Lowe's, AutoZone, Alibaba fall premarket; Yelp, Dick's Sporting Goods rise
Investing.com -- Stocks in focus in premarket trade on Tuesday, May 23rd. Please refresh for updates.
Lowe’s (NYSE: LOW) stock fell 1.6% after the home improvement chain reported a decline in first quarter sales and lowered its full-year financial outlook, hit by a slowdown in discretionary spending by shoppers and softening lumber prices.
Dick’s Sporting Goods (NYSE: DKS) stock rose 2.8% after the retailer beat first quarter earnings expectations and reaffirmed its full-year outlook.
Yelp (NYSE: YELP) stock soared over 10% after activist investor TCS Capital Management called on the service-recommendation site to explore strategic options.
AutoZone (NYSE: AZO) stock fell 3% after the auto parts retailer reported a slowdown in comparable sales in its third quarter, hit by weaker-than-anticipated demand in March.
Lordstown Motors (NASDAQ: RIDE) stock fell 10% after the electric vehicle startup announced that it will effect a 1:15 reverse stock split on May 24.
Alibaba (NYSE: BABA) ADRs fell 1.5% after Bloomberg reported that the Chinese tech giant’s cloud division has begun a round of job cuts that could reduce its staff by about 7%.
PacWest Bancorp (NASDAQ: PACW) stock rose 15%, adding to Monday’s strong gains following the announcement of the lender’s plan to sell $2.6 billion worth of its loan portfolio to build capital.
Warner Bros Discovery (NASDAQ: WBD) stock rose 0.4% as the entertainment giant relaunches its HBO Max streaming service as “Max” in a bid for a wider audience.
Microsoft (NASDAQ: MSFT) stock rose 0.2% after Jefferies called the software giant a top pick, with a ‘buy’ rating, seeing more than 20% upside on AI enthusiasm.