Walmart, Alibaba, Cisco stock fall premarket; Macy's, Catalent rise
Investing.com -- U.S. futures inched lower Thursday, consolidating after recent gains and ahead of the release of a deluge of economic data and corporate earnings.
Here are some of the biggest premarket U.S. stock movers today:
Walmart (NYSE: WMT) stock fell 6.2% after the retail giant warned about the pressure on consumers heading into the important holiday season, offsetting a profit and sales beat for the third quarter.
Macy’s (NYSE: M) stock rose 9.8% after the department store chain reported a big fiscal third-quarter profit beat, helped by an improvement in margins, and nudged up its full-year outlook.
Alibaba (NYSE: BABA) ADRs dropped 7.5% after the Chinese e-commerce giant decided not to go ahead with a full spin-off of its key cloud unit, citing the impact of enhanced U.S. controls on exports of advanced computing chips and semiconductor manufacturing equipment to China.
Cisco (NASDAQ: CSCO) stock slumped over 10% after the tech company cut its full-year revenue and profit forecasts in a sign that demand for its networking equipment was slowing.
Palo Alto Networks (NASDAQ: PANW) stock fell 5.8% after the cybersecurity company issued second-quarter and full-year billing guidance below estimates after posting solid first-quarter results.
Bath & Body Works (NYSE: BBWI) stock fell 3.1% after the retailer lowered its annual sales forecast on signs of slowing demand ahead of the crucial holiday season.
Catalent (NYSE: CTLT) stock rose 1.7% after Baird upgraded its stance on the pharmaceutical company to ‘outperform’ from ‘neutral’, saying its valuation was now attractive.
Eli Lilly (NYSE: LLY) stock rose 0.5% after Reuters reported that the U.S. pharmaceuticals company plans to build a new plant in western Germany.