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Target Falls Premarket; Lowe's, ViacomCBS Rise

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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, August 18th. Please refresh for updates.

Target (NYSE:TGT) stock fell 1.8% as the discount retailer reported a sharp slowdown in same-store sales growth in the second quarter to reflect slowing consumption after the pandemic-induced boom. The losses occurred even after the company approved a new $15 billion share repurchase program.

Lowe’s (NYSE:LOW) stock rose 4.1% after the home improvement retailer forecast full-year sales above estimates, as higher spending on big-ticket items offset some of the slowdown in demand from the company's core do-it-yourself items.

Tencent (OTC:TCEHY) ADRs rose 1.1% after the Chinese gaming and social media giant reported revenue growth of 20% and profit growth of 13% in the second quarter. Gains were capped by a fresh warning from regulators that its WeChat app had conducted illegal data transfers.

ViacomCBS (NASDAQ:VIAC) stock rose 2.9% after Wells Fargo (NYSE:WFC) upgraded its investment stance on the media giant to ‘overweight’ from ‘equal weight’, citing its streaming success.

TJX Companies (NYSE:TJX) stock rose 0.8% after the owner of discount retailer TJ Maxx beat expectations for its quarterly net sales, thanks to pent up demand from customers armed with stimulus checks.

Krispy Kreme (NASDAQ:DNUT) stock rose 2.7% after the donut chain impressed with its full-year revenue forecast, based on expected strength from online ordering and new menu items.

Alcon (NYSE:ALC) stock rose 10% after the maker of eye care products reported better-than-expected quarterly results and lifted its full-year forecasts, helped by the launch of its Vivity intraocular contact lens.

Tilray (NASDAQ:TLRY) stock rose 8.5% after the Canada-based cannabis producer announced plans to buy $166 million in convertible debt of U.S. producer MedMen Enterprises (OTC:MMNFF), positioning itself to enter the U.S. market.

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