Stocks making the biggest moves premarket: Dollar Tree, Peloton, Salesforce and more
Check out the companies making headlines before the bell:
Dollar Tree (DLTR) – The discount retailer’s stock slid 6.6% in the premarket after cutting its full-year earnings forecast, due to the impact of pricing-related investments at its Family Dollar stores. Dollar Tree reported better than expected profit for its latest quarter, with revenue in line with Wall Street estimates.
Peloton (PTON) – Peloton tumbled 17.5% in premarket trading after reporting a larger than expected loss and revenue that fell well short of Street forecasts. Peloton also said its connected fitness business would remain challenging into 2023.
Abercrombie & Fitch (ANF) – Abercrombie shares took a 10.5% hit in the premarket after the apparel retailer reported an unexpected quarterly loss and lower than expected revenue numbers. It also cut its full year sales forecast, citing the impact of inflation.
Dollar General (DG) – Dollar General reported better than expected quarterly results, as well as same-store sales that rose more than analysts had anticipated. The discount retailer also increased its share repurchase authorization. The stock had been higher in the premarket but dipped negative after rival Dollar Tree cut its full-year forecast.
Salesforce (CRM) – Salesforce slid 6.3% in premarket trading after the business software giant cut its full year guidance, as economic uncertainty slows the pace of customer deals. Salesforce posted better than expected sales and profit for its most recent quarter.
Nvidia (NVDA) – Nvidia fell 3.6% in the premarket after missing estimates on the top and bottom lines with its quarterly results. The graphics chipmaker also issued a tepid forecast, as its gaming business continues to deal with weakening demand.
Autodesk (ADSK) – The design software maker’s stock surged 9.2% in premarket action after it gave an upbeat financial forecast and called demand “robust.” It also reported better than expected results for its latest quarter.
Snowflake (SNOW) – Snowflake shares soared 19% off-hours trading after the data software company reported better than expected quarterly revenue. CEO Frank Slootman said the company’s consumption-based model – which lets customers adjust how much they use Snowflake’s services after signing a contract – is proving to be an advantage.
Telehealth stocks – Shares of telehealth companies jumped following news that Amazon.com (AMZN) is shutting down its in-house telehealth service for employees. Teladoc Health (TDOC) gained 5.5%, Hims & Hers Health (HIMS) added 1.1% and Amwell (AMWL) jumped 7.7%.
Callaway Golf (ELY) – Callaway Golf rose 2.1% in the premarket after announcing plans to change its name to Topgolf Callaway Brands, to reflect a lifestyle approach to its golf equipment and apparel offerings. The name change will be effective on or about September 6.
Victoria’s Secret (VSCO) – Victoria’s Secret lost 3.7% in premarket trading after the women’s intimate apparel maker cut its full year outlook. The company said it expected its customers to be impacted by inflation and other financial challenges.