Target (TGT) shares plunged 13.5% in premarket trading after the company missed earnings estimates and cut its forecast for the current quarter.Target reported earnings of $1.54 per share, missing consensus estimates by 59 cents. The company expects a drop in holiday season sales and cut its operating margin forecast for the current quarter in half.Target also said it will launch a cost-cutting plan designed to save up to $3 billion per year.
Lowe's (LOW) stock rose 2.4% in premarket trading after the company reported better-than-expected quarterly results. Lowe's beat estimates for both revenue and earnings, and reported strong comparable store sales growth.
Carnival (CCL) stock fell 12.7% in premarket trading after the cruise line operator announced a $1 billion convertible debt offering as part of its refinancing plan.
Advance Auto Parts (AAP) stock took a hit in after-hours trading, falling 14.7%, after the company posted lower-than-expected quarterly earnings. Although revenue matched analyst forecasts, results were impacted by consumers shifting to its cheaper in-house brands rather than more expensive national brands. The company also lowered its full-year outlook. Competitor O’Reilly Auto Parts (ORLY) fell 2.9%.
Sage Therapeutics (SAGE) stock rose 3.3% in premarket trading after CEO Barry Greene bought 14,500 additional shares of the company. The move was disclosed in a filing with the Securities and Exchange Commission.
Corteva's stock fell 1% in the premarket after UBS downgraded the company from buy to neutral. However, UBS increased Corteva's price target to $73 per share. UBS says that the downgrade is simply a valuation call.
Alibaba (BABA) and NetEase (NTES) are among the stocks gaining ground following a Reuters report that U.S. regulators gained “good access” to audits of Chinese firms listed in the U.S. Alibaba rose 1.8% while Netease jumped 3.6% in premarket action.
Etsy (ETSY) was put on Evercore's "Tactical Underperform" list, even though the firm maintained an outperform rating on the stock. Evercore likes Etsy's long-term outlook but sees a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items. Etsy slid 3.6% in the premarket.
As a leading independent research provider, TradeAlgo keeps you connected from anywhere.