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.
- TJX Companies (NYSE:TJX) stock rose 0.3% after the parent of TJ Maxx raised its annual same-store sales forecast, as inflation-hit consumers turned to the discount store ahead of the crucial holiday season.
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.
- Costco (NASDAQ:COST) stock fell 2% after an activist investor announced the retailer will set new targets by next year to cut its greenhouse gas emissions.
- Home Depot (NYSE:HD) stock fell 1.1% after Raymond James downgraded its stance on the retailer to 'market perform' from 'outperform', saying there are challenges ahead despite its solid earnings report.
- Oscar Health (NYSE:OSCR) stock rose 3.8% after Wells Fargo upgraded the health insurer to 'overweight' from 'equal-weight', seeing almost 40% upside.
Qualcomm (NASDAQ:QCOM) stock rose 0.4% after Credit Suisse (SIX:CSGN) initiated coverage of the semiconductor with an ‘outperform’ rating, seeing nearly 20% upside.