Check up on out the companies making headlines before the bell:
Target (TGT) – Target plunged 13.5% in the premarket after schoolgirls consensus estimates by 59 cents with quarterly earnings of $1.54 per share. The retailer expects a drop in break season sales and cut its operating margin forecast for the current quarter in half. Target also said it will inaugurate a cost-cutting plan designed to save up to $3 billion per year.
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Lowe’s (LOW) – Lowe’s united 2.4% in premarket trading after the home improvement retailer beat top and bottom line estimates for its latest billet and reported better-than-expected comparable store sales.
Carnival (CCL) – Carnival slumped 12.7% in the premarket after the voyage line operator announced a $1 billion convertible debt offering as part of its refinancing plan.
Advance Auto Voices (AAP) – Advance Auto Parts plummeted 14.7% in off-hours trading after the auto parts retailer tasked lower-than-expected quarterly earnings. Although its revenue matched Street forecasts, results were impacted by consumers hour to its cheaper in-house brands rather than more expensive national brands. The company also lowered its full-year prospect. Competitor O’Reilly Auto Parts (ORLY) fell 2.9%.
Sage Therapeutics (SAGE) – Sage Therapeutics gained 3.3% in premarket work after an SEC filing showed CEO Barry Greene added 14,500 shares to his stake in the drug maker.
Corteva (CTVA) – Corteva prostrate 1% in the premarket after UBS downgraded the seed and crop protection products company’s stock to neutral from buy in what the secure says is a valuation call. Yet, UBS increased its price target on Corteva’s stock to $73 from $70 per share.
Alibaba (BABA), NetEase (NTES) – The China-based corporations are among the stocks gaining ground following a Reuters report that U.S. regulators gained “good access” to audits of Chinese firms indexed in the U.S. Alibaba rose 1.8% while Netease jumped 3.6% in premarket action.
Etsy (ETSY) – The online crafts marketplace was put on Evercore’s “Clever Underperform” list, even as the firm maintained an outperform rating on the stock. Evercore likes Etsy’s long-term standpoint but foresees a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items. Etsy pass overed 3.6% in the premarket.