Stocks Making the Biggest Moves Premarket: Big Lots, Hibbett, Pinduoduo and others

Big Lots (BIG), – After missing Wall Street’s quarterly earnings and revenue forecasts, the shares of the discount retailer fell 21.2% in premarket trading. The company also reported a bigger-than-expected decline in comparable-store sales. It issued cautious full year guidance, stating that inflationary pressures have reduced discretionary spending.

Hibbett – After falling short of analysts’ profit and sales estimates for its latest quarter, the stock fell 6.5% in premarket trade. Hibbett stated that customers have less discretionary income now than they did in the previous quarter, when stimulus payments were used to boost spending.

Pinduoduo – China’s e-commerce platform operator, , posted better quarterly results than expected due to China’s Covid-19 lockdowns that helped increase online spending. Premarket action saw Pinduoduo rise 8.8%

Canopy growth – This cannabis producer reported a larger-than-expected quarterly loss and revenue that was below analyst expectations. According to the company, it expects that it will be profitable in fiscal 2024 on an adjusted basis. Premarket trading saw Canopy Growth lose 10.5%

Costco – Costco beat both top-line and bottom-line estimates in its latest quarter. However, Costco’s profit margins shrink by almost 1 percentage point due primarily to higher freight and labor costs. Costco stated that it is increasing the prices of certain food items in order to offset these increases. Its stock fell 1.3% in premarket.

Dell Technologies – After a better-than-expected quarter’s profit and revenue, Dell saw a 9.8% increase in premarket trading. The jump in laptop and desktop computer demand by businesses has benefited the computer hardware manufacturer.

Gap (GPS). Gap shares plunged 17.8% in premarket action following the retailer’s cut in full-year earnings and a larger-than-expected quarterly loss. Gap’s results were impacted by higher shipping costs and deeper discounts.

Ulta Beauty (ULTA). Ulta shares jumped 8.4% in premarket trading following the release of a positive outlook and beating Street forecasts in its quarterly report. Strong demand for beauty products helped Ulta.

American Eagle Outfitters – American Eagle fell 13.4% in premarket trades after its quarterly profit was less than Wall Street expected. Jay Schottenstein (CEO of the apparel retailer) said that the quarter was difficult with lower demand than expected.

Red Robin Gourmet Burgers (RRGB) – The restaurant chain’s shares surged 12.9% in premarket action after it reported a smaller-than-expected quarterly loss and revenue that exceeded analyst forecasts. Red Robin updated its full-year commodity cost guidance due to inflation.