US Premarket: Target, Kohl’s, Novavax and other stocks making biggest moves

Target (TGT)

Target plunged 7.9% in the premarket after announcing a
series of moves to “right-size” its inventory, including additional markdowns
and cancelling orders. It slashed its operating margin guidance for the ongoing
quarter to 2% from the prior 5.3% but said the margin would recover to around 6%
in the back half of the year.

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Kohl’s (KSS)

Kohl’s jumped 11.2% in premarket action after saying it
was in advanced acquisition talks with retail holding company Franchise Group
(FRG), the parent of Vitamin Shoppe and other retail brands. The deal could
have valued Kohl’s at around $8 billion. Franchise Group gained 2.7%.

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Novavax (NVAX)

Novavax shares rose 3.8% in premarket trading as a Food
and Drug Administration panel will convene today to consider the drugmaker’s
approval application for its Covid-19 vaccine.

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BuzzFeed (BZFD)

BuzzFeed rebounded 4.9% in premarket trading, not close
enough to offset Monday’s 41% slide. The plunge in the digital media company’s
stock came after the expiration of BuzzFeed’s post-IPO lockup period.

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JM Smucker (SJM)

Shares of the food producer fell 3.5% in the premarket
despite reporting better-than-expected quarterly results. Smucker said rising
inflation, supply chain disruptions and other factors continue to impact
results and increase uncertainty. Full-year profit would be negatively impacted
by a recall of its Jif peanut butter product.

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United Natural Foods (UNFI)

Shares of the food distributor added 5.8% in the
premarket after it reported better-than-expected quarterly profit and revenue.
Increased business from new and existing customers as well as inflation boosted
the company’s sales. It raised its full-year forecast.

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G-III Apparel (GIII)

Shares of the apparel and accessories company rose 2.3%
in premarket action after reporting quarterly earnings of 72 cents per share
for its latest quarter, 14 cents per share above estimates. Revenue came
significantly above Street forecasts. G-III also issued an upbeat outlook.

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GitLab (GTLB)

Gitlab surged 9.3% in the premarket after the software
platform developer reported better-than-expected quarterly results and raised
its earnings forecast.