Stocks making the biggest moves in the premarket: Zoom, Palo Alto Networks, Macy's and more
Take a look at some of the biggest movers in the premarket:
Zoom Video Communications (ZM) – Zoom tumbled 11.5% in the premarket after the videoconferencing company cut its full-year forecast. Zoom reported better-than-expected earnings for its latest quarter, but revenue fell short of forecasts. Zoom's CFO said the company is having some difficulty attracting new, paying subscribers, although he added that enterprise sales are strong.
Palo Alto Networks (PANW) – Palo Alto rallied 9.3% in premarket trading after the cybersecurity company reported better-than-expected quarterly results and issued an upbeat forecast. Palo Alto also announced its board of directors had approved a 3-for-1 stock split.
Macy's (M) – The retailer's shares added 2.5% in premarket trading after it beat sales and profit forecasts for its second quarter, and comparable store sales fell less than expected. Macy's lowered full-year guidance, however, to incorporate risks from a slowing economy.
Dick's Sporting Goods (DKS) – The sporting goods retailer beat top and bottom line estimates for the second quarter and raised its full-year forecast. Comparable store sales sank by 5.1% during the quarter, but that was smaller than the 6.9% decline expected by analysts. The stock gained 2.3% in the premarket.
Medtronic (MDT) – Medtronic gained 1% in the premarket after reporting quarterly profit and revenue that exceeded analysts' forecasts. Revenue fell from a year ago as the medical products maker was impacted by supply chain challenges.
JD.com (JD) – The China-based e-commerce company reported better-than-expected quarterly results and saw a 9.2% increase in active customer accounts. JD.com jumped 4.3% in premarket action.
Warner Bros. Discovery (WBD) – Nearly 10 million viewers watched the "Game of Thrones" prequel "House of the Dragon" on the company's HBO Max service, a record for an HBO series debut. Warner Bros. Discovery gained 1.4% in the premarket.
J.M. Smucker (SJM) – The food producer's stock added 1.8% in premarket trading after it reported better-than-expected quarterly profit and raised its full-year outlook.
XPeng (XPEV) – XPeng fell 4.9% in premarket action after the China-based electric vehicle maker reported a wider-than-expected quarterly loss, although revenue exceeded analysts' forecasts as total deliveries nearly doubled from a year earlier.
Pinduoduo (PDD) – Pinduoduo plans to launch an international e-commerce platform next month, according to a source with direct knowledge of the matter who spoke to Reuters. Pinduoduo rose 2.6% in premarket trading.