Target slumped 13.5% in premarket trading after missing
market estimates by 59 cents with quarterly earnings of $1.54 per share. The
retailer expects a drop in holiday season sales and cut its operating margin
forecast for the current quarter in half. Target said it will release a
cost-cutting plan designed to save up to $3 billion per year.
Carnival plunged 12.7% in premarket action after the cruise line operator announced a $1 billion convertible debt offering as part of its refinancing plan.
Shares of the online crafts marketplace fell 3.6% after it was put on Evercore’s “Tactical Underperform” list, even as the company maintained an outperform rating on the stock. Evercore likes Etsy’s long-term outlook but expects a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items.
Advance Auto Parts (AAP)
Advance Auto Parts slumped 14.7% in premarket trading after
the auto parts retailer reported lower-than-expected quarterly earnings.
However, its revenue came in line with market forecasts, results were impacted
by consumers shifting to its cheaper in-house brands rather than more expensive
national brands. The company also slashed its full-year outlook. Rival O’Reilly
Auto Parts (ORLY) fell 2.9%.
Sage Therapeutics (SAGE)
Sage Therapeutics added 3.3% in the premarket after an SEC
filing showed CEO Barry Greene purchased 14,500 shares in the drug maker.
Shares of the home improvement retailer rose 2.4% in the premarket after beating top and bottom line estimates for its latest quarter and reporting better-than-expected comparable store sales.
Corteva slipped 1% in premarket action UBS downgraded the
seed and crop protection products company’s stock to neutral from buy in what
the firm says is a valuation call. Yet, UBS raised its price target on
Corteva’s stock to $73 from $70 per share.