Hot Stocks: LULU, EXEL dip on guidance; TLRY rallies on earnings; MOLN pops on COVID clinical data
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Corporate results, both actual and predicted, spurred trading in Monday's pre-market action. Lululemon Athletica (NASDAQ:LULU) was among the spotlight names, with shares losing ground in the wake of a cautious forecast. Drug discovery company Exelixis (NASDAQ:EXEL) also took a hit from preliminary results, losing ground before the opening bell.

Cannabis firm Tilray (NASDAQ:TLRY) moved in the opposite direction on earnings news. The release of quarterly results fueled a notable pre-market rally.
Molecular Partners (NASDAQ:MOLN) was another pre-market winner. Shares expanded their value by more than a quarter in the wake of positive clinical data for a COVID treatment.

Decliners

Lululemon Athletica (LULU) dropped nearly 6% after the company provided a pessimistic guidance update. The maker of athletic apparel said it now expects its net revenue to come in at the low end of its previously forecasted range of $2.125B to $2.165B.
LULU predicted that its earnings would hit at the low end of prior guidance as well. The company blamed Omicron, supply problems and staff shortages for the weak performance.

Preliminary financial figures also weighed on shares of Exelixis (EXEL). The stock dipped about 4% after EXEL said revenue from its cabozantinib product would total around $300M for its latest quarter. Looking further ahead, the firm projected net product revenue of $1.325B to $1.425B for fiscal 2022.


Gainers 

Molecular Partners (MOLN) jumped 26% in pre-market action on news that its COVID treatment met the primary endpoint of a recent mid-stage trial. The drug, which is being developed in collaboration with Novartis (NYSE:NVS), correlated with a 78% reduction in hospitalization or death when compared with a placebo.
Meanwhile, the release of quarterly results gave a lift to Tilray (TLRY). The company reported a breakeven bottom line for its latest quarter, beating the expectations of analysts, who generally projected the cannabis company would report a loss. Revenues rose nearly 20% from last year.
Bolstered by the news, shares of TLRY climbed about 8% in pre-market action.
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