US Premarket: Target, Carrier Global and other stocks making biggest moves

Target (TGT)

Target stock plunged 22.1% in premarket trading after the
retailer posted an adjusted quarterly profit of $2.19 per share, below the
consensus estimate of $3.07. Revenue and comparable-store sales exceeded
forecasts, but like rival Walmart yesterday, higher costs affected Target’s
bottom line.

Also Read | Elon Musk’s Twitter takeover: A complete timeline of events

Penn National Gaming (PENN)

Shares of the casino operator jumped 3.2% in premarket
trading after Jefferies upgraded the stock to “buy” from “hold,” noting the
current stock price only assigns minimal value to Penn’s digital operation.
Jefferies says the unit could demonstrate good returns over time.

Lowe’s (LOW)

Shares of Lowe’s slipped 2.9% in the premarket after the
home improvement firm’s quarterly comparable-store sales fell more than market
expectations and revenue stood marginally below Street forecasts. Lowe’s beat
bottom-line forecasts by 29 cents with quarterly earnings of $3.51 per share.

Also Read | NASA’s Mars lander bites the dust, literally

Carrier Global (CARR)

Shares of Carrier Global fell 2.7% in premarket action
after Bank of America Securities downgraded the stock to “neutral” from “buy”.
The company said it is now more bearish on the residential HVAC market
following a recent industry conference and said Carrier has the highest
exposure of its rivals to that market.

Walmart (WMT)

Walmart shares fell 1.9% in premarket trading after
plunging 11.4% yesterday following its earnings miss, The retailer’s shares
witnessed their worst one-day since 1987.

Also Read | What Doug Mastriano’s Pennsylvania win means for the swing state

Analog Devices (ADI)

Analog Devices added 1.9% in premarket trading after
reporting an adjusted quarterly profit of $2.40 per share, 29 cents above
estimates and higher-than-expected revenue. The chipmaker said it was able to
increase output despite supply chain challenges, with demand remaining strong.

Also Read | What’s going on Elon? Twitter acquisition apparently “on hold”

Shoe Carnival (SCVL)

Shoe Carnival surged 1% in the premarket after it posted
a quarterly profit of 95 cents per share, above the market estimates of 9 cents
per share. Revenue also exceeded consensus estimates. The footwear retailer
raised its full-year guidance.