Watch us on YouTube Live at 8:30AM EST
Target Corp – The retailer reported first-quarter profit fell by 50% and also warned of a bigger margin hit due to rising fuel and freight costs, in a clear sign that deep-pocketed U.S. retailers are no longer immune to surging inflation. The company maintained its full-year sales forecast, but predicted that operating margin will grow at a slower pace of around 6% compared to a prior forecast of 8% or higher. Target’s total revenue rose by a better-than-expected 4% to $25.17 billion in the quarter. Net profit fell about 52% to $1.01 billion. Excluding items, the retailer earned $2.19 per share.
Big Tech – Lower as a group premarket after leading yesterday’s late session rally, MSFT shares are active on news the company which had been fined 1.6 billion euros by EU antitrust regulators, will revise its licensing terms and allow cloud service providers to better compete in response to complaints, its president Brad Smith said. The company was taking the first step but not the last to address the concerns. NVDA shares sharply lower on a Susquehana downgrade and PT cut. MSFT, AAPL, AMZN, GOOGL, NVDA, AMD
AMC Entertainment – Active premarket after announcing a 6.8% passive stake in in-theatre advertising firm Cinema advertising network National Cinemedia Inc. AMC has about 5.95 mln shares in the firm, making it the third-largest shareholder. NCMI also higher on the news.
Walmart Inc – Down another 2% premarket on top of yesterday’s post-earnings dramatic tumble, it was the biggest single session decline for the stock since the Friday before Black Monday in 1987.
Tesla Inc – Lower after Piper Sandler cut its target price to $1035 from $1260, following the company’s COVID-related weakness in China, while noting that new factories in Germany and Texas will be a drag on margins.
Doximity Inc – Shares are tumbling after the cloud-based platform for medical professionals issued a weaker than expected current-quarter revenue forecast. Doximity also reported better-than-expected quarterly profit and revenue. Multiple negative analysts moves on the stock.
Veru Inc – The low float, highly shorted (18%) retail favorite is active again premarket after rallying back above $17 after market yesterday. The stock continues to gain attention for its potential covid-19 treatment.
National CineMedia – Higher after AMC revealed a passive 6.8% stake in the in-theater advertising company.