Target, Krispy Kreme, Sanofi Fall Premarket; Lowe’s, Bed Bath & Beyond Rise
2022.08.17 15:18
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Wednesday, August 17th. Please refresh for updates.
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Target (NYSE:TGT) stock fell 2.6% after the big-box retailer reported a 90% fall in quarterly earnings and missed comparable sales estimates as its inflation-hit customers reined in spending on discretionary goods despite higher discounts.
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Lowe’s (NYSE:LOW) stock rose 1.4% after the home improvement chain said it expects its 2022 per share profit to be at the top-end of its outlook range, thanks to tighter cost control and steady demand from professional builders.
- TJX (NYSE:TJX) stock fell 1.6% after the retailer cut its full-year forecast, saying inflation impacted the spending habits of its customers.
- Krispy Kreme (NASDAQ:DNUT) stock slumped 12% after the donut chain reported lower-than-expected second-quarter profit and revenue, seeing significant deceleration in commodity costs.
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Stanley Black & Decker (NYSE:SWK) stock fell 1.9% after Deutsche Bank downgraded its stance on the industrial tools manufacturer to ‘hold’ from ‘buy’ as its earnings are pressured.
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Sanofi (NASDAQ:SNY) ADRs fell 5.4% after the drugmaker said it would stop further work on amcenestrant, once seen to have large potential against breast cancer.
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Bed Bath & Beyond (NASDAQ:BBBY) stock soared 24%, adding to the previous session’s hefty gains, with retail investors seeking out the meme favorite after a filing revealed activist investor Ryan Cohen’s latest bet on the home goods retailer.
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Teladoc (NYSE:TDOC) stock fell 4.9% after Guggenheim downgraded its stance on the virtual healthcare company to ‘sell’ from ‘neutral’, citing slowing growth going forward.
- Manchester United (NYSE:MANU) stock rose 5.5% after Tesla (NASDAQ:TSLA) CEO Elon Musk tweeted he was buying the English soccer club, a tweet he later clarified as being a joke.
