Business

Big Lots, Hibbett, Pinduoduo, etc.

Check out the companies that make headlines before the bell:

Big Lots (BIG) – Discount store stocks fell 21.2% in front of the market after missing Wall Street’s forecast of quarterly earnings and earnings. The company also reported higher-than-expected same-store sales, said inflationary pressures would reduce discretionary spending, and released cautious year-round guidance.

Hibet (HIBB) – Sporting goods retailers’ stock prices fell 6.5% in pre-market transactions after falling below analysts’ estimates of profits and sales for the most recent quarter. Hibet said customers had less discretionary revenue than in the same period last year, when stimulus payments helped boost spending.

Multiple onset (PDD) – China-based e-commerce platform operator quarterly performance was better than expected as the blockade of Covid-19 in China helped increase online spending. The pre-marketing behavior recovered 8.8% of the multiple onsets.

Canopy growth (CGC) – Cannabis producers reported higher-than-expected quarterly losses, but earnings were also lower than analysts expected. The company said it expects to make a profit on an adjusted basis in 2024. Canopy growth fell 10.5% in pre-market trading.

Costco (COST) – Costco exceeded top-line and bottom-line estimates for the most recent quarter, but higher labor and freight costs reduced warehouse retailer profit margins by nearly 1 percentage point. Costco said it is raising the price of certain foods to offset these rises. Its inventory lost 1.3% in the premarket.

Dell Technologies (DELL) – Dell surged 9.8% in pre-market trading, following higher-than-expected profits and earnings in the last quarter. Computer hardware manufacturers have benefited from the surge in corporate demand for desktop and laptop computers.

gap (GPS) – Gap shares fell 17.8% in pre-market behavior after apparel retailers drastically lowered their full-year earnings forecasts and posted higher-than-expected quarterly losses. The results of the gap were hit by rising shipping costs and rising levels of discounts.

Alta Beauty (ULTA) – Ulta shares surged 8.4% in pre-market trading after cosmetics retailers outperformed Street’s forecast in their latest quarterly report and announced a bright outlook. Ulta was supported by strong demand for beauty products.

American Eagle Outfitters (AEO) – American Eagle fell 13.4% in pre-market trading after quarterly profits and earnings fell below Wall Street estimates. Jay L. Schottenstein, CEO of apparel retailer, said the quarter was a challenging quarter with much lower demand than the company expected.

Red Robin Gourmet Burger (RRGB) – Restaurant chain share surged 12.9% in pre-market action after reporting lower-than-expected quarterly losses and revenues that exceeded analysts’ expectations. Red Robin has also updated its full-year commodity price guidance due to the effects of inflation.

Big Lots, Hibbett, Pinduoduo, etc.

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