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

Stock Markets May 18, 2022 07:54AM ET

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

© Reuters.

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.
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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Comments (5)

Mike Singh May 19, 2022 9:50PM ET

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Biden's and all his administration policies will cause recession and will bankrupte this country, companies and all of us. Just watch out for one world government run by these administration which will led to dictatorship. Americans need to watch what the propergander they are feeding us. Next is world War III. which will set us back hundred years and then everyone dies from nuclear acid rain for next fify years. Speek up and vote to impech them as soon as we can before its to late. Biden is only a face of the administration but all the darkness is hidden behind him who are doing it.

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MS MS May 18, 2022 9:28AM ET

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“The filing had also warned of bankruptcy risk.” Im not invested in DWAC but every single filing Ive ever read for any growth company has a risk of bankruptcy clause - why even mention this?

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Casador Del Oso May 18, 2022 9:06AM ET

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The roller-coaster ride continues. The path to the bottom is never a straight line.

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William Smith May 18, 2022 9:04AM ET

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We will be lucky if a recession is all Biden's policies cause as a depression is more likely.

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Mitchel Pioneer May 18, 2022 8:57AM ET

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The curtain prepares to rise on another day of comedy in the laughingstock of the financial world. Watch the intraday volatility magically reappear, with losses whisked away at predetermined times of the day.

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