Tuesday, May 21, 2024
HomeTrading RoomPrior to the Bell, Stocks are Moving the Most

Prior to the Bell, Stocks are Moving the Most

Look at the firms that are generating news in the premarket trade.

The Lowe’s After lowering its sales projection for the entire year, the home improvement company saw a 3.9% decline. In the third quarter, Lowe’s revenue fell short of analyst estimates due to a 13% year-over-year decline in sales.

Dick’s Athletic Supplies — Following the release of third-quarter fiscal earnings and revenue that above analysts’ projections, the athletic products merchant witnessed an 8% increase in share price. Additionally, following a quarter-end cut due to theft fears, the company raised its full-year outlook.

The Burlington Stores Following an 11% increase in the lower end of the company’s full-year earnings expectations, retail stock prices surged. Due to the milder weather, Burlington added, November was off to a great start.

The retailer American Eagle Outfitters had a 12.2% decline. Even though American Eagle provided strong guidance and above expectations on both fronts in the third quarter, there has been a sell-off.

The store posted lower-than-expected revenue for the third quarter, which caused shares of Kohl’s to drop more than 4.9%. Compared to the StreetAccount projection of 3.8%, same-store sales were down 5.5%, the study stated. For the entire year, Kohl’s same-store sales forecast was decreased at the low end.

Best Buy: The consumer electronics retailer’s stock dropped 5.9% as a result of the business lowering its sales projection for the entire year in an attempt to court budget-conscious holiday buyers. Best Buy missed Wall Street’s quarterly profit projections but didn’t meet sales targets.

Gen Digital: Following Morgan Stanley’s upgrade to overweight from equal weight, the cybersecurity company’s shares increased by 4.9%. As PC demand increases, the bank stated that it anticipates topline stability, margin improvement, and an improved capital structure from debt pay-down.

DigitalOcean: The cloud service provider’s shares increased 2.8% after Oppenheimer upgraded the company to outperform from perform, noting the robust demand for artificial intelligence as a catalyst for the rapid expansion of cloud services.

Baidu: After sales slightly exceeded Wall Street’s projections, the Chinese internet giant’s U.S. shares rose 1%. Baidu reported 34.45 billion yuan for the quarter, exceeding the 34.33 billion yuan analysts surveyed by LSEG had predicted.

The metal and mining company Vale saw a 1.4% increase in shares after Goldman Sachs upgraded it to a buy from neutral. A mix of tailwinds not seen since at least 2014, according to Goldman, were helping the company.

Source (CNBC)

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