Investors were active in premarket trading on Tuesday, May 23rd, with stocks in focus across a range of sectors. Lowe’s (LOW) stock fell 1.6% after the home improvement chain reported a decline in first quarter sales and lowered its full-year financial outlook. Dick’s Sporting Goods (DKS) stock rose 2.8% after the retailer beat first quarter earnings expectations and reaffirmed its full-year outlook. Yelp (YELP) stock soared over 10% after activist investor TCS Capital Management called on the service-recommendation site to explore strategic options. AutoZone (AZO) stock fell 3% after the auto parts retailer reported a slowdown in comparable sales in its third quarter. Lordstown Motors (RIDE) stock fell 10% after the electric vehicle startup announced that it will effect a 1:15 reverse stock split on May 24. Alibaba (BABA) ADRs fell 1.5% after Bloomberg reported that the Chinese tech giant’s cloud division has begun a round of job cuts. PacWest Bancorp (PACW) stock rose 15%, adding to Monday’s strong gains following the announcement of the lender’s plan to sell $2.6 billion worth of its loan portfolio to build capital. Warner Bros Discovery (WBD) stock rose 0.4% as the entertainment giant relaunches its HBO Max streaming service as “Max” in a bid for a wider audience. Microsoft (MSFT) stock rose 0.2% after Jefferies called the software giant a top pick, with a ‘buy’ rating, seeing more than 20% upside on AI enthusiasm.
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