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Stocks making the biggest moves premarket: Dick's Sporting Goods, Hormel, Target, Wayfair & more

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News Update – Pre-Markets

Check out the companies making headlines before the bell:

Dick's Sporting Goods – The sporting goods retailer earned $1.26 per share for the second quarter, 5 cents a share above estimates. Revenue also beat forecasts. Comparable-store sales rose 3.2%, compared to a consensus forecast of 1% from analysts surveyed by Refinitiv. Dick's also raised its full-year forecast.

Hormel – The food producer came in a penny a share ahead of expectations, with quarterly earnings of 37 cents per share. Revenue was essentially in line with expectations. Hormel's results took a hit from weakness in its grocery products segment.

BJ's Wholesale – The warehouse retailer beat estimates by 2 cents a share, with quarterly profit of 39 cents per share. Revenue was slightly below Street forecasts. BJ's said it finished the quarter with strong momentum and said it is confident it will deliver on its prior full-year forecast.

Target – The stock was upgraded to "buy" from "neutral" at Citi, even after Wednesday's more than 20% gain. Citi said Target will continue to prove that it is a winner in the retail landscape.

L Brands – L Brands reported adjusted quarterly profit of 24 cents per share for the second quarter, 4 cents a share above estimates. Sales came in below forecasts, however, and L Brands issued a weaker-than-expected current-quarter earnings outlook as sales at the Victoria's Secret chain continue to decline. L Brands did maintain its full-year earnings forecast.

Nordstrom – Nordstrom beat estimates by 15 cents a share, with quarterly earnings of 90 cents per share. Revenue was slightly below forecasts, however. Nordstrom said its bottom line got a boost from lower expenses and inventory reductions.

Mylan – Mylan was sued by Danish drugmaker Novo Nordisk for alleged patent infringement, in an attempt to stop Mylan from marketing a generic version of Novo's diabetes drug Victoza.

Splunk – Splunk reported adjusted quarterly profit of 30 cents per share, well above the 12 cents a share consensus estimate. The cybersecurity company's revenue also exceeded Wall Street forecasts, and Splunk raised its full-year revenue guidance. Separately, the company announced the acquisition of cloud-monitoring software maker SignalFX for $1.05 billion in cash and stock.

Pure Storage – Pure Storage posted a quarterly profit of a penny a share, compared to an expected loss of 4 cents per share. The flash storage provider's revenue exceeded forecasts, but it reduced its full-year revenue outlook for the second consecutive quarter. Pure Storage also announced the impending departure of Chief Financial Officer Tim Ritters, who will stay until a successor is found.

Wayfair – Wayfair was upgraded to "buy" from "hold" at Stifel Nicolaus, which said a recent 12% drop has resulted in an attractive entry point for the online home furnishings retailer.

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