June 6, 2023

Brighton Journal

Complete News World

Big Lots, Hibbett, Pinduoduo and others

Big Lots, Hibbett, Pinduoduo and others

Check out the companies making headlines before the bell:

Lots (Large) — Shares of the discount retailer fell 21.2% in premarket after missing Wall Street expectations for quarterly earnings and revenue. The company also reported a larger-than-expected drop in comparable store sales and issued cautious guidance for the full year, saying inflationary pressures reduce discretionary spending.

hibit (HIBB)–The sporting goods retailer stock fell 6.5% in premarket trading after defaulting on analyst earnings and sales estimates for the fourth quarter. Hibbett said its clients had lower discretionary income than in the previous quarter when stimulus payments helped boost spending.

Bindudu (PDD) — The China-based e-commerce platform operator’s quarterly results were better than expected, as China’s Covid-19 lockdown helped boost online spending. Pinduoduo is up 8.8% in the pre-market movement.

canopy growth (CGC) – The cannabis producer reported a wider-than-expected quarterly loss, with revenue also lower than analysts’ expectations. The company said it expects to be profitable on an adjusted basis in fiscal year 2024. Umbrella growth eased 10.5% in pre-market trading.

costco (COST) — Costco beat the higher and lower estimates for the last quarter, but the warehouse retailer’s profit margins shrunk by about one percentage point due to increased labor and shipping costs. Costco said it was increasing the prices of some foodstuffs to make up for the increases. Its stock lost 1.3% in the pre-market.

Dell Technologies (DELL) — Dell jumped 9.8% in premarket trading, after better-than-expected earnings and returns for the fourth quarter. The PC maker has benefited from a jump in corporate demand for desktop and laptop computers.

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the difference (GPS) — Gap shares fell 17.8% in pre-market activity after the apparel retailer cut its full-year profit forecast and posted a larger-than-expected quarterly loss. Gap’s results were affected by higher shipping costs and deeper levels of discounting.

Ulta Beauty (ULTA) — Ulta shares jumped 8.4% in premarket trading after the cosmetics retailer beat Street expectations with its latest quarterly report and issued an optimistic outlook. Strong demand for beauty products helped Ulta.

American Eagle Outfitters (AEO) — American Eagle stock fell 13.4% in premarket trading after its quarterly earnings and revenue missed Wall Street estimates. The chief executive of the apparel retailer, Jay Schuttenstein, said the quarter was challenging, with demand well below the company’s expectations.

Red Robin Gourmet Burger (RRGB) — Shares of the restaurant chain rose 12.9% in pre-market activity after reporting a less-than-expected quarterly loss and revenue that beat analysts’ expectations. Red Robin also updated its full-year cost-of-commodity guidance, due to the effects of inflation.