General Mills, Coty, Estée Lauder Rise Premarket; Stitch Fix Falls
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, September 21st. Please refresh for updates.
Stitch Fix (NASDAQ:SFIX) stock fell 4.7% after the online personal styling service reported disappointing quarterly results and an underwhelming outlook, suggesting the weaker macroeconomic environment is holding back discretionary spending.
Gap (NYSE:GPS) stock fell 0.1% after the Wall Street Journal reported that the clothing retailer is set to cut 500 corporate jobs, seeking to reduce expenses amid declining sales.
Estée Lauder (NYSE:EL) stock rose 1.9% after Goldman Sachs upgraded its stance on the cosmetics company to ‘buy’ from ‘neutral’, seeing a path to “robust” sales growth.
Beyond Meat (NASDAQ:BYND) stock fell 1.4% after the plant-based meat producer suspended its COO Doug Ramsey, effective immediately, following reports of the executive's arrest for allegedly biting a man's nose during an altercation.
Novartis (NYSE:NVS) ADRs fell 0.8% after the Swiss drugmaker announced plans to petition the U.S. Supreme Court to uphold the validity of its patent for a dosing regimen of its blockbuster multiple sclerosis drug, Gilenya, and reverse a federal appeals court decision made earlier this summer.
Northrop Grumman (NYSE:NOC) stock rose 1.5%, Raytheon Technologies (NYSE:RTX) stock rose 1.4% and Lockheed Martin (NYSE:LMT) stock rose 1.9% as the defense companies gained after President Vladimir Putin ordered Russia's first mobilization since World War II.
General Mills (NYSE:GIS) stock rose 2% after the packaged food retailer raised its full-year sales and profit forecast, banking on higher prices and resilient demand for its breakfast cereals, snack bars, and pet food.
Coty (NYSE:COTY) stock rose 4.6% after the cosmetics maker announced its strategy to double skincare product sales by fiscal 2025.
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