Stocks Making the Biggest Premarket Moves: Target, Tesla, Cava and More

Check out the companies making headlines before the bell.

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Target— Despite the reduction of its full-year projections and reporting revenue for the recent quarter that fell below Wall Street's estimates, Target shares experienced a nearly 8% surge before the market opening. Analysts had expected earnings of $1.39 per share, yet the company posted $1.80 per share. Moreover, revenue, which was estimated at $25.16 billion, stood at $24.77 billion.

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Tesla— The pre-market trading for the electric vehicle stock witnessed a decline of over 2% due to the news of price cuts on existing Model S and Model X inventories in China.

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Cava— Following its initial public offering, the Mediterranean fast-casual chain saw an impressive surge of over 9% in its shares. In its inaugural quarterly report, Cava posted a profit, with revenue escalating by 62% to almost $173 million, attributed to the opening of new stores.

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Coinbase— The U.S. cryptocurrency exchange experienced a pre-market increase of approximately 4% as the National Futures Association, a self-regulatory organization designated by the CFTC, granted clearance for the operation of a futures trading service alongside its existing spot crypto trading offering.

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TJX Companies— The off-price retailer's stock demonstrated a 3% rise on the back of quarterly results that surpassed expectations. With adjusted earnings reaching 85 cents per share and revenue totaling $12.76 billion, TJX outperformed the estimates of 77 cents per share and $12.45 billion, as polled by Refinitiv.

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Coherent— In the pre-market phase, Coherent faced a significant decline of more than 23% after releasing guidance for the fiscal first quarter and full year that fell below expectations. The company cited the lack of anticipated improvement in the macroeconomic landscape, including China, as the reason behind the disappointing outlook.

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VinFast Auto— Following its debut on the Nasdaq through a SPAC merger, the Vietnamese electric vehicle stock experienced a decrease of over 12% in the pre-market trading session, despite more than doubling its value during the previous day's session.

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JD.com— Although the China-based e-commerce company surpassed predictions for the recent quarter in terms of both revenue and earnings, its U.S.-listed shares witnessed a decline of 5% in the pre-market phase.

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Keurig Dr Pepper— Experiencing a rise of approximately 1.4%, the beverage stock responded positively to an upgrade from UBS, shifting its rating to 'buy' from 'neutral'. This upgrade was attributed to the stock's attractive valuation relative to peers and its historical average.

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H&R Block— The tax preparer's stock encountered a rise of over 4% subsequent to exceeding expectations for fiscal fourth-quarter earnings and raising its dividend by 10%. H&R Block achieved adjusted earnings of $2.05 per share on a revenue of $1.03 billion, surpassing Refinitiv's estimates of $1.88 in earnings and $1.01 billion in revenue.

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Agilent Technologies— In pre-market trading, shares of the laboratory technology company experienced a decline of 2.5% following the downward revision of its full-year guidance due to a softer macroenvironment. Despite this, Agilent outperformed expectations for the third quarter with adjusted earnings of $1.43 per share on revenue amounting to $1.67 billion.

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Jack Henry & Associates— Jack Henry & Associates registered a pre-market decline of 6.3% as it issued full-year earnings guidance for June 2024 that was below anticipated levels. While analysts surveyed by FactSet expected $5.35 per share, the company projected per-share earnings within the range of $4.92 to $4.99. However, the company outperformed expectations in its most recent quarter, with fiscal fourth-quarter earnings of $1.34 per share and revenue of $534.6 million, surpassing analysts' estimates.

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Mercury Systems— Following fiscal fourth-quarter results that fell short of analysts' forecasts, the aerospace technology stock experienced a decline of about 11% in premarket trading. Mercury reported adjusted earnings of 11 cents per share on revenue of $253.2 million, missing the expected 52 cents per share on $278.8 million in revenue. The company's guidance for the 2024 fiscal year also failed to meet estimates on several metrics, as it entered what it termed a "transition year."

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