Take a look at some of the biggest movers in the premarket:
Zoom video communication (ZM) — Zoom plunged 11.5% in the pre-market after the video conferencing company lowered its full-year guidance. Zoom reported better-than-expected earnings for the most recent quarter, but revenue fell short of guidance. Zoom’s CFO said the company is having some trouble attracting new paying subscribers, although he added that company sales are strong.
Palo Alto Networks (PANW) – Palo Alto is up 9.3% in premarket trading after the cybersecurity firm reported better-than-expected quarterly results and issued an upbeat outlook. Palo Alto also announced that its Board of Directors has approved a 3-for-1 stock split.
Macy’s (M) – Shares of the retailer are up 2.5% in premarket trading afterwards Exceed sales and profit forecasts for the second quarter and comparable store sales fell less than expected. However, Macy’s lowered its full-year guidance to include risks of a slowing economy.
Dick’s sporting goods (DKS) – The sports retailer Exceed sales and profit estimates for the second quarter and raised its full-year guidance. Like-for-like store sales fell 5.1% for the quarter, but that was less than the 6.9% decline analysts were expecting. The stock is up 2.3% premarket.
Medtronic (MDT) – Medtronic is up 1% premarket after it reported quarterly earnings and revenue that beat analysts’ forecasts. Revenue fell year-on-year as the medical device maker was impacted by supply chain challenges.
JD.com (JD) – The China-based e-commerce company reported better-than-expected quarterly results, noting a 9.2% increase in active customer accounts. JD.com is up 4.3% in premarket action.
Warner Bros. Discovery (WBD) – Nearly 10 million viewers watched the ‘Game of Thrones’ prequel ‘House of the Dragon’ on the company’s HBO Max service, a record for an HBO series debut. Warner Bros. Discovery was up 1.4% in the premarket.
JM Smucker (SJM) — Shares of the food maker gained 1.8% in premarket trading after it reported better-than-expected quarterly earnings and raised its full-year outlook.
XPeng (XPEV) — XPeng fell 4.9% premarket after the China-based electric vehicle maker reported a bigger-than-expected quarterly loss, though sales beat analysts’ forecasts as total shipments nearly doubled year-on-year.
Pinduo (PDD) – Pinduoduo plans to launch an international e-commerce platform next month, according to a source with direct knowledge of the matter, who spoke to Reuters. Pinduoduo is up 2.6% in premarket trading.