Check out the companies making headlines before the bell:
Big Lots (BIG) – Shares of the discount retailer fell 21.2% in the pre-market after missing Wall Street forecasts for quarterly profit and revenue. The company also reported a bigger-than-expected decline in same-store sales and released a cautious full-year outlook, saying inflationary pressures are reducing discretionary spending.
Hibbett (HIBB) – The sporting goods retailer’s stock fell 6.5% in premarket trading after falling short of analysts’ earnings and sales estimates for the last quarter. Hibbett said his clients had less discretionary income than in the year-ago quarter, when stimulus payments helped spur spending.
Pinduoduo (PDD) – The China-based e-commerce platform operator’s quarterly results were better than expected as China’s Covid-19 lockdowns helped boost online spending. Pinduoduo gained 8.8% in premarket action.
Canopy Growth (CGC) – The cannabis producer reported a bigger-than-expected quarterly loss, with revenue also falling short of analysts’ forecasts. The company said it expects to be profitable on an adjusted basis in fiscal 2024. Canopy Growth fell 10.5% in premarket trading.
Costco (COST) – Costco beat earnings estimates for its latest quarter, but the warehouse retailer’s profit margins fell nearly 1 percentage point due to higher labor costs and transportation. Costco said it was raising the prices of some food items to offset those increases. Its stock lost 1.3% premarket.
Dell Technologies (DELL) – Dell jumped 9.8% in premarket trading after earnings and revenue beat expectations for its latest quarter. The hardware maker benefited from a jump in business demand for desktop and laptop computers.
Gap (GPS) – Gap shares fell 17.8% before market after the clothing retailer cut its full-year profit forecast and posted a bigger-than-expected quarterly loss. Gap’s results were impacted by higher shipping costs and higher discount levels.
Ulta Beauty (ULTA) – Shares of Ulta jumped 8.4% in premarket trading after the cosmetics retailer beat Street forecasts with its latest quarterly report and released an upbeat outlook. Ulta was helped by strong demand for beauty products.
American Eagle Outfitters (AEO) – American Eagle fell 13.4% in premarket trading after its quarterly profit and revenue fell short of Wall Street estimates. The clothing retailer’s CEO, Jay Schottenstein, said it had a tough quarter with demand well below company expectations.
Red Robin Gourmet Burgers (RRGB) – Shares of the restaurant chain jumped 12.9% in premarket action after reporting a weaker-than-expected quarterly loss and revenue that beat analysts’ forecasts. Red Robin also updated its raw material cost forecast for the full year, due to the effects of inflation.
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