Market Insider

Stocks making the biggest moves premarket: Kohl’s, BJ’s Wholesale, Spirit and more

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Check out the companies making headlines before the bell:

Kohl’s (KSS) – Kohl’s reported adjusted quarterly earnings of 11 cents per share, well short of the 70-cent consensus estimate. Revenue was better than expected, but the retailer noted a tough sales environment as well as higher costs. Kohl’s shares fell 3.3% in premarket trading.

BJ’s Wholesale (BJ) – The warehouse retailer jumped 5.8% in the premarket after an upbeat earnings report. BJ’s beat estimates by 15 cents with adjusted quarterly earnings of 87 cents per share. Revenue and comparable-store sales were also better than expected.

Spirit Airlines (SAVE) – The airline’s board unanimously recommended that shareholders reject JetBlue‘s (JBLU) $30 per share tender offer. Spirit said a JetBlue transaction would have little chance of clearing regulatory hurdles, and it is moving ahead with its plan to merge with Frontier Airlines parent Frontier Group (ULCC). Spirit fell 1.7% in premarket trading.

Canada Goose (GOOS) – The outerwear maker’s stock rallied 8.9% in premarket action after the company reported an unexpected profit as well as better-than-expected revenue. Canada Goose also raised its full-year forecast.

Target (TGT), Walmart (WMT) – The two retailers remain on watch after both suffered their worst one-day drops since October 1987 following their quarterly earnings reports this week. A surge in costs led both to report earnings that came in far below expectations.

Cisco Systems (CSCO) – Cisco tumbled 10.7% in the premarket after cutting its full-year forecast. The networking equipment maker is seeing its sales hit by Covid lockdowns in China and the war in Ukraine. Networking rivals fell in the wake of Cisco’s forecast with Juniper Networks (JNPR) down 4.6% in the premarket and Broadcom (AVGO) down 3.8%.

Under Armour (UAA) – Under Armour CEO Patrik Frisk is stepping down, as of June 1, to be replaced on an interim basis by Chief operating Officer Colin Browne. Frisk became CEO of the athletic apparel maker at the beginning of 2020, just before the Covid-19 pandemic hit, and sales have fallen nearly 50% since then. Under Armour slid 5.3% in premarket trading.

Bath & Body Works (BBWI) – Bath & Body Works reported better-than-expected profit and revenue for its latest quarter, but the personal care products retailer cut its full-year earnings forecast due to inflationary factors and increased investments. The stock slumped 6.8% in the premarket.

Synopsys (SNPS) – Synopsys rallied 4.2% in premarket trading after the design automation software company reported better-than-expected profit and revenue for its latest quarter and issued an upbeat forecast.

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