Target, Krispy Kreme, Sanofi Fall Premarket; Lowe's, Bed Bath & Beyond Rise

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Target, Krispy Kreme, Sanofi Fall Premarket; Lowe's, Bed Bath & Beyond Rise

By Peter Nurse -- Stocks in focus in premarket trade on Wednesday, August 17th. Please refresh for updates.

  • Target (NYSE: TGT ) stock fell 2.6% after the big-box retailer reported a 90% fall in quarterly earnings and missed comparable sales estimates as its inflation-hit customers reined in spending on discretionary goods despite higher discounts.

  • Lowe’s (NYSE: LOW ) stock rose 1.4% after the home improvement chain said it expects its 2022 per share profit to be at the top-end of its outlook range, thanks to tighter cost control and steady demand from professional builders.

  • TJX (NYSE: TJX ) stock fell 1.6% after the retailer cut its full-year forecast, saying inflation impacted the spending habits of its customers.
  • Krispy Kreme (NASDAQ: DNUT ) stock slumped 12% after the donut chain reported lower-than-expected second-quarter profit and revenue, seeing significant deceleration in commodity costs.
  • Stanley Black & Decker (NYSE: SWK ) stock fell 1.9% after Deutsche Bank downgraded its stance on the industrial tools manufacturer to ‘hold’ from ‘buy’ as its earnings are pressured.

  • Sanofi (EPA: SASY ) (NASDAQ: SNY ) ADRs fell 5.4% after the drugmaker said it would stop further work on amcenestrant, once seen to have large potential against breast cancer.

  • Bed Bath & Beyond (NASDAQ: BBBY ) stock soared 24%, adding to the previous session’s hefty gains, with retail investors seeking out the meme favorite after a filing revealed activist investor Ryan Cohen's latest bet on the home goods retailer.

  • Teladoc (NYSE: TDOC ) stock fell 4.9% after Guggenheim downgraded its stance on the virtual healthcare company to ‘sell’ from ‘neutral’, citing slowing growth going forward.

  • Manchester United (NYSE: MANU ) stock rose 5.5% after Tesla (NASDAQ: TSLA ) CEO Elon Musk tweeted he was buying the English soccer club, a tweet he later clarified as being a joke.

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