Check out some of the biggest manufacturers in the pre-market:
Target (TGT) – Target has announced a series of moves to “properly resize” its inventory levels, including further reductions and cancellations. He cut his operating margin guidelines for the current quarter to 2% from the previous 5.3%, but said the margin would recover to around 6% in the last half of the year. Target fell 7.9% in the preliminary market.
JM Smucker (SJM) – Food producer shares fell 3.5% in pre-market trading despite better-than-expected quarterly results. Smooker said inflation, supply chain problems and other factors continue to affect results and increase uncertainty. He also said that the profit for the whole year will be negatively affected by the withdrawal of the Jif peanut butter product.
Kohl’s (KSS) – Kohl’s rose 11.2% in pre-market trade after saying it was in preliminary takeover talks with holding company Franchise Group (FRG), the mother of Vitamin Shoppe and other brands. The deal could value Kohl’s at about $ 8 billion. Franchise Group added 2.7%.
United Natural Foods (UNFI) – Food distributor shares jumped 5.8% in the premarket after reporting better-than-expected quarterly earnings and revenue. United Natural’s sales were boosted by increased business from new and existing customers, as well as inflation, and raised their forecast for the full year.
G-III Apparel (GIII) – The apparel and accessories company earned 72 cents a share in its most recent quarter, 14 cents a share above forecasts. Revenues were well above Street forecasts. G-III also issued an optimistic forecast and its shares rose 2.3% in pre-market action.
BuzzFeed (BZFD) – BuzzFeed rose 4.9% in preliminary markets, which is not enough to offset the 41% decline on Monday. The decline in shares of the digital media company came after the expiration of the period of blocking BuzzFeed after the IPO.
GitLab (GTLB) – Gitlab rose 9.3% before market action after the software platform developer reported better-than-expected quarterly results and raised its profit outlook.
Peloton (PTON) – Peloton has announced the departure of CFO Jill Woodworth after four years with fitness equipment maker. She will be replaced by former Amazon and Netflix CEO Liz Coddington, effective June 13. Peloton added 1.6% to the pre-sale.
Novavax (NVAX) – The Food and Drug Administration will meet today to consider the drug manufacturer’s application for approval of its Covid-19 vaccine. Novavax shares rose 3.8% before market action.
Affirm Holdings (AFRM) – Fintech’s shares fell 2.8% in the premarket after yesterday’s 5.5% drop. The decline came after Apple announced (AAPL) that it would add “buy now-pay later” options to its Apple Pay service. Block (SQ), the payment company formerly known as Square, lost 3%.
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