Target, Lowe’s, Carnival and others
Check out the companies making headlines before the bell:
Target (TGT) – Target plunged 13.5% in the premarket after missing consensus estimates by 59 cents with quarterly earnings of $1.54 per share. The retailer expects a drop in holiday season sales and cut its operating margin forecast for the current quarter in half. Target also said it will launch a cost-cutting plan designed to save up to $3 billion per year.
Lowe’s (LOW) – Lowe’s added 2.4% in premarket trading after the home improvement retailer beat top and bottom line estimates for its latest quarter and reported better-than-expected comparable store sales.
Carnival (CCL) – Carnival slumped 12.7% in the premarket after the cruise line operator announced a $1 billion convertible debt offering as part of its refinancing plan.
Advance Auto Parts (AAP) – Advance Auto Parts plummeted 14.7% in off-hours trading after the auto parts retailer posted lower-than-expected quarterly earnings. Although its revenue matched Street forecasts, results were impacted by consumers shifting to its cheaper in-house brands rather than more expensive national brands. The company also lowered its full-year outlook. Competitor O’Reilly Auto Parts (ORLY) fell 2.9%.
Sage Therapeutics (SAGE) – Sage Therapeutics gained 3.3% in premarket trading after an SEC filing showed CEO Barry Greene added 14,500 shares to his stake in the drug maker.
Corteva (CTVA) – Corteva fell 1% in the premarket after UBS downgraded the seed and crop protection products company’s stock to neutral from buy in what the firm says is a valuation call. Yet, UBS increased its price target on Corteva’s stock to $73 from $70 per share.
Alibaba (BABA), NetEase (NTES) – The China-based companies are among the stocks gaining ground following a Reuters report that U.S. regulators gained “good access” to audits of Chinese firms listed in the U.S. Alibaba rose 1.8% while Netease jumped 3.6% in premarket action.
Etsy (ETSY) – The online crafts marketplace was put on Evercore’s “Tactical Underperform” list, even as the firm maintained an outperform rating on the stock. Evercore likes Etsy’s long-term outlook but foresees a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items. Etsy slid 3.6% in the premarket.