By Peter Nurse
Investing.com -- 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.
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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