Stocks making the biggest moves premarket: Target, Tesla, Cava and more

by | Aug 16, 2023 | Financial

In this photo illustration, a Target logo is displayed on the screen of a smartphone.Sheldon Cooper | SOPA Images | Lightrocket | Getty ImagesCheck out the companies making headlines before the bellTarget – Target shares popped nearly 8% before the market opened even as the retailer slashed its full-year forecast and posted revenue for the recent quarter that fell short of Wall Street’s expectations. The company posted earnings of $1.80 a share, versus the $1.39 expected by analysts polled by Refinitiv. Revenue came in at $24.77 billion, lighter than the $25.16 billion that was estimated.Tesla – The electric vehicle stock lost more than 2% premarket on news that it cut prices on existing Model S and Model X inventories in China.  Cava – Shares of the Mediterranean fast-casual chain jumped more than 9% after posting a profit in its first quarterly report following its initial public offering. Revenue surged 62% in the latest quarter to nearly $173 million as Cava opened new stores.Coinbase – Shares of the U.S. cryptocurrency exchange rose about 4% before the bell after the National Futures Association, a CFTC-designated self-regulatory organization, cleared the company to operate a futures trading service alongside its existing spot crypto trading offering.TJX Companies – The off-price retailer’s stock rose 3% on stronger-than-expected quarterly results. TJX posted adjusted earnings of 85 cents per share on $12.76 billion in revenue. That came in ahead of the 77 cents and $12.45 billion expected by analysts, per Refinitiv.Coherent – Coherent plunged more than 23% before the bell after posting weaker-than-expected guidance for the fiscal first quarter and full year. The company attributed the disappointing outlook to expectations for “no meaningful improvement” in the macroeconomic environment, including China.VinFast Auto – The Vietnamese electric vehicle stock shed more than 12% in the premarket, one day after its debut on the Nasdaq via a SPAC merger. Shares more than doubled in Tuesday’s – U.S.-listed shares of dropped 5% even after the China-based e-commerce company surpassed expectations for the recent quarter on the top and bottom lines.Keurig Dr Pepper – The beverage stock rose about 1.4% after UBS upgraded Keurig Dr Pepper to a buy from a neutral rating, citing its cheap valuation relative to peers and its historical average.H&R Block – The tax preparer’s stock jumped more than 4% after topping fiscal fourth-quarter earnings expectations and hiking its dividend by 10%. H&R Block earned $2.05 adjusted per share on revenues of $1.03 billion. Analysts polled by Refinitiv had estimated $1.88 in earnings and $1.01 billion in revenue.Agilent Technologies – Shares lost 2.5% in the premarket after the laboratory technology company cut its full-year guidance, citing a softer macroenvironment. Agilent topped its third-quarter revenue and EPS expectations, posting adjusted earnings of $1.43 a share on $1.67 billion in revenue.Jack Henry & Associates — Jack Henry & Associates dropped 6.3% in the premarket. The financial tech company issued full-year earnings guidance for June 2024 that was weaker than expected; it forecast per-share earnings in the range of $4.92 to $4.99, while analysts polled by FactSet expected $5.35. Otherwise, it beat analysts’ expectations in its most recent quarter. Jack Henry reported fiscal fourth-quarter earnings of $1.34 per share, better than the consensus estimate of $1.19 per share, while revenue of $534.6 million topped analysts’ $512.8 million estimate.Mercury Systems — The aerospace technology stock fell about 11% in premarket trading after fiscal fourth-quarter results came …

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