By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, March 1st. Please refresh for updates.
Target (NYSE:TGT) stock rose 10% after the department store chain reported a 9% jump in revenue during the final quarter last year, and forecast continued growth this year.
Kohl's (NYSE:KSS) stock rose 3.4% after the department store chain projected annual sales and profit above expectations as customers spent more on clothes and fragrances.
Zoom Video Communications (NASDAQ:ZM) stock fell 2.8% after the video conferencing platform forecast full-year revenue and profit below expectations, suggesting a hit from tough competition and lower sign ups for its core Meetings platform.
Chevron (NYSE:CVX) stock rose 1.1%, after the oil giant lifted its share buyback program, to between $5 billion and $10 billion every year, compared with its previous target of between $3 billion and $5 billion. It also forecasts operating cash flow through 2026, benefiting from the recent surge in energy prices.
Lucid Group (NASDAQ:LCID) stock slumped over 12% after the electric vehicle maker cut its production forecast for this year, to 12,000-14,000 from 20,000, due to "extraordinary supply chain and logistics challenges”.
Nvidia (NASDAQ:NVDA) stock fell 0.9% after the U.S. chipmaker said a cyber attacker has leaked employee credentials and some company proprietary information online after their systems were breached.
Visa (NYSE:V) stock fell 1.2% and Mastercard (NYSE:MA) stock fell 1% after the credit card giants announced they have blocked Russian banks from their networks in response to the Western sanctions.
Foot Locker (NYSE:FL) stock fell 3.54% after Goldman Sachs downgraded its investment stance on the sportswear company to ‘neutral’ from ‘buy’, citing its recent disappointing update.
Kroger (NYSE:KR) stock rose 2.69% after brokerage firm Telsey upgraded its stance on the retailer to ‘outperform’ from ‘market perform’, citing the company’s growth trajectory ahead of its fourth quarter earnings report.