Best Buy, Abercrombie, Urban Outfitters rise premarket; Dollar Tree, Zoom fall
- Wall Street ends mixed; Salesforce selloff pressures Dow
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- Salesforce (CRM) drops after soft results, MS sees attractive valuation
- Snowflake (SNOW) falls as macro headwinds drag on guidance, analysts remain upbeat
- Piper Sandler says Apple (AAPL) likely lost 9M iPhone 14 units, cuts revenue estimates
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, November 22nd. Please refresh for updates.
Best Buy (NYSE: BBY) stock soared 7.3% after the retailer forecast a smaller-than-expected drop in annual sales ahead of the holiday season, as steep discounts help soften the blow to electronics demand.
- Dollar Tree (NASDAQ: DLTR) stock fell 2.4% after the discount store operator said it expects full-year profit to be in the lower half of its range, even as it raised its annual sales forecast.
Zoom (NASDAQ: ZM) stock slumped 9.1% after the video-conferencing platform lowered its annual revenue forecast, expecting a hit from declining online business.
- Abercrombie & Fitch (NYSE: ANF) stock rose 15% after the clothing retailer forecast fourth-quarter sales above expectations, saying it was "cautiously optimistic" ahead of the holiday season.
Urban Outfitters (NASDAQ: URBN) stock rose 2.4% after the clothing retailer beat expectations for its revenue in the third quarter, while CEO Richard Hayne said he was "encouraged" by current quarter sales ahead of the Black Friday weekend.
Dell Technologies (NYSE: DELL) stock fell 1.1% after the computer manufacturer provided a cautious outlook for current quarter sales, even after posting a 68% rise in quarterly operating profit on strong demand for servers and network equipment cushioned weak PC sales.
Walgreens Boots (NASDAQ: WBA) stock rose 1.7% after Cowen upgraded the pharmacy store chain to 'outperform' from 'market perform', saying it can rally more than 30% as it grows its health care business.
Carvana (NYSE: CVNA) stock fell 1.1% after Cowen downgraded its stance on the used car retailer to 'market perform' from 'outperform', citing a "lengthened" path to profitability.
Agilent (NYSE: A) stock rose 4% after the consumer electronic company beat quarterly earnings expectations, helped by growth in its core business.
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