Kohl's, Rivian and AMC Entertainment fall premarket; GM and Procter&Gamble rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, March 1st. Please refresh for updates.
Kohl's (NYSE: KSS) stock fell 7.3% after the department store chain reported a holiday-quarter loss and forecast full-year profit below expectations as customers tightened their spending.
Lowe’s (NYSE: LOW) stock rose 0.3% after the home improvement retailer beat quarterly profit expectations, but offered up a disappointing full-year sales forecast, as soaring prices cause consumers to pause spending on home-related projects.
Rivian (NASDAQ: RIVN) stock slumped 8.6% after the electric vehicle manufacturer forecast 2023 production well below estimates, and announced a recall of more than 12,700 vehicles.
Tesla (NASDAQ: TSLA) stock rose 0.4% ahead of an investor day, and with the electric car manufacturer set to confirm a new factory in Mexico after striking a water deal.
AMC Entertainment (NYSE: AMC) fell 6.9% after the cinema chain recorded a more than 15% fall in fourth-quarter revenue, adding that the box office is yet to return to pre-pandemic norms.
Novavax (NASDAQ: NVAX) stock slumped 27.8% after the drugmaker said there is significant uncertainty around its 2023 revenue and announced plans to slash spending ahead of the autumn vaccination campaign.
Dollar Tree (NASDAQ: DLTR) stock fell 3.2% after the discount chain forecast full-year profit below expectations as customers reined in discretionary spending.
Procter & Gamble (NYSE: PG) stock rose 1.3% after UBS upgraded its stance on the consumer goods giant to ‘buy’ from ‘neutral’, saying the shares can rally nearly 20% from current levels.
General Motors (NYSE: GM) stock rose 0.9% after the auto giant announced it was cutting hundreds of high-level jobs as it looks to cut costs and streamline operations.
Sarepta Therapeutics (NASDAQ: SRPT) stock rose 17.1% after Morgan Stanley upgraded its stance on the biotech to ‘overweight’ from ‘equal-weight’, saying its shares can rally more than 50%.