Check out the companies making the biggest moves before the bell: Adobe — The software giant fell 6.8% after reporting fiscal second-quarter non-GAAP operating margin of 44%, below expectations of 44.5%, according to LSEG. The company also announced that CFO Dan Dunn will be retiring on June 15 to pursue new opportunities. However, Adobe did record an overall improvement in both revenue and bottom line in the final quarter. Lennar — The homebuilder stock fell 0.7% after second-quarter sales of $7.94 billion fell short of analysts’ expectations of $8.02 billion, according to LSEG. The number of deliveries for the quarter was also 20,519, lower than the forecast of 20,541. Renner’s earnings per share were $1.24, in line with expectations. AMD — The chipmaker rose more than 1% after being upgraded to Buy from Neutral at Citi. The bank said AMD could take some market share from Nvidia in the graphics processing unit space, boosting the company’s earnings. Space stocks — This group rose broadly in the pre-market as traders awaited SpaceX’s public market debut later in the day. Rocket Lab rose more than 6%, while Virgin Galactic and AST SpaceMobile each rose 4%. Redwire also rose more than 4%. Energy stocks — Energy stocks fell as oil prices fell on hopes that the U.S. and Iran could soon reach a deal to end the war. The State Street Energy Select Sector SPDR ETF (XLE) was down 0.7%. OneOK and Williams led the decline, each dropping more than 3%. Travel stocks — The drop in oil prices also boosted travel stocks. United Airlines rose 1%, along with Delta Air Lines. Cruise lines Carnival and Royal Caribbean rose 1.5% and 2.3%, respectively. RH — The home furnishings company expects sales growth of 0.5% to 2.5% for the current quarter, below the 4.3% estimate of analysts surveyed by LSEG. RH posted a narrower-than-expected adjusted loss last quarter, with higher sales. Shares rose slightly premarket. — Lisa Kailai Han contributed reporting.
