Private equity firms faced a downturn as Partners Group, a Swiss-based firm, limited withdrawals from one of its funds, causing Blackstone's shares to drop by 6% and KKR to fall over 5.5%. In the cybersecurity sector, Palo Alto Networks saw a 2% decline despite exceeding revenue expectations and raising its full-year guidance.
GitLab's shares fell nearly 4% after it projected lower-than-expected earnings and announced a significant workforce reduction of 14%, alongside anticipated restructuring charges of $30 million to $35 million. Conversely, Marvell Technology's stock surged over 13% in premarket trading after a remarkable 32% increase the previous day.
Macy's shares rose 1.5% following its strongest first-quarter growth in four years, with revenues surpassing estimates at $4.68 billion. Cboe Global Markets rebounded 1.5% after a steep decline, while Ulta Beauty's stock dipped 1% despite raising its earnings guidance. Ollie's Bargain Outlet shares increased over 4% after beating earnings expectations and raising its full-year guidance.
GameStop's stock jumped nearly 13% after reporting adjusted earnings of 30 cents per share, exceeding analyst estimates. Shake Shack's shares fell 1% following downgrades from Morgan Stanley and Raymond James, citing increased margin volatility.
Medtronic's stock rose 3% after reporting better-than-expected revenues, while Yum Brands gained 1.5% after a Morgan Stanley upgrade, highlighting its undervalued stock and strong growth potential