Check out the companies making headlines in premarket trading. Chip stocks —Some of the largest semiconductor stocks were lower following a Bloomberg News report that said the Biden Administration is contemplating stiffer trade restrictions over concern that U.S. companies are giving China too much access to domestic semiconductor technology. Nvidia pulled back 4.4%, while Taiwan Semiconductor and AMD declined 4.7% and 4.1%, respectively. ASML , which sells semiconductor equipment for chipmakers, sank more than 8% on the news which overshadowed better-than-expected quarterly results. The VanEck Semiconductor ETF (SMH) was nearly 4% lower. Five Below — Shares of the discount retailer plummeted more than 15% after the company slashed its second-quarter outlook and announced the departure of CEO Joel Anderson. A slew of Wall Street firms including Evercore ISI, Morgan Stanley, Truist and Mizuho Securities all downgraded Five Below following the news . US Bancorp — The bank stock rose more than 1% after second-quarter earnings topped expectations. US Bancorp reported 97 cents in earnings per share, compared to a StreetAccount estimate of 94 cents per share, according to FactSet. J.B. Hunt Transport Services — The freight company pulled back about 3% after second-quarter results missed Wall Street’s estimates. The firm reported earnings of $1.32 per share on revenue of $2.9 billion, while analysts polled by FactSet forecast a profit of $1.48 per share and $3 billion in sales. The company also noted increased insurance and equipment costs despite trimming operating expenses. V.F. Corporation — Shares jumped 6.8% after eyewear group EssilorLuxottica said it agreed to acquire the Supreme brand from V.F. Corporation for $1.5 billion in cash. The transaction is set to close by the end of 2024. Omnicom Group — The corporate communications company slipped more than 3% despite reporting stronger-than-expected second quarter revenue. Omnicom notched earnings of $1.95 per share excluding items, which was in line with analyst forecasts polled by FactSet. The company’s revenue of $3.85 billion beat a forecast that called for $3.83 billion. GitLab , Datadog — Shares of the DevOps software company soared more than 14% following a Reuters report that the firm was exploring a sale after receiving acquisition interest from firms including Datadog . Shares of the latter slipped more than 3%. Johnson & Johnson — Shares fell marginally on the back of disappointing full-year earnings guidance. The company expects earnings per share in a range of $9.97-$10.07, down from a prior guidance of $10.57-$10.72. Analysts polled by FactSet expected guidance around $10.45 per share. — CNBC’s Sarah Min and Jesse Pound contributed reporting