Lowe's, Zoom, Microsoft rise premarket; Macy's, Dick's Sporting Goods fall
Investing.com -- U.S. futures traded higher Tuesday, continuing the previous session’s tech-led rally as investors digest more corporate earnings, particularly from the retail sector.
Here are some of the biggest premarket U.S. stock movers today:
Lowe’s (NYSE: LOW) stock rose 2.8% after the home improvement retailer posted a smaller-than-expected drop in quarterly comparable sales, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.
Macy’s (NYSE: M) stock fell 1.4% after the department store chain posted a drop in quarterly profit on Tuesday, dragged down by heavy discounting and higher promotions to clear spring and early summer merchandise.
Dick’s Sporting Goods (NYSE: DKS) stock slumped 19% after the athletics goods retailer reported a profit drop and cut its earnings outlook for the year after seeing an uptick in retail theft and slow sales.
Zoom (NASDAQ: ZM) stock rose 1.8% after the video-conferencing platform forecast third-quarter profit above expectations, a positive sign for the company that has tried to overcome a post-pandemic slowdown by offering a wider range of collaboration tools.
Microsoft (NASDAQ: MSFT) stock rose 1.2% after the software giant proposed a revised version of its merger with "Call of Duty" maker Activision Blizzard (NASDAQ: ATVI), up 1%, in a bid to receive approval from U.K. competition authorities for the video-gaming industry's largest-ever tie-up.
Coty (NYSE: COTY) stock fell 0.2% after the perfume and cosmetics maker issued a downbeat annual profit forecast, overshadowing positive fourth quarter revenues as customers splurged on both its high-end and affordable produce.
Nvidia (NASDAQ: NVDA) stock rose 1.8%, adding to the previous session’s hefty gains, as investors seek exposure to the chip designer ahead of Wednesday’s quarterly results.
Tesla (NASDAQ: TSLA) stock rose 4.1%, with the EV manufacturer’s stock continuing to push higher after logging its biggest one-day percentage gain since March in the previous session.
Amazon (NASDAQ: AMZN) stock rose 0.7% after Wedbush added the online retail giant to its Best Ideas List, saying its core business is underappreciated.
Medtronic (NYSE: MDT) stock rose 0.8% after the medical devices maker raised its annual profit forecast, banking on higher demand for its products as surgical procedure volumes pick up pace.
Baidu (NASDAQ: BIDU) stock rose 4.1% after the Chinese tech company Baidu reported better-than-expected revenue growth in the second quarter, bolstered by growth in advertising.
- Fabrinet (NYSE: FN) stock rose 21.3% after the electronic manufacturing services provider beat expectations for fourth quarter earnings, driven by new artificial intelligence products that saw strong growth.