Stocks making the biggest moves premarket: Kohl’s, BJ’s Wholesale, Estee Lauder and more
Check out the companies making headlines before the bell:
Kohl’s (KSS) – Kohl’s shares slid 7.2% in the premarket after the retailer cut its full-year forecast due to increased promotional activity and higher costs. Kohl’s most recent quarter beat Street forecasts for revenue and profit.
BJ’s Wholesale (BJ) – The warehouse retailer beat estimates by 26 cents with an adjusted quarterly profit of $1.06 per share and revenue also topped forecasts. Comparable store sales increased more than expected, and the stock rallied 5.4% in premarket trading.
Tapestry (TPR) – Tapestry moved between gains and losses in premarket action after its earnings came in above consensus despite sales that were slightly short of forecasts. The company behind luxury brands Coach and Kate Spade also raised its quarterly dividend by 20%.
Estee Lauder (EL) – Estee Lauder shares fell 1.3% in the premarket after the cosmetics maker forecast full-year sales below consensus, due to Covid-related lockdowns in China. Estee Lauder’s profit and revenue for its most recent quarter beat Wall Street estimates.
Canadian Solar (CSIQ) – The solar equipment and services company reported better-than-expected quarterly profit and solar module shipments that were at the high end of its prior forecast. Canadian Solar also raised its full-year revenue forecast, and its stock jumped 6.2% in premarket trading.
Bath & Body Works (BBWI) – Bath & Body Works reported better-than-expected quarterly profit and revenue, but gave a current-quarter forecast that was weaker than expected. The personal care products retailer also said it eliminated 130 positions as it moves to control costs and become more efficient.
Cisco Systems (CSCO) – Cisco rallied 5% in premarket trading after beating top and bottom line estimates for its latest quarter. The networking equipment maker also gave a stronger-than-expected outlook for the current quarter as supply chain issues ease.
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond tumbled 14.4% in the premarket after investor Ryan Cohen filed a notice of intent to sell 7.78 million shares of the housewares retailer. Cohen’s prior purchases of call options had contributed to a buying spree in Bed Bath & Beyond, with the stock up in 15 of the past 16 sessions and increasing more than five-fold in value over that time.
Wolfspeed (WOLF) – Wolfspeed rocketed higher by 20.9% in the premarket after the semiconductor company reported a smaller-than-expected quarterly loss and revenue that beat consensus estimates. It also projected a loss for the current quarter that falls largely below what analysts had been anticipating.