Take a look at some of the biggest movers in the premarket:
Target (TGT) – Target announced a series of moves to “right-size” its inventory levels, including additional markdowns and canceling orders. It cut its operating margin guidance for the current quarter to 2% from the prior 5.3% but said the margin would recover to about 6% in the back half of the year. Target slumped 7.9% in the premarket.
J.M. Smucker (SJM) – The food producer’s shares slid 3.5% in premarket trading despite better-than-expected quarterly results. Smucker said inflation, supply chain issues and other factors continue to impact results and increase uncertainty. It also said full-year profit would be negatively impacted by a recall of its Jif peanut butter product.
Kohl’s (KSS) – Kohl’s surged 11.2% in premarket trading after saying it was in advanced takeover talks with retail holding company Franchise Group (FRG), the parent of Vitamin Shoppe and other retail brands. The deal could value Kohl’s at about $8 billion. Franchise Group added 2.7%.
United Natural Foods (UNFI) – The food distributor’s shares jumped 5.8% in the premarket after it reported better-than-expected quarterly profit and revenue. United Natural sales were boosted by increased business from new and existing customers as well as inflation, and it raised its full-year forecast.
G-III Apparel (GIII) – The apparel and accessories company earned 72 cents per share for its latest quarter, 14 cents a share above estimates. Revenue came in well above Street forecasts. G-III also issued an upbeat outlook and its shares rose 2.3% in premarket action.
BuzzFeed (BZFD) – BuzzFeed rebounded 4.9% in the premarket, not nearly enough to make up for Monday’s 41% slide. The plunge in the digital media company’s stock came following the expiration of BuzzFeed’s post-IPO lockup period.
GitLab (GTLB) – Gitlab rallied 9.3% in premarket action after the software platform developer reported better-than-expected quarterly results and raised its earnings outlook.
Peloton (PTON) – Peloton announced the departure of Chief Financial Officer Jill Woodworth after four years with the fitness equipment maker. She’ll be replaced by former Amazon and Netflix executive Liz Coddington, effective June 13. Peloton added 1.6% in the premarket.
Novavax (NVAX) – A Food and Drug Administration panel will convene today to consider the drugmaker’s approval application for its Covid-19 vaccine. Novavax shares rose 3.8% in premarket action.
Affirm Holdings (AFRM) – The fintech company’s stock fell 2.8% in the premarket following yesterday’s 5.5% drop. The decline came in the wake of Apple’s (AAPL) announcement that it would add “buy-now-pay-later” options to its Apple Pay service. Block (SQ), the payments company formerly known as Square, lost 3%.
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