Gap, Workday, Big Lots Fall Premarket; Ulta Beauty, Dell Rise

Stocks in focus in premarket trade on Friday, May 27th. Please refresh for updates.

Gap (NYSE:GPS) stock fell over 19% after the clothing retailer slashed its annual results forecast, blaming poor fashion choices at its Old Navy line and weak demand in the face of decades-high inflation. Morgan Stanley downgraded its stance on Gap to ‘underweight’.

Ulta Beauty (NASDAQ:ULTA) stock rose 7.6% after the chain of beauty stores beat quarterly expectations, with sales jumping 21% in the first quarter, and lifted its full-year guidance. Jefferies upgraded its stance to ‘buy’, saying these earnings are the “all clear” for a recovery.

Big Lots (NYSE:BIG) stock fell almost 18% after the discount retailer reported a hefty miss on sales and a surprise loss in the three months through April.
Dell Technologies (NYSE:DELL) stock soared 9% after the tech giant beat revenue expectations for the ninth straight quarter after companies invested heavily in its desktops and notebooks to support hybrid work.

American Eagle Outfitters (NYSE:AEO) stock fell over 12% after the retailer fell short of profit expectations because of rising prices through the supply chain.

Costco (NASDAQ:COST) stock fell 1.7% after the wholesale retailer reported a fall in gross margins in the quarter, hit by soaring freight and labor costs.

Workday (NASDAQ:WDAY) stock fell 9.3% after the human resources software company posted a quarterly loss more than double a year earlier and provided disappointing full-year guidance.

Marvell (NASDAQ:MRVL) stock rose 3.1% after the chipmaker posted solid earnings results and gave guidance slightly above Wall Street expectations.

Citigroup (NYSE:C) stock fell 0.6% after Credit Suisse downgraded its stance on the U.S. bank to ‘neutral’ from ‘outperform’, saying it has limited upside.

Coinbase (NASDAQ:COIN) stock fell 1.5% as the cryptocurrency exchange struggled in line with losses in the digital currencies as Ethereum, the world’s second most valuable cryptocurrency continued its slide Friday.