Chewy, Snap, Bed Bath & Beyond Fall Premarket; PayPal, Netflix Rise
2022.08.31 15:37
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Wednesday, August 31st. Please refresh for updates.
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Chewy (NYSE:CHWY) stock slumped 12% after the online pet retailer’s second-quarter sales, as well as its full-year guidance, disappointed, as inflation stifled spending.
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HP (NYSE:HPQ) stock fell 6.9% after the laptop maker’s third-quarter sales disappointed, hit by a 32% decline in the number of notebook computer units sold.
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Bed Bath & Beyond (NASDAQ:BBBY) stock fell 25% after the troubled retailer revealed it has secured more than $500 million in new financing, and would shut about 150 underperforming stores and cut about 20% of its workforce.
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PVH (NYSE:PVH) stock fell 4.4% after the owner of the Calvin Klein and Tommy Hilfiger brands announced job cuts and scaled back its full-year outlook, citing soaring prices.
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Snap (NYSE:SNAP) stock fell 8% after the social media company lost two key members of the management team to Netflix (NASDAQ:NFLX), up 1.8%, and also after a report that the owner of Snapchat is planning to lay off 20% of its workforce given the downturn in digital advertising.
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Express (NYSE:EXPR) stock fell 2.1% after the fashion retailer cut its full-year guidance, noting challenging economic conditions that worsened as the quarter progressed.
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PayPal (NASDAQ:PYPL) stock rose 2.8% after Bank of America upgraded its investment stance on the online payments company to ‘buy’ from ‘neutral’, expecting activist Elliott Management to push for more cost cuts.
