By Joe Woelfel

Stocks rose Thursday following a phone call between President Donald Trump and Chinese President Xi Jinping. In a Truth Social post, Trump described the roughly 90-minute talk as a "very good phone call," adding the the call "resulted in a very positive conclusion" for both countries. Trump said Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer soon would be meeting with their Chinese counterparts.

These stocks were making moves Thursday:

Broadcom was up 1% of fiscal second-quarter earnings from the semiconductor and software company. Analysts expect Broadcom to report fiscal second-quarter adjusted earnings of $1.57 a share on revenue of $14.96 billion. The company's commentary about the state of the artificial-intelligence chips market will be top of mind for investors. Broadcom rose 1.7% on Wednesday and closed at a record high of $261.08. Shares of rival chip maker Nvidia rose 0.7%.

Shares of electric-vehicle company Tesla were falling 3.1% in the premarket session, putting it on track for its fourth loss in five trading days. Tesla declined 3.6% on Wednesday following disappointing sales data in China and Germany. Also weighing on the stock has been the growing split between Tesla CEO Elon Musk and President Donald Trump.

Procter & Gamble plans to cut 7,000 jobs over the next two years as the maker of Gillette razors and Tide detergent looks to streamline its business in a time of economic uncertainty. Executives at the consumer-products giant, speaking at a conference in Paris, also said they plan to trim the company's product portfolio. The stock declined 1.2%.

MongoDB earned an adjusted $1 a share in its fiscal first quarter, beating analysts' estimates of 66 cents, and the software company said it anticipates second-quarter adjusted profit of 62 cents to 66 cents a share, better than forecasts of 58 cents. The stock jumped 16%.

Descartes Systems Group posted first-quarter revenue that missed Wall Street forecasts and said it was reducing its global workforce by 7% because of the "economic and global trade uncertainty many Descartes customers are facing." Shares of the provider of software as a service to the logistics industry fell 8.8%.

Low-cost retailer Five Below reported first-quarter adjusted earnings and sales that rose from a year earlier and topped Wall Street forecasts. The company opened 55 new stores in the first quarter. Five Below expects second-quarter sales of $975 million to $995 million, better than estimates of $955 million, while same-store sales were anticipated to increase 7% to 9%, also better than analysts' expectations of 5.4%. Shares were up 6.6%.

Brown-Forman, the maker of Jack Daniel's whiskey, declined 18%. The company reported weaker-than-expected fiscal fourth-quarter earnings and projecting further challenges over the coming year, particularly from tariffs and soft discretionary spending.

First-quarter adjusted earnings at PVH, the owner of the the Calvin Klein and Tommy Hilfiger brands, beat Wall Street forecasts but the company's updated earnings outlook for the second quarter and fiscal year came up significantly short of estimates. The company said its outlook reflects "an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S." PVH stock declined 18%.

Planet Labs posted break-even first-quarter adjusted earnings compared with analysts' estimates for a loss of 3 cents. Revenue of $66.3 million beat forecasts. The satellite-imagery company said it expects fiscal second-quarter revenue of $65 million to $67 million versus consensus of $65.2 million. The stock soared 56%.

ChargePoint Holdings tumbled 21% after posting a wider-than-expected loss in the first quarter and saying it expects second-quarter revenue of $90 million to $100 million, below analysts' consensus of $108.4 million.

Verint Systems, the consumer engagement software provider, was up 6.5% after reporting better-than-expected first-quarter adjusted earnings and revenue and backing its fiscal 2026 adjusted earnings guidance of $2.93 a share at the midpoint, meeting estimates.

Ciena declined 11%. The network technology company reported fiscal second-quarter adjusted earnings of 42 cents a share, missing analysts' estimates of 52 cents. Revenue of $1.13 billion topped consensus of $1.09 billion.

In addition to Broadcom, reports are expected after the closing bell Thursday from Lululemon Athletica, Samsara, Rubrik, Docusign, ServiceTitan, Vail Resorts, and Braze.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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June 05, 2025 11:30 ET (15:30 GMT)

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