Best Buy, Zoom Video, Urban Outfitters and more
Here are some top movers of the premarket.
Best Buy (BBY) – The electronics retailer’s shares tumbled 10.4% in the premarket, after it forecast holiday season comparable sales largely below Wall Street forecasts as it faces possible product shortages. Best Buy posted a quarter-over-quarter beat in top and bottom line numbers, but a profit margin of $2.08 per stock came in 17cs per share higher than estimates.
Zoom Video (ZM) – Zoom beat estimates by 2 cents a share, with quarterly profit of $1.11 per share. Zoom’s full-year guidance was also raised and revenue exceeded Street expectations. However, the return to work of many employees is slowing sales growth and Zoom’s full-year guidance was raised. The stock plunged 9.6% during premarket trading.
Urban Outfitters (URBN) – Urban Outfitters earned 89 cents per share for its latest quarter, 5 cents a share above estimates. Analysts had expected revenue to be slightly higher than actual. However, the apparel retailer is suffering from a slump in stock prices due to increased costs as they shift more customers online. The stock fell 11.5% during premarket trading.
Dick’s Sporting Goods (DKS) – The sporting goods retailer earned $3.19 per share for the third quarter, well above the $1.97 a share consensus estimate. The revenue beat all forecasts and the comparable-store sales growth of 12.2% was significantly higher than StreetAccount’s 1.9% consensus estimate. In premarket trading, the stock gained 1%.
Abercrombie & Fitch (ANF) – The apparel retailer beat estimates by 20 cents a share, with adjusted earnings of 86 cents per share. Also, revenue exceeded expectations. Abercrombie’s profit margin fell by 30 basis points. Premarket, shares of Abercrombie fell by 3.8%.
Dollar Tree (DLTR) – Dollar Tree matched estimates with quarterly profit of 96 cents per share. Revenues at the discount retailer came in slightly higher than expected. Dollar Tree’s freight expenses during the quarter were considerably higher than forecast, and premarket trading saw its stock fall 1.4%
Medtronic (MDT) – Medtronic reported a mixed quarter, with revenue falling below Street forecasts. Medical device manufacturer Medtronic’s profit exceeded forecasts by three cents per share. Earnings were $1.32 each share. Medtronic has also decreased its outlook for the full year, citing Covid-19’s revival and challenges in health-care personnel.
J.M. Smucker (SJM) – The food producer reported quarterly earnings of $2.43 per share, beating the $2.05 a share consensus estimate. Smucker also exceeded expectations in revenue and raised its full-year outlook due to strong demand from its flagship brand, Jif, Folgers, and Milk-Bone. Smucker saw a 1.2% increase in premarket sales.
Xpeng (XPEV) – Xpeng jumped 3% in the premarket after the China-based electric vehicle maker reported a wider-than-expected quarterly loss, but also saw revenue come in well above estimates while issuing an upbeat current-quarter outlook.
Agilent Technologies (A) – Agilent came in 3 cents a share ahead of Street forecasts, with quarterly earnings of $1.21 per share. Life sciences company revenue was consistent with forecasts. Agilent’s genomic and diagnostics unit showed particular strength in the third quarter. However, it also released an outlook which is partially lower than the analysts’ predictions, which led to a 4.2% decline in premarket shares.