Gap Gets Some Self-Care

By George Banko

May 31, 2024

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Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were down ahead of the latest inflation report. A fresh plate of corporate earnings also put Wall Street on track for a losing week. But overall, May was a strong month for stocks as Nvidia’s stellar earnings helped push the Nasdaq to new all-time highs.

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Here’s a look at the top-moving stocks this morning.

The Gap, Inc. (NYSE: GPS)

The Gap is up 23% in premarket trading after the signs the retailers turnaround strategy is starting to pay off. The stock is up 8% this year, coming off a previous year where former Mattel executive Richard Dickson came in to aid its business. Overall, it raised its fill-year sales forecast in fresh signs of a turnaround strategy to bring in newer styles.

Zscaler, Inc. (Nasdaq: ZS)

Zscaler is up 15.86% in premarket trading after reporting earnings that topped Wall Street estimates. Revenue shot up 32% to $553.2 million, the San Jose, Calif.-based firm said. Now Zscaler adjusted its revenue outlook to $566 million, which was in line with estimates.

Dell Technologies (NYSE: DELL)

Dell Technologies is down 15.49% in premarket trading despite its first revenue increase since 2022. Investors had high hopes for the company’s AI server business, and revenue from Dell’s AI servers more than doubled from last quarter to $1.7 billion. However, the excitement around AI raised expectations, and investors were expecting higher numbers.

ULTA Beauty, Inc. (Nasdaq: ULTA)

ULTA Beauty is up 7.77% in premarket trading after coming out with earnings that surpassed Wall Street estimates. Ulta posted revenues of $2.73 billion, which surpassed its Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $2.63 billion.