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Zoom, Best Buy and Urban Outfitters Fall Premarket; Xpeng Rises

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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, November 23rd. Please refresh for updates.

Zoom Video Communications (NASDAQ:ZM) stock fell 9.6% after the video-conferencing platform added fewer large clients than expected for the second straight quarter as demand for its services eased from pandemic-fueled heights last year.

Urban Outfitters (NASDAQ:URBN) stock slumped over 11% after the retailer’s quarterly outlook of around 16% sales growth failed to impress.

Best Buy (NYSE:BBY) stock fell 11% after the electronics retailer forecast fourth-quarter comparable sales below expectations, citing a likely hit from product shortages during the crucial holiday shopping season.

Comcast (NASDAQ:CMCSA) stock rose 0.2% after the WSJ reported that the media giant’s NBCUniversal unit is considering removing much of its content from Hulu, of which it owns a third, and making it exclusive to its Peacock platform. Walt Disney (NYSE:DIS) controls the rest of Hulu, and its stock fell 0.3%.

Xpeng (NYSE:XPEV) stock rose 4.4% after the Chinese electric vehicle maker reported a wider-than-expected quarterly loss, but also saw revenue come in well above estimates while issuing an upbeat current-quarter outlook..

Dollar Tree (NASDAQ:DLTR) stock fell 1.9% after the discount retailer reported a sharp rise in freight costs, weighing on its quarterly profit.

Abercrombie&Fitch (NYSE:ANF) stock fell 7.1% after the clothes retailer reported a drop in its profit margin of 30 basis points, even after its revenue beat expectations.

Medtronic (NYSE:MDT) stock fell 1.4% after the medical device company cut its full-year outlook, citing the Covid-19 resurgence and health-care staffing challenges.

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