenix, Arizona on March 13, 2023.

Caitlin O’Hara | Bloomberg | Getty Images

Check out the companies making the biggest moves in premarket trading:

Western Alliance — Shares popped 12% premarket after Western Alliance said its deposit growth for the current quarter exceeded $2 billion as of May 12, up from the $1.8 billion in deposit growth for the quarter through May 9.

TJX Companies — Shares fell about 1% after the retailer reported a revenue miss before the market open. First-quarter revenue came in at $11.78 billion, less than the $11.82 billion expected from analysts polled by Refinitiv. TJX also guided for second-quarter earnings per share of 72 cents to 75 cents, versus the 79 cents anticipated by analysts. Full-year guidance also fell short of estimates, even as first-quarter EPS topped estimates.

Target — The big-box retailer’s stock was down less than 1% in volatile trading as the company surpassed earnings expectations in the fiscal first quarter, even as sales barely grew year-over-year. Target also said it expects sales to remain sluggish in the current quarter, marked by a single digit decrease in comparable sales. The retailer stuck with its previous full-year guidance.

Zions Bancorporation — The Salt Lake City-based bank added 4.7% as regional banks moved higher in premarket trading, led by Western Alliance. The SPDR S&P Regional Banking ETF was up 1.7%.

Keysight Technologies — Shares soared 7.8% following an earnings beat after the bell Tuesday. The tech company reported adjusted earnings per share of $2.12 for its fiscal second quarter, topping the $1.95 expected by analysts, per StreetAccount. It guided for between $2.00 and $2.06 EPS for the current quarter, above analysts’ forecast of $1.96.

Tesla — Shares rose 1.5% Wednesday premarket. The company held its annual shareholder meeting Tuesday, during which CEO Elon Musk announced the company would deliver its first Cybertrucks later this year and would start to advertise.

Wynn Resorts — The casino operator added 2.7% after an upgrade to overweight from equal weight at Barclays. The Wall Street firm cited the continuing recovery in Wynn’s Macao properties and boosted its price target to $135 from $120, suggesting 31% upside from Tuesday’s close.

EVgo — Shares sank nearly 9% premarket following the EV charging network operator’s announcement late Tuesday of a $125 million offering of its common stock. JPMorgan, Evercore and Goldman Sachs are underwriting the offering.

Doximity — The medical software stock dropped nearly 10% premarket, one day after the company issued weak guidance for the current quarter. Doximity said it expects between $106.5 million and $107.5 million in revenue for the fiscal first quarter, less than the $111.8 million anticipated by analysts polled by FactSet. It guided for $40 million in adjusted EBITDA, below the $45.4 million expected.

— CNBC’s Yun Li and Hakyung Kim contributed reporting.



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