Foot Locker, Tesla, Peloton fall premarket; Kohl's, Urban Outfitters rise
Investing.com -- U.S. futures traded higher Wednesday, as investors digested more corporate earnings, particularly from the retail sector, ahead of the release of numbers from chip designer Nvidia (NASDAQ: NVDA).
Here are some of the biggest premarket U.S. stock movers today:
Kohl’s (NYSE: KSS) stock rose 3.5% after the department store operator beat quarterly profit estimates, as leaner inventories, lower costs, and fewer discounts helped to counter a broader retail slowdown.
Foot Locker (NYSE: FL) stock slumped 31.4% after the sportswear retailer reported another quarter of falling sales, paused quarterly dividends, and slashed its outlook for the second time this year, blaming “consumer softness.”
- Peloton (NASDAQ: PTON) stock slumped 25.7% after the exercise bike retailer forecast first quarter revenue below estimates as a shift in consumer spending toward travel and experiences hurt demand for its equipment.
Urban Outfitters (NASDAQ: URBN) stock rose 4.8% after the apparel retailer beat expectations for the second quarter as same-store sales rose, driven by growth in retail stores and online sales.
- Bath & Body Works (NYSE: BBWI) stock fell 2.7% after the specialty retailer warned of a steeper decline in annual sales as cost-conscious customers deferred purchasing its pricier home fragrances and personal care products.
La-Z-Boy (NYSE: LZB) stock fell 1.6% after the furniture manufacturer said the industry will remain "challenged," with a potential seasonal boost.
Toll Brothers (NYSE: TOL) stock rose 0.4% after the homebuilder beat expectations for third quarter profit, as demand for luxury homes in a tighter resale market boosted new home sales.
WeWork (NYSE: WE) stock fell 5.1% after the New York Stock Exchange suspended trading in the workspace provider's warrants.
Tesla (NASDAQ: TSLA) stock fell 2.6% after a report by Business Insider said the EV manufacturer has lowered the production target of its German plant to 4,350 a week in July and August after hitting 5,000 a week in March and plans to reduce it further.
Stellantis (NYSE: STLA) stock fell 0.5% after Bloomberg News reported that the auto giant is exploring options to partner with a Chinese electric vehicle maker as it tries to expand its presence in the world's largest auto market.
Apellis Pharmaceuticals (NASDAQ: APLS) stock soared 26.8% after the biopharmaceutical company provided a key safety update about its injection kits and the rare events of retinal vasculitis related to its eye drug, Syfovre.
AMC Entertainment (NYSE: AMC) stock fell 7.5%, continuing to drop after the approval of a rescue deal that will allow the deeply indebted cinema chain to issue more shares.