Stocks making the biggest moves in the premarket: Best Buy, Zoom Video, Urban Outfitters and more
Take a look at some of the biggest movers in the premarket:
Best Buy (BBY) – The electronics retailer's shares tumbled 10.4% in the premarket, after it forecast holiday season comparable sales largely below Wall Street forecasts as it faces possible product shortages. Best Buy reported a quarterly beat on the top and bottom lines, however, with a profit of $2.08 per share coming in 17 cents a share above estimates.
Zoom Video (ZM) – Zoom beat estimates by 2 cents a share, with quarterly profit of $1.11 per share. Revenue also topped Street forecasts and Zoom raised its full-year guidance. The return of many workers to offices is slowing sales growth, however, and the stock tumbled 9.6% in premarket trading.
Urban Outfitters (URBN) – Urban Outfitters earned 89 cents per share for its latest quarter, 5 cents a share above estimates. Revenue came in very slightly above analysts' projections. The apparel retailer's stock is getting hit hard, however, as a shift to more online sales increases costs for the company, and the stock slumped 11.5% in premarket action.
Dick's Sporting Goods (DKS) – The sporting goods retailer earned $3.19 per share for the third quarter, well above the $1.97 a share consensus estimate. Revenue also beat forecasts, and a comparable-store sales increase of 12.2% was substantially better than the 1.9% consensus estimate from StreetAccount. The stock added 1% in premarket action.
Abercrombie & Fitch (ANF) – The apparel retailer beat estimates by 20 cents a share, with adjusted earnings of 86 cents per share. Revenue also topped forecasts. Abercrombie's profit margin dropped by 30 basis points. Its shares fell 3.8% in the premarket.
Dollar Tree (DLTR) – Dollar Tree matched estimates with quarterly profit of 96 cents per share. The discount retailer's revenue came in slightly above estimates. Dollar Tree's freight costs during the quarter were significantly higher than expected, and its stock fell 1.4% in premarket trading.
Medtronic (MDT) – Medtronic reported a mixed quarter, with revenue falling below Street forecasts. The medical device maker's profit beat forecasts by 3 cents a share, with earnings of $1.32 per share. Medtronic also lowered its full-year outlook, citing the Covid-19 resurgence and health-care staffing challenges.
J.M. Smucker (SJM) – The food producer reported quarterly earnings of $2.43 per share, beating the $2.05 a share consensus estimate. Revenue also beat forecasts and Smucker raised its full-year forecast amid strong consumer demand for its flagship brand as well as Jif, Folgers and Milk-Bone. Smucker rose 1.2% in the premarket.
Xpeng (XPEV) – Xpeng jumped 3% in the premarket after the China-based electric vehicle maker reported a wider-than-expected quarterly loss, but also saw revenue come in well above estimates while issuing an upbeat current-quarter outlook.
Agilent Technologies (A) – Agilent came in 3 cents a share ahead of Street forecasts, with quarterly earnings of $1.21 per share. The life sciences company's revenue was in line with estimates. Agilent saw particular strength during the quarter from its diagnostics and genomic unit. The company also issued an outlook that falls partially below analysts' estimates, however, prompting a 4.2% premarket drop in the shares.