Cisco, Kohl's Fall Premarket; Virgin Galactic Soars

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By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Thursday, May 20th. Please refresh for updates.

• Cisco (NASDAQ:CSCO) stock fell 5.5% after the networking equipment company cautioned that supply chain issues will linger through the end of 2021 and forecast its current-quarter profit below estimates.

• Kohls (NYSE:KSS) stock fell 6.4% despite the retail chain reporting a near 70% jump in first-quarter sales and raising its forecast for 2021 profit, as it prepares for the upcoming shopping boom after a pandemic hit. Its stock is up nearly 50% year to date.

• Virgin Galactic (NYSE:SPCE) stock soared 21% after the space tourism company announced it is targeting Saturday for its next spaceflight test following the completion of a maintenance review of its carrier aircraft.

• BJs Wholesale (NYSE:BJ) stock fell 4.5% after the warehouse retailer reported comparable-store sales ex-fuel fell by 5% in the first quarter, adding that the rest of the year remains difficult to forecast.

• L Brands (NYSE:LB) stock fell 2% after the retail company said it wasn’t providing a forecast for the rest of the year because it is preparing to spin off its Victoria’s Secret business as its own public entity. L Brands reported first-quarter earnings and sales that topped estimates.

• Hormel Foods (NYSE:HRL) stock rose 1.5% after the company reported strong first-quarter numbers, adding that demand for its products, like Spam and Jennie-O, remains elevated compared to pre-pandemic levels.

• Shoe Carnival (NASDAQ:SCVL) stock fell 6.8% after the footwear retailer said its revenue for the second quarter would be below expectations even as its swung to a profit in the first quarter as sales doubled.

• Synopsys (NASDAQ:SNPS) stock rose 1.3% after the electronic design automation company reported quarterly results that blew past estimates and raised its full-year forecast.

• Analog Devices (NASDAQ:ADI) stock rose 1.2% after Bernstein upgraded its investment stance on the semiconductor to ‘outperform’ from ‘market perform’, saying the company has long-term potential as a key supplier for electric vehicles.

• ViacomCBS (NASDAQ:VIAC) stock rose 3.1% after Bank of America (NYSE:BAC) upgraded its stance on the media company all the way to ‘buy’ from ‘underperform’ on the potential of it becoming an acquisition target in the wake of the massive merger agreement between Discovery (NASDAQ:DISCA) and WarnerMedia.

• Ralph Lauren (NYSE:RL) stock fell 3.9% after the clothing retailer reported a loss of $74.1 million in its fiscal fourth quarter, with comparable sales falling 4% on a constant currency basis, weighed by a 45% drop in Europe as Covid-19 restrictions closed stores..
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