Check out the companies making headlines before the bell:
Big Lots (BIG) – Shares of the discounter plunged 21.2% premarket after missing Wall Street forecasts for quarterly earnings and sales. The company also reported a sharper-than-expected slump in like-for-like sales and issued a cautious full-year guidance that inflationary pressures are reducing discretionary spending.
Hibbett (HIBB) – The sporting goods retailer’s stock slipped 6.5% in premarket trading after underperforming analysts’ earnings and sales estimates for the most recent quarter. Hibbett said his clients had less discretionary income than in the year-ago quarter, when stimulus payments helped spur spending.
Pinduoduo (PDD) – The China-based e-commerce platform operator’s quarterly results came in better than expected as China’s Covid-19 lockdowns helped boost online spending. Pinduoduo is up 8.8% premarket.
Canopy Growth (CGC) – The cannabis producer reported a bigger-than-expected quarterly loss, with revenue also falling short of analysts’ forecasts. The company said it expects to be profitable on an adjusted basis in fiscal 2024. Canopy Growth is down 10.5% in premarket trading.
Costco (COST) — Costco beat sales and earnings estimates for the most recent quarter, but the warehouse retailer’s profit margins shrank nearly 1 percentage point on higher labor and freight costs. Costco said it is raising the prices of certain groceries to offset those increases. The stock lost 1.3% premarket.
Dell Technologies (DELL) – Dell is up 9.8% in premarket trading after better-than-expected earnings and revenue in the most recent quarter. The computer hardware manufacturer benefited from a surge in business demand for desktop and laptop computers.
Gap (GPS) – Gap shares fell 17.8% premarket after the apparel retailer cut its full-year earnings guidance and posted a larger-than-expected quarterly loss. Gap’s results were impacted by higher shipping costs and deeper discounts.
Ulta Beauty (ULTA) – Ulta shares are up 8.4% in premarket trading after the cosmetics retailer topped Street forecasts in its latest earnings report and issued an upbeat outlook. Ulta was helped by strong demand for beauty products.
American Eagle Outfitters (AEO) – American Eagle plunged 13.4% in premarket trading after its quarterly earnings and earnings fell short of Wall Street estimates. The apparel retailer’s CEO, Jay Schottenstein, said the quarter was challenging as demand fell far short of the company’s expectations.
Red Robin Gourmet Burgers (RRGB) – Shares of the restaurant chain are up 12.9% premarket after it reported a lower-than-expected quarterly loss and earnings that beat analysts’ forecasts. Red Robin also updated its full-year raw material cost forecast due to the impact of inflation.