Julie Morgan

Micron is surging, and a new suitor has reportedly entered the mix for Warner Bros.

Discovery.

Elliott Investment Management has taken a stake in Lululemon Athletica.

The activist investor has bagged a stake exceeding $1 billion, positioning it as one of the company's largest shareholders.

The Wall Street Journal reported citing people familiar with the matter,

that Elliott is lining up potential CEO candidates.

The report said Elliott is pushing for leadership changes, including proposing Jane Nielsen, a former CFO and COO at Ralph Lauren, as a potential new CEO.

Nielsen said in a statement to the journal that she would welcome the chance to discuss this opportunity with the Lululemon board.

This move follows the current CEO's planned exit in January of next year.

Amid criticism over product execution, market share losses to rivals like Alo Yoga and a 60% drop in share price from its peak.

Lululemon's market value stands around $25 billion.

Pre-market Lulu is up more than 5%.

Micron technology is up 10 percent in pre-market action.

Shares rose after the memory maker reported fiscal first quarter results and guidance that were well above Wall Street's forecast.

Looking ahead to the second quarter, Micron said it expects to earn between $8.22 and $8.62 per share on an adjusted basis, while revenue is expected to be between $18.3 and $19.1 billion.

Analysts had expected the company to earn an adjusted $4.78 per share on $14.3 billion in revenue.

The company also forecast a $100 billion HBM market by 2028, as supply tightness persists through 2026.

The founder of Standard General has been in talks over potentially buying or investing in Warner Bros.

Discovery's television networks.

The Financial Times reported citing people briefed on the matter that Sue Kim has been approached by at least one major Warner Bros.