Best Buy, BJ’s, Snowflake and more
Here are some top movers of the premarket.
Best Buy — Shares of the retailer climbed 5% in premarket trading after the company announced it was raising its quarterly dividendIncreased by 26% This is despite a disappointing fourth quarter report by Best Buy. Adjusted earnings were just in line with analyst expectations.
BJ’s Wholesale — The wholesale retailer saw shares sink 13.8% premarket after missing Wall Street expectations for quarterly revenue. StreetAccount reports that BJ’s revenue was $4.36 billion as opposed to $4.4 billion analysts expected.
Big Lots — Big Lots shares fell 6.4% in premarket trading after a weaker-than-expected earnings report. Refinitiv estimates that the retailer will earn $1.75 per share, while Big Lots earned $1.75.
Burlington Stores — Shares of the off-price retailer sunk 12.1% premarket after Burlington missed Wall Street estimates on the top and bottom line. Burlington reported adjusted earnings for the quarter of $2.53 per share, on $2.60 billion in revenue. Refinitiv’s consensus estimate for Burlington was $3.25 per Share on sales of $2.78 Billion.
Kroger — Kroger shares gained 5.8% in premarket trading after the grocery chain beat on earnings. On revenue of $33.05billion, the company posted adjusted fourth quarter earnings of 91c per share. According to Refinitiv. Analysts expected a profit in the range of 74 cents per sen on revenues of $32.86 billion.
Snowflake — Shares of Snowflake are down more than 18% premarket after the data-analytics software company forecasted slowing product revenue growth. Company reported an adjusted loss at 43 cents per share. The company’s revenue was $383.8million, which beat analyst expectations of $372.6million.
Box Inc. — Shares of Box gained 5.7% premarket after the company reported better-than-expected quarterly results. The earnings per share were 24c, excluding any items related to revenue of $233 million. Refinitiv interviewed analysts and forecasted that the company would make 23 cents for $229 Million in revenue.
American Eagle Outfitters — Shares of the retailer declined 4.6% premarket after American Eagle’s quarterly report. According to the company, higher freight costs will impact earnings during 2022’s first half.
Intel — Shares of Intel fell 1.3% in early morning trading after Morgan Stanley downgradedFrom equal-weight stock to underweight. Morgan Stanley’s Ethan Puritz explained that downgrading of value stocks will allow us to concentrate on situations with more potential risk-reward, which are more likely to be actionable in the future.
Southwest — Southwest shares gained 1.9% premarket after Evercore ISI upgraded the airline stock to outperform from in-line. The firm stated that Southwest received a higher rating due to its relative financial strength and more focused planning.
—CNBC’s Jesse Pound and Samantha Subin contributed to this report.