Snowflake, Intel, Tesla Fall Premarket; Best Buy, Box Rise

Investing.com

Thu, Mar 3, 2022, 2:52 AM2 min read

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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, March 3rd. Please refresh for updates.

Snowflake (NYSE:SNOW) stock slumped 20% after the cloud data warehousing company reported the slowest revenue growth in the fourth quarter since at least 2019.

Splunk (NASDAQ:SPLK) stock rose 2.3% after the software company surprised with an adjusted profit and upbeat revenue guidance, while also announcing a new CEO.

Best Buy (NYSE:BBY) stock rose 5.6% after the electronics retailer beat challenging year-over-year comparisons when the pandemic and stimulus checks fueled sales.

American Eagle Outfitters (NYSE:AEO) stock fell 4.9% after the clothes chain forecast a decline in earnings for the first half of 2022, citing rising freight expenses.

Box (NYSE:BOX) stock rose 6.1% after the file sharing company reported better-than-expected fourth-quarter results and upbeat guidance helped by increased enterprise spending on digital transformations.

Intel (NASDAQ:INTC) stock fell 2.3% after Morgan Stanley downgraded its stance on the semiconductor manufacturer to ‘underweight’ from ‘equal weight”, on relative valuation grounds.

AT&T (NYSE:T) stock rose 0.3% after Morgan Stanley (NYSE:MS) said the media giant’s upcoming spin-off of WarnerMedia should be the next catalyst, sending its stock higher. The investment bank has an ‘overweight’ rating on AT&T.

Tesla (NASDAQ:TSLA) stock fell 0.5% after CEO Elon Musk said he is open to the United Auto Workers union holding a vote about organizing labor at the company, a move he has long resisted. Separately, local news reports suggested that Tesla is close to getting final approvals for its factory outside Berlin to start operations.

Kroger (NYSE:KR) stock rose 5.8% after the supermarket chain forecast annual same-store sales and profit above expectations, seeing strong demand for groceries as the pandemic-induced home-cooking trend holds strong.

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