Premarket trading was a mixed session as a wave of earnings reports and strategic updates moved a broad slate of stocks. Private equity peers led the declines after Bloomberg News reported Partners Group capped withdrawals from one of its funds, triggering pressure on the group: Blackstone fell 6%, while KKR dropped more than 5.5% and Blue Owl Capital was off about 4%. Palo Alto Networks declined about 2% even as the cybersecurity firm lifted its current-quarter revenue guidance and raised its full-year revenue target. The company posted fiscal third-quarter adjusted earnings of 85 cents per share on $3 billion in revenue, ahead of estimates for 80 cents and $2.94 billion, according to LSEG data.
Among other notable moves, GitLab shares slipped nearly 4% after it guided for adjusted earnings per share of 17 to 18 cents, below the 19 cents per share consensus of analysts polled by LSEG. The software-maker also said it would reduce its full-time workforce by roughly 14%, or about 350 employees, and exit 22 countries, with pretax restructuring charges projected at $30 million to $35 million. Analysts had anticipated a higher EPS outcome for the period.
Marvell Technology extended the prior session’s gains, trading higher in premarket trade after posting its best day on Tuesday, when the stock jumped 32%. In premarket trading, Marvell was up more than 13%. Macy’s also moved higher, rising about 1.5% after posting its strongest first-quarter growth in four years; revenue came in at $4.68 billion, above the $4.61 billion analysts had expected, and the department-store operator lifted its full-year outlook. Cboe Global Markets climbed about 1.5% following a three-day slide, as investors weighed the potential impact of perpetual futures on traditional exchanges.
Ulta Beauty eased about 1% despite lifting its full-year earnings guidance. The company posted first-quarter earnings of $7.74 per share, topping the $6.86 consensus estimate, with revenue of $3.16 billion above the $3.10 billion expected by analysts. Ollie’s Bargain Outlet rose more than 4% after a mixed first quarter: it beat on earnings but missed on revenue, and raised its full-year earnings guidance to a range of $4.45 to $4.55 per share, versus the FactSet consensus of $4.44. GameStop surged roughly 13% after reporting adjusted earnings of 30 cents per share in the first quarter, well above the FactSet-loaded consensus of 16 cents, with revenue up 14% year over year. Shake Shack fell about 1% after Morgan Stanley and Raymond James downgraded the stock, citing margin volatility as beef and energy costs rose. Medtronic rose about 3% after delivering stronger-than-expected revenues of $9.81 billion in its fiscal fourth quarter; adjusted earnings were in line with estimates, while full-year earnings guidance missed expectations slightly. Yum Brands gained about 1.5% after Morgan Stanley upgraded the stock to overweight from equal-weight, with analysts pointing to its attractive valuation and growth prospects.
Key takeaways
- Price moves: Private equity peers led declines (Blackstone -6%, KKR >-5.5%, Blue Owl -~4%), while marquee names such as GameStop (+~13%) and Marvell (+>13%) staged outsized moves in early trading.
- Catalysts: The batch of results and the Partners Group withdrawal-cap news drove sentiment in private markets; earnings updates, particularly from Palo Alto Networks and GitLab, influenced technology and software stocks; consumer discretionary names like Macy’s and Ollie’s guided broader sector expectations.
- Key implications: The day underscored a bifurcated market where mega-cap growth and meme-adjacent names move on earnings beats, while liquidity concerns around private equity funds weigh on large managers.
What drove the move
In the opening hours of trade, attention centered on liquidity and capital-structure signals from private markets. The reported cap on withdrawals at a Partners Group private equity fund unsettled peers, translating into immediate selloffs for large private-market players. The moves highlighted ongoing scrutiny of liquidity dynamics in private markets and the potential knock-on effects for listed peers with similar exposure.
On the corporate side, several earnings and guidance updates shaped price action. Palo Alto Networks chose to lift its revenue guidance for the current quarter and raised full-year revenue targets, but the stock still slid about 2% in premarket. The company posted fiscal Q3 adjusted earnings of 85 cents per share on $3 billion in revenue, beating consensus estimates of 80 cents and $2.94 billion, according to LSEG data. The top-line beat helped validate its longer-term growth narrative, even as the share price action suggested investors weighed the strength against broader market headwinds.
GitLab offered a contrasting signal. After narrowing its annual guidance, the company forecast adjusted EPS of 17 to 18 cents—below the 19-cent consensus from analysts polled by LSEG—and signaled a 14% reduction in headcount (about 350 roles) and the exit from 22 countries. The restructuring plan, expected to incur pretax charges of $30 million to $35 million, underscored a deliberate push to rebalance costs amid a more challenging operating environment.
Market reaction
In the broader market, Marvell Technology’s continued strength reflected a rotation in certain tech names that benefited from a rebound in semiconductor and infrastructure-related demand. Macy’s continued its cautious optimism as its first-quarter results exceeded expectations and revenue beat, contributing to a positive read on the recovery in discretionary spending. Cboe Global Markets’ 1.5% rise followed a recent slide and amplified the sense that concerns around new volatility products may have tempered enthusiasm for some traditional exchange operators in the near term.
Ulta Beauty’s slight retreat came despite strong quarterly earnings and a beat on revenue, suggesting that investors are balancing near-term beat-and-raise prints against guidance revisions and margin pressures. Ollie’s Bargain Outlet’s mixed quarter—with earnings upside but revenue shortfall—triggered a fresh debate about the pace of consumer-spending normalization and the durability of discount retailers’ earnings trajectories. GameStop’s roughly 13% surge reflected ongoing enthusiasm for a company that has become a focal point for retail investors amid a volatile equity landscape.
In consumer-and-dining and health-care hardware, Shake Shack faced downgrades that cited margin volatility amid higher input costs, while Medtronic’s solid quarterly revenue was offset slightly by modestly softer-than-expected full-year earnings guidance. Yum Brands’ upgrade to overweight by Morgan Stanley helped lift sentiment for a stock viewed by some analysts as attractively valued given its growth trajectory and price discipline.
Bigger picture
These moves come as investors navigate a complex backdrop of rate expectations, inflation dynamics, and geopolitical factors shaping risk appetite. The ticker-level activity shows a clear split: liquidity considerations and private-market reforms are pressuring the large private-equity ecosystem, while equities exposed to consumer spending, software monetization, and diversified healthcare equipment reveal divergent trajectories depending on guidance alignment and margin outlook. The market is also wrestling with how new financial instruments, such as perpetual futures, could affect traditional exchanges and related trading ecosystems.
What analysts are saying
Analysts cited by CNBC emphasized that the day’s movers reflect a balance between earnings-driven revisions and liquidity concerns in private markets. While capital-return narratives and valuation gaps continue to guide stock selection, the response to Partners Group’s withdrawal-cap report signals ongoing volatility in cycles where liquidity constraints interact with corporate financing plans. Investors appear to be differentiating between names with clear, upward-margin trajectories and those facing heightened cost pressures or structural transitions.
Closing
Looking ahead, investors will be watching for further commentary on liquidity conditions in private markets, updates to earnings guidance across consumer, software, and medical devices—along with any refreshes to macro cues from key earnings calendars and central-bank communications. Next up: ongoing earnings releases, potential guidance revisions, and macro data that could shift rate expectations. Traders will want to monitor how these developments affect sector rotation and the durability of recent winners as the market absorbs both corporate signals and liquidity dynamics.
