Stocks making the biggest moves premarket: Best Buy, Dick's Sporting, Abercrombie & Fitch and others
Check out the companies making headlines before the bell:
Best Buy (BBY) – Best Buy rallied 7% in the premarket after its third-quarter results beat analyst estimates. The electronics retailer also registered a smaller-than-expected decline in comparable store sales. Discounts helped keep customer traffic flowing to its stores, and Best Buy also raised its full-year forecast.
Dick's Sporting Goods (DKS) – The sporting goods retailer reported better-than-expected third-quarter profit and revenue and an unexpected increase in comparable store sales. The company also raised its full-year forecast. Dick's initially surged more than 7% in premarket trading before it dipped negative.
Dollar Tree (DLTR) – Dollar Tree fell 4.4% in the premarket despite a top and bottom line beat for its latest quarter and better-than-expected comparable store sales. The discount retailer projects full-year earnings in the lower half of its prior guidance range.
Abercrombie & Fitch (ANF) – Abercrombie & Fitch soared 12.8% in premarket action after reporting an unexpected quarterly profit and beating Street revenue forecasts. The apparel retailer saw resurgent demand for clothing, like jeans and dresses, as consumers returned to work and participated in more social events.
Medtronic (MDT) – The medical device maker's stock fell 3% in premarket trading after reporting a slight earnings beat on revenue that fell short of the consensus estimate. Medtronic's results were hit by a stronger U.S. dollar and a slower-than-expected rebound in procedures using its devices.
Zoom Video Communications (ZM) – Zoom tumbled 9.3% in the premarket after issuing weaker-than-expected guidance for the current quarter. The video communications company reported better-than-expected results for its most recent quarter, but the overall growth seen during the pandemic has slowed considerably.
Dell Technologies (DELL) – Dell fell 1.6% in premarket trading amid a weaker-than-expected current quarter revenue forecast. Dell did beat analyst estimates for the third quarter but said a slowing economy, inflation and other economic factors would pressure customer spending.
Urban Outfitters (URBN) – Urban Outfitters reported quarterly earnings that were slightly below estimates, but the apparel retailer's revenue beat Street forecasts. The company said it was encouraged by the trends seen so far during the holiday quarter. Urban Outfitters gained 2.2% in premarket action.
Agilent Technologies (A) – Agilent jumped 4.4% in off-hours trading after the laboratory instruments maker reported better-than-expected quarterly results. Agilent's sales increased in all of its business units during the quarter.