In the latest premarket trading, several companies are making headlines with significant stock movements. Opendoor Technologies has seen a remarkable surge, with shares soaring 33.6% following the announcement of Kaz Nejatian, a Shopify executive, as the new CEO. This change comes after the resignation of former CEO Carrie Wheeler last month amidst investor pressure.
Oxford Industries, the parent company of well-known brands like Tommy Bahama and Lilly Pulitzer, also experienced strong performance, rising 18.3%. This increase comes after the company reported second-quarter adjusted earnings per share that exceeded expectations. Oxford has adjusted its outlook, anticipating a lesser impact from tariffs for the remainder of the year than previously projected.
Meanwhile, Klarna, the fintech buy now, pay later platform, experienced a slight dip of 1% in premarket trading. This comes one day after its debut on the New York Stock Exchange, where it raised $1.37 billion and witnessed its shares jump 14%.
On the other hand, Alibaba’s shares rose by 2.6% after the company revealed plans to issue $3.2 billion in zero coupon convertible senior notes maturing in 2032. The majority of these funds are earmarked to enhance its cloud infrastructure and bolster its international operations.
Adding to the day’s optimism, Oracle shares increased by nearly 2%, building on a standout performance from Wednesday when they skyrocketed almost 36%—the company’s best single-day performance since 1992—following an impressive earnings report and optimistic projections regarding artificial intelligence. Oracle’s market capitalization now stands at $922 billion.
Kroger also recorded a modest gain of 1.8% after revealing mixed financial results. While the grocery chain’s second-quarter adjusted earnings came in at $1.04 per share, exceeding analysts’ expectations of 99 cents, its revenue of $33.94 billion fell short of the consensus estimate of $34.10 billion.
Celsius Holdings saw a 3% rise in its stock price after Goldman Sachs initiated coverage with a buy rating, citing strong growth in the energy drink sector. In contrast, Chewy, the online pet retailer, saw an increase of 1.2% following a rough day prior when its stock dropped 16%. Deutsche Bank upgraded Chewy, noting that it continues to gain market share and is expected to see revenue growth accelerate by 2026.
Thermo Fisher Scientific shares gained 1.2% after Barclays upgraded the stock to overweight from equal weight, acknowledging that the company’s valuation has become increasingly attractive.
In a less favorable situation, Synopsys shares gained nearly 5% following a drastic 35% drop the previous day in response to disappointing earnings. The semiconductor tool supplier reported earnings of $3.39 per share on revenue of $1.74 billion, falling short of analyst expectations.
Finally, both UPS and FedEx saw their shares decline by 2% and 1%, respectively, after Bank of America downgraded the shipping companies in light of changes surrounding the de minimis shipping exemption, a policy previously benefiting them.
As these companies continue to navigate the evolving market landscape, investors will be closely watching how these developments unfold in the coming days.
