Investing.com | Author Peter Nurse
Published Nov 16, 2022 07:06AM ET
Updated Nov 16, 2022 07:55AM ET
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, November 16th. Please refresh for updates.
Target (NYSE:TGT) stock slumped 14% after the big-box retailer reported a halving in its third-quarter profit and forecast a surprise drop in holiday-quarter sales, citing surging inflation and "dramatic changes" in consumer spending.
Lowe’s (NYSE:LOW) stock rose 1.8% after the retailer raised its annual profit forecast, boosted by higher prices and steady demand for home improvement products.
Grab (NASDAQ:GRAB) stock rose 15% after the ride-hailing platform raised its forecast for annual revenue as demand for its services remains strong across Southeast Asia.
Lockheed Martin (NYSE:LMT) stock fell 0.3% after the weapons maker announced Microsoft will provide it with its first classified cloud as part of a three-year deal, making it easier for the company to share information with the Pentagon, its top customer.
Peloton (NASDAQ:PTON) stock rose 1.6% after the exercise bike maker announced it will start selling its products on Amazon's U.K. platform, in an effort to combat slowing demand.
Qualcomm (NASDAQ:QCOM) stock rose 0.4% after Credit Suisse initiated coverage of the semiconductor with an ‘outperform’ rating, seeing nearly 20% upside.
Written By: Investing.com
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