Target, Walmart, Carrier Global and others
Take a look at the top companies that made headlines long before the bell rang.
Target (TGT) – Target plummeted 22.1% in the premarket after the retailer reported an adjusted quarterly profit of $2.19 per share, below the $3.07 consensus estimate. Although revenue and sales comparable to rivals beat expectations, they were still below consensus estimates. WalmartYesterday, Target suffered from higher prices.
Lowe’s (LOW) – Lowe’s fell 2.9% in the premarket after the home improvement retailer’s quarterly comparable-store sales fell more than expected and revenue come in slightly below Street forecasts. Lowe’s quarterly earnings were $3.51 per shares, beating the bottom line estimates by 29 Cents
Walmart (WMT) – Walmart fell another 1.9% in premarket action after tumbling 11.4% yesterday following its earnings miss. This was the retailer’s worst single-day drop since 1987.
Carrier Global (CARR) – Carrier fell 2.7% in the premarket after Bank of America Securities downgraded the stock to “neutral” from “buy.” After attending a recent conference, Bank of America Securities downgraded Carrier to “neutral” from “buy.” The firm also stated Carrier’s relative exposure to the residential HVAC market is higher than its peers.
Penn National Gaming (PENN) – The casino operator’s shares rallied 3.2% in the premarket after Jefferies upgraded the stock to “buy” from “hold,” noting the current stock price only assigns minimal value to Penn’s digital operation. Jefferies thinks the unit will produce good long-term returns.
Shoe Carnival (SCVL) – The footwear retailer reported a quarterly profit of 95 cents per share, 9 cents above estimates, with revenue also beating consensus. Shoe Carnival’s full-year outlook was also improved. Premarket trading saw Shoe Carnival increase its outlook by 1%
Analog Devices (ADI) – The chipmaker earned an adjusted quarterly profit of $2.40 per share, 29 cents above estimates, and reported better-than-expected revenue. According to the company, it was able increase production despite challenges in supply chains. Demand remained strong. Analog Devices gained 1.9% in premarket trade.
Warby Parker (WRBY) – Warby Parker slid 2.1% in premarket trading after the stock was downgraded to “neutral” from “buy” at Goldman Sachs. Goldman indicated that the company sees an extended path for growth in the eyewear retailer after it reported lower-than expected quarterly earnings earlier this month.
Container Store (TCS) – Container Store surged 8.2% in the premarket after reporting better-than-expected profit and revenue for its latest quarter. It also stated that it hopes to reach $2 billion in annual sales within 2027.
Doximity (DOCS) – Doximity plunged 14.5% in premarket action after the cloud-based platform for medical professionals issued a weaker than expected current-quarter revenue forecast. Doximity reported a better than expected quarterly profit and revenue.