Take a look at the companies that appear in the headlines before the bell:
Big Lots (BIG) – Shares of retailers fell 21.2% in pre-markets after missing Wall Street’s quarterly earnings and revenue forecasts. The company also reported a larger-than-expected decline in sales in comparable stores and issued cautious year-round guidelines, saying inflationary pressures reduced discretionary spending.
Hibbett (HIBB) – Shares of sporting goods retailers fell 6.5% in pre-market trading after falling short of analysts’ profit and sales forecasts for the last quarter. Hibbett said its customers had less discretionary revenue than in the previous quarter, when incentive payments helped boost costs.
Pinduoduo (PDD) – The quarterly results of the China-based e-commerce platform operator were better than expected, as the blockade of Covid-19 in China helped increase online costs. Pinduoduo rose 8.8% before market action.
Canopy Growth (CGC) – The cannabis producer reported a larger-than-expected quarterly loss, and revenue also fell short of analysts’ estimates. The company said it expects to be profitable on an adjusted basis in fiscal 2024. Canopy’s growth has fallen 10.5% in pre-market trade.
Costco (COST) – Costco surpassed the above and final estimates for its last quarter, but the retailer’s profit margins narrowed by nearly 1 percentage point due to increased labor and freight costs. Costco said it was raising the prices of some food products to offset those increases. Its shares lost 1.3% in the pre-market.
Dell Technologies (DELL) – Dell grew 9.8% in pre-market trade, after better-than-expected earnings and revenue for the last quarter. The computer hardware maker is taking advantage of the surge in demand from the desktop and laptop business.
Gap (GPS) – Gap shares fell 17.8% before market action after a retailer lowered its full-year earnings forecast and reported a larger-than-expected quarterly loss. Gap’s results were affected by higher delivery costs and deeper discount levels.
Ulta Beauty (ULTA) – Ulta shares jumped 8.4% in pre-market trading after the cosmetics retailer surpassed Street’s forecasts with its latest quarterly report and issued an optimistic outlook. Ulta was helped by the strong demand for beauty products.
American Eagle Outfitters (AEO) – American Eagle fell 13.4% in pre-market trading after its quarterly profit and revenue fell short of Wall Street forecasts. Clothing retailer CEO Jay Schottenstein said the quarter was a demand challenge well below the company’s expectations.
Red Robin Gourmet Burgers (RRGB) – Shares of the restaurant chain rose 12.9% in remarketing, after reporting less than expected quarterly loss and revenue, which exceeded analysts’ forecasts. Red Robin is also updating its guidelines for raw material costs for the whole year due to the effects of inflation.
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