Market Insider

Stocks making the biggest moves premarket: Macy’s, Kohl’s, Tapestry, Petco and others

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Check out the companies making headlines before the bell:

Macy’s (M) – The retailer reported adjusted quarterly earnings of $1.29 per share, well above the 19 cents consensus estimate, with revenue also above forecasts. Macy’s reported a better-than-expected increase in comparable-store sales, raised its annual sales forecast, and also announced a share buyback and the reinstatement of its dividend. Shares jumped 3.7% in the premarket.

Kohl’s (KSS) – Kohl’s fell 2.6% in premarket action despite quarterly results that beat analyst forecasts. Kohl’s reported an adjusted quarterly profit of $2.48 per share, well above the $1.21 consensus estimate.

Tapestry (TPR) – The company behind the Coach and Kate Spade brands beat estimates by 5 cents with adjusted quarterly earnings of 74 cents per share and revenue above estimates as a reopening of economies around the world boosted demand for luxury goods. Tapestry also reinstated its dividend, but shares fell 2.3% in premarket trading.

Petco (WOOF) – The pet products retailer beat estimates by 5 cents with adjusted quarterly earnings of 25 cents per share and revenue that beat analyst forecasts as well. Petco also raised its full-year earnings and revenue outlook.

BJ’s Wholesale (BJ) – The warehouse retailer beat estimates on the top and bottom lines for its latest quarter, earning an adjusted 82 cents per share for the second quarter, 17 cents above estimates. It also reported unexpected growth in same-store sales.

Robinhood (HOOD) – Robinhood slumped 9.9% in the premarket after the company behind the popular trading app warned of a slowdown in trading activity during the current quarter. In its first report as a public company, Robinhood reported its quarterly revenue surged 131% compared with a year earlier, driven by a surge in cryptocurrency activity.

Cisco Systems (CSCO) – The networking equipment and services company beat estimates by 2 cents with adjusted quarterly earnings of 84 cents per share and revenue above estimates as well. Cisco did give a current-quarter profit forecast that fell shy of analyst forecasts, due to supply chain issues, and shares lost 1.4% in premarket trading.

Bath & Body Works (BBWI) – The personal care products retailer’s stock added 2.7% in premarket trading, after beating Street forecasts in its first quarterly report since L Brands spun off Victoria’s Secret and renamed itself Bath & Body Works.

Victoria’s Secret (VSCO) – The women’s apparel company’s shares plunged 8.6% in premarket action, after reporting quarterly sales that fell short of analyst expectations. Victoria’s Secret did see an improvement in profit margins as it kept tight inventories and ran fewer promotions.

Nvidia (NVDA) – The graphics chipmaker came in 3 cents above estimates with adjusted quarterly earnings of $1.04 per share, while revenue also topped estimates. Nvidia shares gained 1.4% in the premarket after it forecast better-than-expected current-quarter revenue.

Toyota Motor (TM) – The automaker’s stock dropped 3.1% in premarket trading, following a report by Japan’s Nikkei News service that Toyota would slash planned September production by 40% due to the global chip shortage.

Wells Fargo (WFC) – The bank reversed a previous decision to discontinue revolving lines of credit, following complaints by customers. However, Wells Fargo will not offer those lines of credit to any new customers. Shares fell 1.7% in the premarket.

Red Robin Gourmet Burgers (RRGB) – The restaurant chain’s shares tumbled 9.4% in premarket trading after posting an unexpected quarterly loss and lower-than-expected revenue. Red Robin said a worker shortage led to reduced operating hours at certain restaurants during the quarter.