Stocks making the biggest moves premarket: Designer Brands, Express, Chewy and more
Check out the companies making headlines before the bell:
Designer Brands (DBI) – The footwear and accessories retailer reported better-than-expected profit and revenue for its latest quarter and raised its full-year outlook. Designer Brands added 1.8% in the premarket.
Express (EXPR) – The apparel retailer’s shares slid 4.7% in premarket trading after its quarterly revenue missed estimates and it cut its full-year guidance. Express noted challenging economic conditions that worsened as the quarter progressed.
Chewy (CHWY) – Chewy slumped 10.8% in the premarket after cutting its full-year outlook. The pet products retailer reported a surprise profit for its latest quarter, but sales are lagging as prices rise and consumers focus pet spending on food and medications.
HP Inc. (HPQ) – HP Inc. shares tumbled 7.1% in premarket trading after quarterly earnings matched estimates and revenue missed forecasts. HP is the latest computer maker to report a slowdown in spending on electronics.
CrowdStrike (CRWD) – CrowdStrike reported better-than-expected quarterly profit and revenue, and the cybersecurity company also issued an upbeat forecast. CrowdStrike is seeing strong demand for cybersecurity software even in the face of a weakening economy.
Snap (SNAP) – Snap tumbled 7.2% in the premarket after losing two key executives to Netflix (NFLX). Chief business officer Jeremi Gorman will become the streaming service’s president of worldwide advertising, while Snap’s vice president of sales for the Americas, Peter Naylor, will become Netflix’s VP of ad sales. The news follows a report in The Verge Tuesday that the social media company would lay off 20% of its workforce amid a slide in digital advertising.
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond slumped 13.9% in premarket action after the housewares retailer filed to sell additional common shares in the future. Bed Bath & Beyond also provided an update on moves to shore up its finances, including commitments for more than $500 million in new financing.
PVH (PVH) – PVH cut its full-year outlook and also announced it would cut “people costs” by about 10% by the end of 2023. The maker of the Tommy Hilfiger and Calvin Klein apparel brands said it is facing a challenging economic environment and hopes to save more than $100 million annually through the job cuts. PVH lost 3.7% in the premarket.
Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise posted results in line with Wall Street forecasts, even as IT business spending declines. CEO Antonio Neri told Barron’s that the provider of networking equipment and services is seeing “enduring demand.” HPE shares rose 1.8% in premarket trading.
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