Macy’s, Twitter, Medtronic and more
See which companies are making the headlines even before the bell rings.
Macy’s (M) – Macy’s surged 15% in the premarket after reporting better-than-expected profit and revenue for the first quarter and raising its full-year earnings forecast. Strong apparel demand and people returning to work, as well as other activities outside of home, helped boost results.
Dollar General (DG) – Dollar General shares rallied 10.1% in premarket trading after its quarterly results beat Wall Street forecasts, and comparable-store sales fell less than expected. Dollar General’s same-store sales forecast was also increased as shoppers are turning to discount shops amid high inflation.
Dollar Tree (DLTR) – Like its competitor Dollar General, Dollar Tree reported better-than-expected top and bottom-line results for its latest quarter with its comparable-store sales increase doubling Street forecasts. In premarket trading, Dollar Tree jumped 12.3%.
Twitter (TWTR) – Twitter shares rose 5.6% in the premarket, following news that Elon Musk will commit more of his own wealth to finance his $44 billion takeover deal for the company. According to an SEC filing, Musk has committed $33.5 billion equity, up from $27.25 billion.
Medtronic (MDT) – The medical device maker’s latest quarterly results fell short of analyst estimates as it felt the impact of global supply chain issues. Medtronic lost 3.3% in premarket.
Alibaba (BABA) – The China-based e-commerce giant’s latest quarterly earnings and revenue beat analyst estimates, helped by increased online demand amid China Covid-19 lockdowns. Alibaba shares gained 4.5% in premarket activity.
Baidu (BIDU) – Baidu jumped 5.6% in premarket trading, as the search engine giant beat estimates in its latest quarter despite a negative impact from Covid lockdowns in China. Baidu’s cloud-based services saw strong growth in the third quarter.
Nvidia (NVDA) – Nvidia slid 4.2% in the premarket after the graphics chip maker issued weaker-than-expected guidance for its current quarter, pointing to supply chain issues and slower business in Russia. Nvidia’s latest quarter saw a better than expected profit and revenue.
Williams-Sonoma (WSM) – Williams-Sonoma jumped 8.2% in premarket trading, following a quarterly earnings and revenue beat and a comparable-sales increase that more than tripled consensus estimates. The home furnishings retailer reiterated its prior full-year guidance and — unlike many other retailers —expects profit margins to hold steady.
Snowflake (SNOW) – Snowflake reported better-than-expected profit and revenue for its latest quarter, but the cloud data platform provider said some of its customers are spending more cautiously because of an uncertain macroeconomic environment. The shares fell 13.3% during premarket trading.
Nutanix (NTNX) – Nutanix stock plunged 35.4% in premarket trading after the cloud computing company issued a weaker-than-expected forecast. Nutanix mentioned supply chain problems that had a negative impact on its hardware partners among others.