Dick's Tumbles in Premarket; Nordstrom, Wendy's Rise
By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trading on Wednesday. Please refresh for updates.
Dick’s Sporting Goods Inc (NYSE:DKS) stock tumbled 12.2% after the retailer put out weaker-than-expected full-year guidance. Its figures for the quarter just ended beat forecasts nonetheless, with comparable sales down less than feared. Wendy’s (NASDAQ:WEN) stock rose 9% after a filing from Nelson Peltz’s Trian company suggested that Peltz, who has been the burger chain’s largest shareholder for several years already, is looking at a takeover. The stock has lost one-third of its value since the start of the year. JW Nordstrom (NYSE:JWN) stock rose 5.3% after the department store chain upgraded its full-year profit and sales forecasts, after a quarter in which comparable sales were comfortably above pre-pandemic levels. It nonetheless posted a wider-than-expected loss for the quarter just ended. Lyft (NASDAQ:LYFT) stock edged down another 0.2% after plunging on Tuesday in response to rumors that it too is looking to slash costs due to the various challenges of inflation and a looming economic slowdown. Express (NYSE:EXPR) stock rose 11.8% after the clothing store chain reported a narrower loss than forecast by analysts. It also improved its outlook for the full year marginally. The stock is still down by around two-thirds over the last year. Intuit (NASDAQ:INTU) stock rose 2.5% in premarket trading after the software company beat expectations with its quarterly results. The recent acquisition of direct marketing firm Mailchimp also helped it to upgrade its forecast for the current quarter. Pfizer (NYSE:PFE) stock was down 0.5% after the company said it would provide its branded drugs at cost price to lower-income countries, an effort to deflect criticism about its pricing policies for - among other things - its Covid-19 vaccine and antiviral drug. Clearway Energy (NYSE:CWENa) stock rose 1.8% after French oil and gas giant TotalEnergies (NYSE:TTE) said it would buy a 50% stake in its parent company Clearway Energy Group, underpinning the growth outlook for the renewable energy stock.
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