Marvell Technology Group
Check out the companies making headlines before the bell:
Marvell Technology (MRVL) – The chip maker’s stock slid 4.9% in the premarket after quarterly sales and profit fell short of Wall Street estimates. Marvell also issued a weaker than expected outlook. Inventory reductions by its customers are hurting results, it said.
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Zscaler (ZS) – The cloud security company reported a better than expected quarter, but its stock slumped 9.1% in premarket trading following conservative guidance. Zscaler said customers are taking longer to close new deals, and that it faces other headwinds as well.
Horizon Therapeutics (HZNP) – The drug maker’s shares added 3.2% in premarket action after Sanofi (SNY) said that if it decided to make an offer for Horizon, it would be an all-cash offer. Horizon shares had soared 27.3% last Friday on news that it was in talks with several potential takeover partners.
DoorDash (DASH) – DoorDash shares fell 2.8% in premarket trading after RBC Capital Markets downgraded the stock to “sector perform” from “outperform.” RBC praises the delivery service’s execution and management but says it is uncomfortable with the current valuation given the potential for order deceleration.
Rigel Pharma (RIGL) – Rigel’s stock soared 34% in the premarket after the FDA approved its drug to treat a certain type of leukemia.
Opendoor Technologies (OPEN) – The digital real estate platform operator named Chief Financial Officer Carrie Wheeler as its new CEO, replacing company co-founder Eric Wu. Wu will transition into the role of “president of marketplace.” Opendoor lost 2.7% in premarket action.
PagerDuty (PD) – The cloud computing company’s stock jumped 6.6% in premarket trading after it reported an unexpected quarterly profit.
Asana (ASAN) – The work management platform operator forecast weaker than expected current quarter sales, stemming from what it called “macroeconomic cross currents.” Asana slumped 14.4% in the premarket.
Owens Corning (OC) – The building and construction materials maker announced a 50% quarterly dividend increase to 52 cents per share, as well as a buyback program of up to 10 million shares.