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Best Buy Co – Higher premarket after the electronics retailer reported Q1 revenue of $10.65 bln beating est of $10.41 bln. Best Buy did however lower its forecasts for annual sales and profit as inflation saps consumer spending power, the company now expects FY comparable sales to fall 3%-6% vs previous forecast of 1%-4% decrease; forecasts adjusted EPS of $8.40 to $9, down from prior estimate of $8.85 to $9.15. Best Buy said it was expecting full-year comparable sales to fall 3% to 6%, compared with its previous forecast of a 1% to 4% drop.
Zoom Video Communications – Higher after quarterly results beat, posted EPS of $1.03 coming in above the Street estimate of $0.87. Revenue increased 12% year-over-year to $1.07 billion, in line with the Street estimate. The company has approximately 198,900 enterprise customers as of the end of the quarter, representing a 24% year-over-year growth. The number of customers contributing more than $100,000 in trailing 12 months’ revenue was 2,916, up 46% year-over-year. For the full 2023-year, the company expects EPS in the range of $3.70-$3.77, compared to the consensus of $3.53, and revenue in the range of $4.53-4.55 billion, compared to the consensus of $4.55 billion.
Snap Inc – Tumbling premarket after saying it now expects to report Q2 revenue and adjusted EBITDA below the low end of its prior forecast. Last month, SNAP forecast Q2 revenue to grow between 20% and 25% and expected daily active users between 343 mln and 345 mln. Multiple brokerages with negative moves and PT cuts this morning based on the Q2 results warning.
JP Morgan Chase – Back on watch after yesterday’s, investor day rally. 4 separate PT increases on the stock this morning from the likes of Jefferries, RBC, BMO and KBW who raised its target price to $148 from $142, after the company provided positive outlooks on credit, NII and trading.
Social Media Stocks – Sharply lower as a group on the SNAP warning, multiple negative analyst moves on the group all down between 3%-12%. TWTR down 3.5% Jefferies cuts target price to $40 from $48, citing recent management changes which could create some uncertainty around the company’s ability to achieve its 2023 revenue and growth targets. FB, PINS, TWTR
Tesla Inc – Down sharply premarket after Daiwa Capital Markets cuts target price to $800 from $1,150, to reflect the lockdowns in Shanghai and supply chain concerns impacting ramp-up of Austin and Berlin plants.
Abercrombie & Fitch – Lower after the apparel retailer posted an unexpected quarterly loss, despite beating revenue estimates. Abercrombie was hit by higher costs, which it said it also expects to remain a headwind for the rest of the year. The company also cut its full-year forecast.
BOQI International Medical – Low float Chinese pharma stock with a history of gapping on now news up sharply premarket on seemingly no catalyst. 8m float with increased social media interest.