Lululemon, Caterpillar, Sony, Tesla, Boeing & more

Take a look at some of the biggest movers in the premarket:

Lululemon (LULU) – Lululemon reported quarterly earnings of 22 cents per share, 1 cent a share below estimates. The athletic apparel maker’s revenue also came in below forecasts amid virus-related store closures. It was Lululemon’s first earnings miss in three years, although it managed to offset some of its lost store sales with a 70% rise in digital revenue.

Caterpillar (CAT) – BMO Capital downgraded the heavy equipment maker to “market perform” from “outperform,” saying financial constraints for both corporate and government customers would “overwhelm the myriad internal improvements” at Caterpillar.

Sony (SNE) – Sony unveiled more than two dozen new titles for its upcoming PlayStation 5 videogame console, including sequels to its popular “Spider-Man” and “Gran Turismo” titles. The console is expected to hit the market for this year’s holiday season.

Southwest Airlines (LUV) – Credit Suisse upgraded the airline’s stock to “outperform” from “neutral.” The firm feels Southwest is well-positioned to benefit from a comeback in leisure travel, thanks to a “best-in-class” balance sheet.

Perspecta (PRSP) – Activist investor Jana Partners took a 5.9% stake in Perspecta, according to a Securities and Exchange Commission filing. Jana said it would talk to management about changes that could lead to a sale. Perspecta is a provider of information technology services for government clients.

Adobe (ADBE) – Adobe beat estimates by 12 cents a share, with quarterly earnings of $2.45 per share. The software provider’s revenue was slightly below Wall Street forecasts. The bottom line got a boost from the jump in employees working from home, but Adobe gave lighter-than-expected current-quarter earnings and revenue guidance.

PVH (PVH) – PVH lost an adjusted $3.03 per share for its latest quarter, wider than the expected loss of $1.67 per share. The parent of Calvin Klein and other apparel brands saw revenue come in slightly below analysts’ forecasts, as many of its stores closed during the quarter. PVH said it expects its revenue decline to be even more pronounced for the current quarter.

Tesla (TSLA) – Tesla was downgraded to “underweight” from “equal-weight” at Morgan Stanley, which notes several factors including the automaker’s need for more capital, near term demand pressure, and tech competition.

Dave & Buster’s (PLAY) – Dave & Buster’s reported a quarterly loss of $1.37 per share, compared to forecasts of an 85 cents a share loss. The restaurant chain’s revenue also missed estimates, hurt by a 56% drop prompted by virus-related closures.

Boeing (BA) – Boeing has pulled back on its restart of production for the 737 Max jet, according to The Wall Street Journal. The paper said the jet maker has told key supplier Spirit AeroSystems (SPR) to freeze recently restarted production of parts, amid the virus-induced slump in travel demand.

Hertz (HTZ) – Hertz asked a bankruptcy court judge to approve the sale of nearly 247 million new shares, with the car rental company’s lawyers saying recent market prices for the stock “potentially present a unique opportunity.”

Party City (PRTY) – The party supplies retailer reported a quarterly loss of 28 cents per share, compared to analysts’ predictions of a 19 cents a share loss. Revenue also fell short of forecasts, with comparable-store sales falling a greater-than-expected 17.1%. Party City sales were hit by pandemic-related store closures, with the company noting that comparable sales trends had been improving through the end of February. The stock is getting a boost after the company announced a $100 million bond deal that could cut its debt by 25%.

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