Lowe’s, Target, TJX and more
Check out the companies making headlines before the bell:
Lowe’s (LOW) – Lowe’s rose 1% in the premarket after it reported quarterly earnings of $4.67 per share, 9 cents above estimates. The home improvement retailer saw both revenue and comparable store sales come in below analyst forecasts but predicted full-year earnings would come in at the top end of its guidance range.
Target (TGT) – Target fell 3.3% in premarket trading after the retailer reported quarterly earnings of 39 cents per share, well short of the 72-cent consensus estimate. Target’s revenue matched estimates, but it cut prices significantly during the quarter to reduce excess inventory. Target said the 1.2% operating margin rate during the second quarter would improve to about 6% in the back half of the year.
TJX (TJX) – The parent of the T.J. Maxx and Marshalls retail chains beat estimates by 3 cents with a quarterly profit of 69 cents per share, but revenue and comparable store sales came in less than expected. TJX cut its full-year forecast as well, saying inflation impacted the spending habits of its customers, and the stock fell 1.2% in the premarket.
Krispy Kreme (DNUT) – Krispy Kreme tumbled 14.7% in premarket action after the doughnut chain reported lower-than-expected profit and revenue for the second quarter. Krispy Kreme said it is seeing significant deceleration in commodity costs in recent weeks.
Manchester United (MANU) – Manchester United rose 4.6% in the premarket after Elon Musk tweeted that he was buying the British football team and then subsequently said he was joking.
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond surged 22.8% in the pre-market after registering over 20% gains in each of the past three sessions. The retailer’s shares – which have been popular with “meme stock” investors, are up in 14 of the past 15 sessions, more than quadrupling in value over that stretch.
Agilent Technologies (A) – Agilent rallied 6.6% in premarket trading after the life sciences and diagnostics company reported better-than-expected quarterly profit and revenue. Agilent also raised its full-year forecast on strong order flow.
Southwest Gas (SWX) – Southwest Gas rose 4.7% in premarket action after investor Carl Icahn raised his stake in the utility company to 8.7% from 7.6%.
Sanofi (SNY) – Sanofi shares slid 5.4% in premarket trading after the French drug maker halted development of breast cancer treatment amcenestrant. The halt came after a trial showed no signs that the drug was effective.