Netflix, Alphabet, Nordstrom, PagerDuty and more

Check out the companies making headlines before the bell:

Netflix — The streaming stock rose more than 6% after Netflix released its latest quarterly results. Although Netflix missed earnings expectations, it added more subscribers than analysts had forecast. The company also announced that co-CEO Reed Hastings would step down from his position.

alphabet – Shares in Google’s parent company rose 3.6% after CEO Sundar Pichai announced the company would lay off 12,000 employees and explained in a memo that the company was “preparing for a different economic reality than the one we’re dealing with.” are confronted with today”.

Eli Lilli — Shares of the pharmaceutical company fell more than 1% premarket after the US Food and Drug Administration rejected the drugmaker’s experimental treatment for Alzheimer’s disease for failing to provide enough trial data.

Ralph Lauren – The stock rose more than 1% after Barclays upgraded Ralph Lauren to overweight and said investors are buying a “best” clothing brand with continued gains. Separately updated Barclays shares of PVHwho owns the brands Tommy Hilfiger and Calvin Klein, too overweight.

Regeneron Pharma — The pharmaceutical giant is up 1% premarket after being upgraded from neutral to overweight by JPMorgan. The Wall Street company said its drug for treating age-related macular degeneration is “best-in-class therapy” and could serve as the next big catalyst for Regeneron.

PagerDuty – Shares rose more than 4% after Morgan Stanley upgraded PagerDuty from equal weight to overweight and said the cloud-computing company is pushing for better profitability.

Foreclosure – The stock fell more than 1% after Cowen downgraded it to market-perform from outperform, and said it sees an “increased risk of disruption” amid a tougher macroeconomic backdrop that could hurt customer spending.

north current — Shares of the retailer fell 7% in premarket trading after Nordstrom said its holiday sales fell 3.5% year over year. In a statement, CEO Erik Nordstrom described the retail environment as “very sales-promoting.” The company also lowered its earnings outlook.

Macy’s — Retail stocks like Macy’s fell after disappointing Nordstrom holiday sales. Macy’s shares, meanwhile, fell more than 2% cabbage 4% declined. Dillard’s fell by 1.3%.

Costco – Shares rose about 1% after Costco said it would reapprove a stock buyback program of up to $4 billion through January 2027.

– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel and Jesse Pound contributed coverage.

Correction: Nordstrom reported disappointing holiday sales numbers, not the latest quarterly numbers.