Align Technology CEO Joseph M. Hogan.
Jin Lee | Bloomberg | Getty Images
Check out the companies making headlines before the bell.
Align Technology — Shares rose 2.5% in early morning trading after HSBC initiated coverage with a buy rating. The firm cited the Invisalign maker’s strong brand presence and its potential to grow market share in digital orthodontics.
Hewlett Packard Enterprise — The tech stock fell nearly 2% in premarket trading after the company’s quarterly report. HPE posted adjusted earnings of 49 cents per share for its fiscal third quarter, 2 cents higher than a Refinitiv estimate. Revenue of $7 billion matched expectations.
Insulet — Insulet jumped 4.4% after CEO James Hollingshead disclosed Tuesday of buying 5,550 shares of the medical device maker. Separately, the company announced Monday the launch of an insulin delivery system called Omnipod 5 in Germany, its third market after the U.S. and U.K.
Box — The stock plunged 10.2% in premarket trading after the California-based cloud storage company posted a mixed second-quarter report postmarket Tuesday. Box’s revenue came in at $261 million, in line with Wall Street’s estimates, according to Refinitiv, while adjusted earnings of 36 cents per share beat analysts’ estimates by 1 cent. Box issued weak top- and bottom-line financial guidance for the current quarter and for full-year revenue, according to FactSet.
Texas Instruments — The semiconductor stock lost nearly 2.1% in premarket trading after Bernstein downgraded the shares to underperform from market perform, citing concerns revolving around the capital-intensive nature of its long-term strategy to increase in-house chip production.
HP — Shares of the PC and printer maker added 0.7% after revenue for the fiscal third quarter missed Wall Street estimates. HP posted $13.2 billion in revenue, below analysts’ $13.37 billion, according to Refinitiv, while earnings per share matched expectations at 86 cents, excluding items.
Ambarella — Shares plunged more than 20% on softer-than-expected forward guidance. Ambarella topped expectations for the second quarter on the top and bottom line but said it anticipates $50 million in third-quarter revenue, missing analysts’ estimate of $67.6 million, according to Refinitiv.
PVH — The Calvin Klein parent advanced 2.6% after a strong earnings report. PVH reported $1.98 in earnings per share, excluding items, on $2.21 billion in revenue, while analysts surveyed by Refinitiv had forecast $1.76 per share and revenue at $2.19 billion. The company reaffirmed its full-year revenue guidance and raised its outlook for earnings per share for the year.
— CNBC’s Samantha Subin, Yun Li and Sarah Min contributed reporting.