Kohl’s, Tapestry, Estée Lauder Fall Premarket; Cisco, BJ’s Wholesale Rise
2022.08.18 15:38
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Thursday, August 18th. Please refresh for updates.
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Bed Bath & Beyond (NASDAQ:BBBY) stock fell 10.5% after investor Ryan Cohen filed for a proposed sale of his stake in the struggling home goods retailer.
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Kohl’s (NYSE:KSS) stock fell 8.1% after the retailer cut its full-year forecasts, squeezed by steeper discounts and higher costs amid dwindling demand for clothing and shoes in the face of high inflation.
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BJ’s Wholesale (NYSE:BJ) stock rose 6% after the warehouse retailer beat quarterly expectations, with comparable sales climbing much more than forecast.
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Tapestry (NYSE:TPR) stock fell 2.2% after the luxury retailer forecast full-year earnings below estimates after reporting lower-than-expected quarterly revenue as lockdowns in China hurt sales of its designer handbags and clothing.
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Estée Lauder (NYSE:EL) stock fell 1.5% after the cosmetic giant issued disappointing full-year sales and profit forecasts, due to a hit from COVID-19-related lockdowns in major market China.
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Cisco Systems (NASDAQ:CSCO) stock rose 5.2% after the tech company beat quarterly expectations, allowing it to provide an upbeat full-year sales forecast as a COVID-19 recovery in China eases supply chain shortages and helps it meet demand for networking hardware.
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Wolfspeed (NYSE:WOLF) stock soared 22% after the semiconductor products maker delivered a better-than-expected outlook after reporting a narrower than expected loss in the fourth quarter as a jump in business wins boosted performance.
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DCP Midstream (NYSE:DCP) stock rose 7.1% after Phillips 66 (NYSE:PSX), up 1%, offered to buy the public units of the pipeline operator, valuing it at $7.2 billion.
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Keysight Technologies (NYSE:KEYS) stock rose 5.7% after the network company reported strong third quarter results.
