PREMARKET MOVES | Lululemon Tumbles 20% on Weak Guidance; Adobe Names New CEO; Rare Earth Stocks Rise

According to CNBC, several stocks posted large premarket moves Friday. Lululemon Athletica sank 20% after issuing a downbeat forecast for the current quarter, guiding to earnings of 93 cents to 98 cents per share on revenue of $2.29 billion to $2.32 billion, below analyst expectations of $2.40 per share and $2.53 billion. Adobe fell nearly 3% after naming Anil Chakravarthy as its next CEO, succeeding Shantanu Narayen, who said last March he would step down. Rare earth stocks advanced after a Reuters report that some Chinese firms halted U.S. shipments over geopolitical concerns; USA Rare Earth and Critical Metals each gained roughly 4%, while MP Materials and Energy Fuels rose about 3%. AMC Entertainment climbed 5.5% after its CEO condemned Robinhood over its stock tokens for AMC and others, calling the practice contemptible, outrageous and vile; Robinhood shares slipped nearly 2%. Smith & Wesson jumped 11.7% after beating on the top and bottom lines, posting quarterly earnings of 6 cents per share versus an expected 6-cent loss, on revenue of $112.6 million against a $98.7 million estimate. Samsara surged 15% on upbeat projections, guiding to full-year revenue of $2.04 billion to $2.05 billion, above the $2.01 billion consensus. Planet Labs rose 13% after strong second-quarter results, posting adjusted earnings of 2 cents per share on revenue of $116.1 million. Guidewire Software tumbled 14.5% on soft revenue guidance of $372 million to $378 million, below the $387 million consensus. Asana fell 9.5% after weak current-quarter guidance. UiPath lost 7.4%. Zscaler slipped nearly 2% despite a fourth-quarter beat, posting adjusted earnings of $1.19 per share on revenue of $898 million.