Stocks making the biggest moves premarket: Yelp, AutoZone, Lowe's, Dick's Sporting Goods & more
Check out the companies making headlines before the bell:
Yelp — Yelp shares surged 11.4% in premarket trading. Activist investor TCS Capital Management confirmed reports that it's built a stake of more than 4% in Yelp, and is asking the company to explore strategic alternatives including a sale, according to an open letter to the Yelp board of directors on Tuesday.
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AutoZone — Shares of AutoZone fell more than 2% after the specialty retailer's third-quarter revenue came up short of expectations. AutoZone reported $34.12 in earnings per share on $4.09 billion in revenue. Analysts surveyed by Refinitiv were looking for $31.51 in earnings per share and $4.12 billion in revenue. AutoZone's inventory increased 7.4% year over year.
Lowe's Companies — Shares dipped about 1% after the home improvement retailer lowered its full-year forecast for total sales, comparable sales and adjusted earnings per share. However, Lowe's beat on first quarter earnings and revenue.
Dick's Sporting Goods — Shares of the sporting goods retailer gained more than 2% before the bell on a top-and-bottom line beat for the recent quarter. Dick's Sporting Goods beat earnings expectations by 22 cents a share and reaffirmed its 2023 forecast.
Zoom Video Communications — Zoom declined 0.7% in the premarket after posting its first quarter results. The video conferencing firm reported adjusted earnings of $1.16, more than the expected 99 cents per share, according to consensus estimates from Refinitiv. It posted revenue of $1.11 billion, higher than revenue of $1.08 billion. However, its second quarter guidance was basically in line with expectations.
Chevron — Chevron shares rose 1.2% in the premarket. HSBC upgraded the oil giant to buy from hold, saying the stock will get a boost from rising oil prices.
BJ's Wholesale — The wholesale retailer dipped nearly 1% before the bell. BJ's Wholesale reported revenue that was slightly below Refinitiv estimates. Comparable club sales excluding gasoline came in slightly weaker than expected.
— CNBC's Michelle Fox, Hakyung Kim, Jesse Pound and Samantha Subin contributed reporting