Premarket stock moves: Palantir, Skyworks, Under Armour & more

Palantir Technologies

 — Palantir stock soared over 20% after the corporate computing startup best known for its data mining systems reported first-quarter earnings that exceeded analyst expectations. The business also provided full-year profitability estimates. According to CEO Alex Karp, demand for the company's artificial intelligence technology is "unprecedented."

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3D Systems

 — After reporting poor first-quarter earnings, 3D Systems fell 9.8%. The 3D printer manufacturer reported an adjusted loss of $9 per share on revenue of $121 million. According to Refinitiv, analysts expected a per-share loss of 7 cents on revenue of $128 million. Furthermore, the company laid off 6% of its workers. It also confirmed full-year sales guidance while raising its projection for full-year adjusted EBITDA. The results, according to 3D Systems president and CEO Jeffrey Graves, are due to "continued softness in our dental orthodontic market, which we attribute to reported sluggishness in consumer discretionary spending." 

Skyworks Solutions

 — Skyworks Solutions fell more than 9% after giving fiscal third-quarter guidance that was lower than expected. According to StreetAccount, the semiconductor company expects non-GAAP per-share earnings of roughly $1.67, which is lower than average predictions of $2.06. It also forecasts sales of $1.05 billion to $1.09 billion, when analysts expected guidance of $1.15 billion. According to Trade Algo, the company's second-quarter results were in line with estimates, but sales exceeded projections.

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Under Armour

 — Despite the fact that Under Armour's fiscal fourth-quarter earnings exceeded forecasts on the top and bottom lines, shares of the apparel company slid about 5% in premarket trade, according to Refinitiv. However, the company's full-year sales and profits per share forecast fell short of forecasts. Under Armour expects profits per share to range between 47 cents and 51 cents during the coming year, compared to 61 cents forecast by analysts.

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Fisker

 — Fisker fell 12.5% in premarket trading after first-quarter profits fell short of expectations. According to Refinitiv, the automobile firm posted a higher-than-anticipated loss of 38 cents per share, while analysts predicted a loss of 30 cents per share. 

Western Digital

 — In the premarket, the chip stock jumped roughly 2% as the business posted a sales beat in the most recent quarter. Investors appeared to dismiss a larger-than-expected quarterly loss. Wedbush confirmed its outperform rating after the results release on Tuesday, citing confidence about the company's earnings prospects as well as its view that investors such as Elliott and Apollo will eventually force a strategic conclusion for the stock.

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PayPal Holdings

 — The payments company's stock dropped more than 5%, hurt by disappointing current-quarter profit projections in an otherwise good report. According to Refinitiv, profit projection for the whole year was more optimistic, and the business reported higher-than-expected earnings and sales. 

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Lucid Group

 — After posting a larger-than-expected quarterly loss, the electric car company plummeted almost 11% in premarket trade. Revenue was $149.4 million, compared to analyst projections of $209.9 million.

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Trex Company

 — Trex Company rose 4.8% in premarket trade after beating analysts' estimates on the top and bottom lines in the first quarter and releasing better-than-expected sales projections for the second quarter. According to FactSet, the manufacturer of wood-alternative decking and railing forecasts second-quarter revenue of $310 to 320 million, while analysts predicted $309.0 million.

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McKesson

 — McKesson surged 4.6% on the release of better-than-expected quarterly earnings. The business posted adjusted profits per share of $7.19, slightly above the StreetAccount consensus of $7.18 per share. It reported sales of $68.91 billion, which above projections of $68.08 billion.