Check out the companies that make headlines before the bell:
Turning Point Therapeutics (TPTX): The biopharmaceutical company’s shares more than doubled in pre-market trading after agreeing to be acquired by Bristol Myers Squibb (BMY) for $ 76 per share in cash, or $ 4.1 billion . Turning Point specializes in cancer treatments.
Lululemon (LULU) – Lululemon shares rose 1% in pre-market trading after sportswear and leisurewear maker reported better-than-expected quarter and boosted forecast for the whole year. Lululemon surpassed estimates by 5 cents with a quarterly profit of $ 1.48 per share amid strong continued demand for premium sportswear.
HR (HR) – HR fell 4% in the pre-market after the luxury home goods company issued a weaker-than-expected year-over-year revenue outlook. HR reported better-than-expected earnings and sales for its last quarter and announced a $ 2 billion expansion of its share repurchase program.
CrowdStrike (CRWD): CrowdStrike fell 4.3% in pre-market action, although the cybersecurity company posted better-than-expected results over the past quarter and posted an optimistic outlook. Shares of CrowdStrike had risen 7.8% on Thursday ahead of the earnings report.
Kohl’s (KSS): Kohl’s shares rose 7.3% in pre-market trading after the Wall Street Journal reported that the retailer had received takeover bids from private equity firm Sycamore Partners and the retail holding company Franchise Group. Sycamore’s bid is said to be worth Kohl’s at an average of $ 50 per share, while Franchise Group offers about $ 60. Kohl’s had closed at $ 41.18 on Thursday.
Tesla (TSLA) – Tesla shares fell 4.7% in the pre-market after a report that CEO Elon Musk ordered an immediate freeze on hiring and a 10% reduction in staff. The order came in a note seen by Reuters, quoting Musk as saying he feels “super bad” for the economy.
Coinbase (COIN): Coinbase is expanding the hiring freeze and is canceling some job offers that were accepted. The cryptocurrency exchange operator said in a blog post that it would pause hiring “as long as this macro environment requires it.” Coinbase fell 3.7% in pre-market trading.
Alaska Air (ALK): The airline raised its revenue outlook for the current quarter, saying it has strong sustained demand. Alaska Air also said higher revenues are offsetting higher fuel costs. Shares rose 1% in the pre-market.
Okta (OKTA): The shares of the identity management software company rose 15.6% in the pre-market after reporting better-than-expected results for its first fiscal quarter. Okta said he sees no impact on the security breach of his systems in March, nor on macroeconomic conditions. The pre-market rise in Okta shares follows a gain of almost 11% in Thursday’s trading.
Chegg (CHGG) – The shares of the educational technology company rose 6.3% in pre-market trading after announcing a $ 1 billion increase in its share repurchase program.
PagerDuty (PD): The cloud computing company reported better-than-expected revenue during its last quarter and lower-than-expected loss. The company also expects to report an annual profit next year. PagerDuty added 3.2% to the pre-market.