Check out the companies making headlines before the bell:
Kohl’s (KSS) – Kohl’s reported adjusted quarterly earnings of 11 cents per share, well below the consensus estimate of 70 cents. Revenues were better than expected, but the retailer noted a difficult selling environment as well as higher costs. Kohl’s shares fell 3.3% in premarket trading.
BJ’s Wholesale (BJ) – The warehouse retailer jumped 5.8% in the pre-market after an upbeat earnings report. BJ’s beat estimates by 15 cents with adjusted quarterly earnings of 87 cents per share. Revenues and same-store sales were also better than expected.
Spirit Airlines (SAVE) – The airline’s board of directors has unanimously recommended that shareholders reject the $30-per-share takeover bid from JetBlue (JBLU). Spirit said a transaction with JetBlue would be unlikely to remove regulatory hurdles, and it is moving forward with its proposed merger with Frontier Airlines’ parent company, Frontier Group (ULCC). Spirits fell 1.7% in premarket trade.
Canada Goose (GOOS) – The outerwear maker’s stock rose 8.9% in premarket stock after the company reported unexpected earnings as well as better-than-expected revenue. Canada Goose also raised its forecast for the full year.
Target (TGT), Walmart (WMT) – Both retailers remain under scrutiny after suffering their worst one-day declines since October 1987 following their quarterly earnings reports this week. A spike in costs led the two to report earnings well below expectations.
Cisco Systems (CSCO) – Cisco fell 10.7% in premarket after slashing its full-year guidance. The networking gear maker is seeing sales hit by Covid lockdowns in China and the war in Ukraine. Network rivals fell in the wake of Cisco’s guidance with Juniper Networks (JNPR) down 4.6% pre-market and Broadcom (AVGO) down 3.8%.
Under Armor (UAA) – Under Armor CEO Patrik Frisk is stepping down effective June 1 to be replaced on an interim basis by Managing Director Colin Browne. Frisk became CEO of the sportswear maker in early 2020, just before the Covid-19 pandemic hit, and sales have fallen almost 50% since then. Under Armor slid 5.3% in premarket trading.
Bath & Body Works (BBWI) – Bath & Body Works reported better-than-expected earnings and revenue for its latest quarter, but the personal care retailer cut its profit forecast for the year due to inflationary factors and increased investment. The stock fell 6.8% premarket.
Synopsys (SNPS) – Synopsys rose 4.2% in premarket trading after the design automation software company reported better-than-expected earnings and revenue for its latest quarter and issued an upbeat outlook .