Big Lots, Hibbett, Pinduoduo and others
Take a look at the top companies that made headlines long before the bell rang.
Big Lots (BIG) – The discount retailer’s shares tumbled 21.2% in the premarket after missing Wall Street forecasts for quarterly earnings and revenue. Also, the company reported an unexpectedly large slump in comparable store sales. The firm issued cautious guidance for full year 2019, stating that inflationary pressures have reduced discretionary spending.
Hibbett (HIBB) – The sporting goods retailer’s stock slid 6.5% in premarket trading after falling short of analysts’ profit and sales estimates for the latest quarter. Hibbett stated that customers have less discretionary income now than they did in the previous quarter, when stimulus payments were used to boost spending.
Pinduoduo (PDD) – The China-based e-commerce platform operator’s quarterly results were better than expected as China’s Covid-19 lockdowns helped boost online spending. Pinduoduo gained 8.8% during premarket actions.
Canopy Growth (CGC) – The cannabis producer reported a wider-than-expected quarterly loss, with revenue that also fell short of analyst forecasts. According to the company, it anticipates being profitable in fiscal 2024 on an adjusted basis. Canopy Growth lost 10.5% during premarket trading
Costco (COST) – Costco beat top and bottom-line estimates for its most recent quarter, but the warehouse retailer’s profit margins shrank by nearly 1 percentage point due to increased costs for labor and freight. Costco claimed it would increase prices on certain food items in order to offset these price increases. Premarket, its stock fell 1.3%
Dell Technologies (DELL) – Dell surged 9.8% in premarket trading, following better-than-expected profit and revenue for its latest quarter. This computer hardware manufacturer benefited from an increase in business demand for laptop and desktop computers.
Gap (GPS) – Gap shares slumped 17.8% premarket action after the apparel retailer slashed its full-year earnings forecast and posted a wider-than-expected quarterly loss. Gap was hit hard by rising shipping costs and deeper discounts.
Ulta Beauty (ULTA) – Ulta shares jumped 8.4% in premarket trading after the cosmetics retailer beat Street forecasts with its latest quarterly report and issued an upbeat outlook. The strong beauty product demand helped Ulta.
American Eagle Outfitters (AEO) – American Eagle tumbled 13.4% in premarket trading after its quarterly profit and revenue fell short of Wall Street estimates. Jay Schottenstein (CEO of American Eagle) said that the quarter had been difficult due to lower demand than the retailer expected.
Red Robin Gourmet Burgers (RRGB) – The restaurant chain’s shares surged 12.9% in premarket action after it reported a smaller-than-expected quarterly loss and revenue that exceeded analyst forecasts. Red Robin updated its guidance on commodity costs for the entire year due to inflation.