Premarket Moves: CrowdStrike, Alibaba, Intel, Ulta Beauty Surge

In premarket trading on August 30, 2024, several stocks experienced significant movements. CrowdStrike shares rose approximately 2% after HSBC upgraded the stock to a buy rating, indicating that the negative impact from a mid-July outage was now behind them. Lululemon's stock advanced 4.5% following a strong earnings report, although the company lowered its full-year outlook despite beating earnings per share estimates. Abercrombie & Fitch also saw a 2% increase after Citi upgraded its shares, suggesting that recent declines presented a buying opportunity. Conversely, Ulta Beauty's shares fell over 8% after the company reported disappointing second-quarter results, marking its first earnings miss since May 2020. The beauty retailer also reduced its full-year guidance due to a decline in same-store sales. Meanwhile, Alibaba's U.S.-traded shares increased after the company completed a three-year regulatory process, which had begun following a 2021 antitrust investigation. Marvell Technology's stock surged more than 10% after it provided a third-quarter outlook that exceeded Wall Street expectations, forecasting adjusted earnings of 40 cents per share. Intel's shares rose over 3% as the company explored options to address weaknesses in its core business. In contrast, Elastic NV's shares plummeted nearly 29% after its fiscal second-quarter revenue outlook fell short of estimates, leading to a forecast of $353 million to $355 million in revenue. Overall, the premarket trading session highlighted a mix of positive and negative developments across various sectors, reflecting the ongoing volatility and challenges faced by these companies in the current market environment.