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Target, Lowe's, Netflix Fall Premarket; TJX Rises

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, May 18th. Please refresh for updates.

Target (NYSE:TGT) stock slumped 23% after the big-box retailer’s first-quarter profit halved and it warned of a bigger margin hit due to rising fuel and freight costs.

Lowe’s (NYSE:LOW) stock fell 2.9% after the home improvement retailer reported a bigger-than-expected drop in same-store sales, as demand eased for its tools and building materials from pandemic highs.

TJX Companies (NYSE:TJX) stock rose 2.3% despite the discount store operator cutting its full-year sales forecast. It still expects U.S. same-store sales growth to be at 1% to 2% for the full year.

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Netflix (NASDAQ:NFLX) stock fell 1.1% after the streaming giant said it has laid off about 150 people, approximately 2% of the company's workforce in the United States and Canada, as it faces slowing growth.

JPMorgan (NYSE:JPM) stock fell 0.4% after the lender’s shareholders rejected the special $52.6 million stock option award directors awarded CEO Jamie Dimon last year to stay on the job for at least five more years.

Twitter (NYSE:TWTR) stock fell 1% after the social messaging platform's board announced the company planned to hold Elon Musk to his legal commitments regarding the leveraged buyout offer of $54.20 a share, considerably above Tuesday’s $38.32/share close.

Trump Media & Technology Group (NASDAQ:DWAC) stock fell 1.6% after former president Donald Trump's new media company formally announced the launch of its social media app. The filing had also warned of bankruptcy risk.

Warby Parker (NYSE:WRBY) stock fell 3% after Goldman Sachs downgraded its stance on the online eyewear retailer to ‘neutral’ from ‘buy’, citing “fading confidence” in its revenue outlook.

Visa (NYSE:V) stock rose 0.6% and Mastercard (NYSE:MA) stock 0.2% after Goldman Sachs initiated coverage on the two credit card giants with ’buy’ ratings, saying they can rally more than 30% as they navigate surging inflation.

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