By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, August 24th. Please refresh for updates.
Nordstrom (NYSE:JWN) stock fell 13% after the department store chain cut its annual revenue and profit forecasts, a sign that decades-high inflation was squeezing consumer spending on its high-end clothing and footwear.
Bed Bath & Beyond (NASDAQ:BBBY) stock rose 31% after the Wall Street Journal reported that the troubled retailer has taken a step to securing a liquidity lifeline, selecting a lender to provide a loan following a marketing process conducted by J.P. Morgan.
Farfetch (NYSE:FTCH) stock rose 17% after the online luxury fashion retail platform agreed to buy a big chunk of Richemont's online operation YNAP at a marked down price.
Xpeng (NYSE:XPEV) stock fell 0.2% after the Chinese electric vehicle manufacturer said it expects to deliver between 29,000 and 31,000 electric vehicles in the current quarter, which would be a year-on-year increase of between 13-21%, but still well below market expectations due to COVID-19 restrictions.
Medtronic (NYSE:MDT) stock fell 0.4% after Raymond James downgraded its stance on the healthcare company to ‘market perform’ from ‘outperform’, citing falling confidence in its growth potential.
Intuit (NASDAQ:INTU) stock rose 5.6% after the accounting software maker forecast reported strong full-year results and forecast upbeat fiscal 2023 revenue.
Twitter (NYSE:TWTR) stock fell 0.2%, adding on to Tuesday’s 7% loss, after Rosenblatt downgraded its stance on the social media giant to ‘neutral’ from ‘buy’, citing the recent whistleblower complaints which call into question its purchase by billionaire Elon Musk.
- Petco (NASDAQ:WOOF) stock fell 7.1% after the pet products retailer posted disappointing quarterly results and cut its full-year outlook as it faced higher costs.