Stocks making the biggest moves premarket: Designer Brands, Lands' End, Salesforce and more
Check out the companies making headlines before the bell:
Designer Brands (DBI) – The footwear retailer's shares slid 15.6% in the premarket after it missed top and bottom line estimates for its latest quarter and cut its profit outlook. Designer Brands noted a volatile economic environment that is impacting most retailers, but said it was in position to navigate the conditions.
Dollar General (DG) – Dollar General slumped 6.1% in premarket trading after the discount retailer cut its annual forecast due to higher costs. Dollar General posted quarterly earnings that missed Street forecasts, but its revenue and comparable store sales beat analyst estimates.
Lands' End (LE) – The apparel retailer reported an unexpected quarterly loss. Revenue came in below analyst forecasts, prompting a 26.4% premarket plummet in the stock. Lands' End was hurt by higher costs and a 17.7% jump in inventories.
Salesforce (CRM) – Salesforce fell 7.4% in the premarket after the business software company announced that co-CEO Bret Taylor would be stepping down January 31, leaving Chairman Marc Benioff as the sole CEO. Salesforce also reported better than expected quarterly profit and revenue.
Kroger (KR) – The supermarket operator reported better than expected profit and sales for its latest quarter, and it raised its full-year forecast. Comparable store sales were up 6.9%, well above the 4% consensus estimate. Kroger shares added 3.7% in the premarket.
Snowflake (SNOW) – Snowflake lost 5.9% in off-hours trading after the data software provider issued a cautious forecast, even as it reported quarterly results that beat analyst estimates.
Five Below (FIVE) – Five Below rallied 9.3% in premarket trading in the wake of better than expected quarterly results. The discount retailer said customer traffic and spending improved throughout the quarter, and effective expense management also helped.
Nutanix (NTNX) – Nutanix shares rose 5.3% in the premarket following a Bloomberg report saying Hewlett Packard Enterprise (HPE) has held takeover talks with the cloud computing company. The talks have been on and off, and the prospects for an agreement are unclear.
Costco (COST) – Costco stock slipped 3.2% after its November sales results showed more than a 10% drop in online sales for the warehouse retailer. E-commerce sales had been a bright spot for Costco during the pandemic.
Okta (OKTA) – Okta shares surged 15.9% in early trading as the identity management software company issued upbeat revenue guidance for its full fiscal year.
Splunk (SPLK) – Splunk staged an 8.1% premarket rally after the data management software company reported upbeat quarterly results and boosted its full-year forecast. Splunk said it was also benefiting from cost cuts.
PVH (PVH) – PVH jumped 9.4% in the premarket following an upbeat forecast for the maker of the Calvin Klein and Tommy Hilfiger apparel brands. The company said its pricing power has held steady even in the face of an uncertain macroeconomic environment.