Check out the companies making headlines premarket. Tesla – Shares jumped 7% after CEO Elon Musk said his $56 billion pay package and a decision to move the company’s incorporation to Texas are subject to a shareholder vote. The first drew criticism ahead of the vote, with prominent shareholders publicly saying they intended to vote against the compensation plan. Broadcom — Shares jumped nearly 14% after the chip maker reported earnings and revenue and announced a 10-for-1 stock split. Adjusted earnings per share for the fiscal second quarter were $10.96, beating the $10.84 expected by analysts surveyed LSEG. Revenue was $12.49 billion versus expectations of $12.03 billion. Dave & Buster’s — Shares of the entertainment and restaurant chain fell 10% after first-quarter sales fell short of expectations. Dave and Buster’s reported first-quarter revenue of $588 million, below the $621 million analysts had forecast, according to LSEG. Oxford Industries – Shares fell 4% after the clothing maker posted a weaker-than-expected earnings report. Tommy Bahama’s parent company reported adjusted earnings of $2.66 per share on revenue of $398.2 million. Analysts polled by FactSet had forecast earnings of $2.68 per share and revenue of $404.8 million. Forecasts for the current quarter and the entire year was softer than Wall Street had expected. Virgin Galactic — Shares of the space tourism company fell 8.5% after its board of directors approved a 1-for-20 reverse stock split. Shares are trading below $1. Kimberly-Clark — Consumer staples shares rose 2.2% after Bank of America made a rare double upgrade. The company said the maker of Huggies and Kleenex is on the verge of structural changes. NextEra Energy Partners – Shares fell 3.2% after Barclays downgraded its rating to underperform from equal weight. Barclays said there was no way for the company to emerge from under the overhang caused by the financing of the convertible share portfolio. Corning – Shares fell about 1% after Morgan Stanley downgraded the stock to equal weight from overweight. Morgan Stanley said Corning shares have a more balanced risk-reward profile after strong gains this year. — CNBC’s Michelle Fox and Jesse Pound contributed reporting.
