Stocks making the biggest moves premarket: Yelp, AutoZone, Lowe’s, Dick’s Sporting Goods & more

by | May 23, 2023 | Financial

Cars are seen parked in front of a Dick’s Sporting Goods store at Monroe Marketplace in Pennsylvania.Paul Weaver | SOPA Images | LightRocket | Getty ImagesCheck out the companies making headlines before the bell:Yelp — Yelp shares surged 11.4% in premarket trading. Activist investor TCS Capital Management confirmed reports that it’s built a stake of more than 4% in Yelp, and is asking the company to explore strategic alternatives including a sale, according to an open letter to the Yelp board of directors on Tuesday.AutoZone — Shares of AutoZone fell more than 2% after the specialty retailer’s third-quarter revenue came up short of expectations. AutoZone reported $34.12 in earnings per share on $4.09 billion in revenue. Analysts surveyed by Refinitiv were looking for $31.51 in earnings per share and $4.12 billion in revenue. AutoZone’s inventory increased 7.4% year over year.Lowe’s Companies — Shares dipped about 1% after the home improvement retailer lowered its full-year forecast for total sales, comparable sales and adjusted earnings per share. However, Lowe’s beat on first quarter earnings and revenue.Dick’s Sporting Goods — Shares of the sporting goods retailer gained more than 2% before the bell on a top-and-bottom line beat for the recent quarter. Dick’s Sporting Goods beat earnings expectations by 22 cents a share and reaffirmed its 2023 forecast.Zoom Video Communications — Zoom declined 0.7% in the premarket after posting its first quarter results. The video conferencing firm reported adjusted earnings of $1.16, more than the expected 99 cents per share, according to consensus estimates from Refinitiv. It posted revenue of $1.11 billion, higher than revenue of $1.08 billion. However, its second quarter guidance was basically in line with expectations.Chevron — Chevron shares rose 1.2% in the premarket. HSBC upgraded the oil giant to buy from hold, saying the stock will get a boost from rising oil prices.BJ’s Wholesale — The wholesale retailer dipped nearly 1% before the bell. BJ’s Wholesale reported revenue that was slightly below Refinitiv estimates. Comparable club sales excluding gasoline came in slightly weaker than expected.— CNBC’s Michelle Fox, Hakyung Kim, Jesse Pound and Samantha Subin contributed reporting …

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[mwai_chat context=”Let’s have a discussion about this article:nnCars are seen parked in front of a Dick’s Sporting Goods store at Monroe Marketplace in Pennsylvania.Paul Weaver | SOPA Images | LightRocket | Getty ImagesCheck out the companies making headlines before the bell:Yelp — Yelp shares surged 11.4% in premarket trading. Activist investor TCS Capital Management confirmed reports that it’s built a stake of more than 4% in Yelp, and is asking the company to explore strategic alternatives including a sale, according to an open letter to the Yelp board of directors on Tuesday.AutoZone — Shares of AutoZone fell more than 2% after the specialty retailer’s third-quarter revenue came up short of expectations. AutoZone reported $34.12 in earnings per share on $4.09 billion in revenue. Analysts surveyed by Refinitiv were looking for $31.51 in earnings per share and $4.12 billion in revenue. AutoZone’s inventory increased 7.4% year over year.Lowe’s Companies — Shares dipped about 1% after the home improvement retailer lowered its full-year forecast for total sales, comparable sales and adjusted earnings per share. However, Lowe’s beat on first quarter earnings and revenue.Dick’s Sporting Goods — Shares of the sporting goods retailer gained more than 2% before the bell on a top-and-bottom line beat for the recent quarter. Dick’s Sporting Goods beat earnings expectations by 22 cents a share and reaffirmed its 2023 forecast.Zoom Video Communications — Zoom declined 0.7% in the premarket after posting its first quarter results. The video conferencing firm reported adjusted earnings of $1.16, more than the expected 99 cents per share, according to consensus estimates from Refinitiv. It posted revenue of $1.11 billion, higher than revenue of $1.08 billion. However, its second quarter guidance was basically in line with expectations.Chevron — Chevron shares rose 1.2% in the premarket. HSBC upgraded the oil giant to buy from hold, saying the stock will get a boost from rising oil prices.BJ’s Wholesale — The wholesale retailer dipped nearly 1% before the bell. BJ’s Wholesale reported revenue that was slightly below Refinitiv estimates. Comparable club sales excluding gasoline came in slightly weaker than expected.— CNBC’s Michelle Fox, Hakyung Kim, Jesse Pound and Samantha Subin contributed reporting …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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