Target, Lowe’s, Carnival and others
Check out the companies making headlines before the bell:
Goal (TGT) – Target plunged 13.5% in premarket trading after missing consensus estimates by 59 cents on quarterly earnings of $1.54 per share. The retailer expects a fall in holiday sales and is halving the forecast for the operating margin for the current quarter. Target also said it will launch a cost-cutting plan designed to save up to $3 billion per year.
Lowes (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 fell 12.7% in the premarket after the cruise line announced a $1 billion convertible debt offering as part of its refinancing plan.
Advanced Auto Parts (AAP) — Advance Auto Parts fell 14.7% in after-hours trading after the auto parts retailer posted lower-than-expected quarterly earnings. Although revenue matched Street forecasts, results were impacted by consumers switching to the cheaper in-house brands rather than more expensive national brands. The company also lowered its outlook for the full year. 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 drugmaker.
Corteva (CTVA) — Corteva fell 1% in premarket trading after UBS downgraded the seed and plant protection company’s shares to neutral from buy in what the firm says is a valuation. Nevertheless, UBS increased the price target on Corteva’s stock to $73 from $70 per share.
Ali Baba (BABA), NetEase (NTES) – The China-based companies are among the stocks gaining ground after a Reuters report that US regulators got “good access” to audits of Chinese firms listed in the US 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, although the firm maintained an outperform rating on the stock. Evercore likes Etsy’s long-term outlook, but envisions a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items. Etsy fell 3.6% in the premarket.
