Snap (SNAP)

The stock tumbled 28.8% in premarket trading after the
social media company issued a profit warning and said it would slow hiring. The
Snapchat parent said it is dealing with several issues including inflation, an
uncertain economic environment and Apple’s (AAPL) privacy policy changes.
Snap’s warning has impacted other social media stocks such as Meta Platforms
(FB), which is down 6.5%, Twitter (TWTR) down 3.4%, and Pinterest (PINS) down
11.9%.

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Best Buy (BBY)

Best Buy surged 5.2% in the premarket after reporting a
mixed quarter. The electronics retailer reported quarterly earnings of $1.57
per share, 4 cents below the forecasts. However, revenue was better than
expected and comparable-store sales did not fall as much as analysts had anticipated.
Best but cut its full-year outlook based on worsening macroeconomic conditions.

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Abercrombie & Fitch (ANF)

Shares of the apparel retailer plunged 17.7% in the
premarket after reporting an unexpected quarterly loss, despite better than
expected revenue. It expects higher costs to remain a headwind for the rest of
the year. The company also lowered its full-year outlook.

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Petco (WOOF)

Petco gained 5.4% in the premarket after beating top and
bottom-line estimates for its latest quarter and higher comparable-store sales
for the pet products retailer.

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Zoom Video (ZM)

Zoom shares jumped 4.7% in premarket action after
reporting better-than-expected quarterly earnings and raising its profit
outlook. Demand for Zoom’s flagship video conferencing services is declining as
people return to offices, but Zoom is shifting its focus to products for the
hybrid workplace.

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AutoZone (AZO)

The auto parts gained 1.4% in premarket trading after
reporting earnings of $29.03 per share for its fiscal third quarter, beating
the consensus estimate of $26.05 per share. Revenue topped forecasts and
comparable-store sales posted an unexpected gain.

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VMWare (VMW)

VMWare rose 1% in the premarket after Broadcom’s (AVGO)
reported takeover talks with the cloud computing company are based on a value
of around $60 billion or $140 per share in cash and stock, according to a
report by The Wall Street Journal.