US Premarket: Alibaba, Kohl’s, Cisco and other stocks making biggest moves

Alibaba (BABA)

Shares of the China-based e-commerce giant fell 1.8% in
premarket trading after reporting better-than-expected earnings but revenue
fell short of analyst forecasts. The company also raised its share buyback
program.

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Kohl’s (KSS)

Kohl’s fell 3.8% in the premarket after it withdraw its
financial forecast, citing various uncertainties including macroeconomic
conditions and the departure of CEO Michelle Gass.

Sonos (SONO)

Sonos added 3.3% in premarket action after the high-end
speaker maker’s sales for the third quarter exceeded analyst forecasts. Sonos
said supply chain disruptions have eased and it has sufficient inventory for
the holiday shopping season.

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Cisco Systems (CSCO)

Shares of the networking equipment and software company
gained 4.5% in premarket action after the company reported better-than-expected
quarterly results and issued a positive forecast. Cisco said it would implement
a “limited business restructuring.”

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Macy’s (M)

Macy’s stock jumped 9.6% in premarket trading after the
retailer reported better-than-expected profit and revenue. Same-store sales
declined less than expected and the company also raised its earnings outlook.

BJ’s Wholesale (BJ)

BJ’s stock jumped 2.4% in premarket action after beating
analyst forecasts on both the top and bottom lines for its latest quarter. The
warehouse retailer also posted better-than-expected comparable store sales and
raised its full-year forecast.

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Nvidia (NVDA)

Nvidia added 1.2% in the premarket after higher-than-expected
revenue for the third quarter. Analysts are predicting a rebound in the spring
of 2023. The company also missed bottom-line estimates for its latest quarter
and issued a weak sales forecast as demand for its video gaming chips wanes.

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Bath & Body Works (BBWI)

Bath & Body Works stock rallied 21.9% in premarket
trading after the retailer of personal goods raised its full-year earnings
forecast. CEO Sarah Nash said the company is pleased with its holiday season
product assortment and it is focused on inventory and expense management.

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Norwegian Cruise Line (NCLH)

Shares of the cruise line operator slipped 5% in premarket
trading after a double-downgrade from Credit Suisse to underperform from
outperform, with the company citing several factors including valuation.