Pre Market Movers For April 6th, 2023

Investors were deliberating economic data pointing towards a decelerating economy, resulting in flat stock futures on Thursday. The following stocks were expected to see movement:

Costco Wholesale (COST) experienced a 2.4% decrease in premarket trading after announcing a decline of 1.1% in same-store sales for March, compared to a 3.5% rise in February. Additionally, the retailer reported a 5.8% drop in the average transaction size for March as opposed to February.

Lumentum Holdings (LITE) stated that its fiscal third-quarter revenue would fall below the low end of its prior guidance range due to a network equipment manufacturer, who accounted for over 10% of the company’s fiscal second-quarter revenue, not taking the shipments the company had previously projected for the quarter. As a result, the maker of optical-networking components lowered its third-quarter sales forecast to $380 million to $384 million from the previous $430 million to $460 million, leading to a 14.3% decline in the stock. Rosenblatt downgraded the stock from Buy to Neutral.

FedEx (FDX) rose 1.3% in premarket trading to $232.98 after being upgraded to Outperform from Market Perform at Raymond James, with a price target of $285. The shipping giant raised its annual dividend and announced corporate structure changes on Wednesday.

Constellation Brands (STZ), a beer and spirits company, reported fiscal fourth-quarter adjusted earnings of $1.98, surpassing analysts’ expectations of $1.83, with sales of about $2 billion slightly below forecasts. The stock dropped 0.6% in premarket trading.

AbbVie (ABBV) fell 0.5% in premarket trading after reducing its fiscal-year adjusted earnings outlook to $10.62 to $11.02 per share from its previous forecast of $10.70 to $11.10 in February. The pharmaceutical firm disclosed that it would record a $150 million pretax charge, or 8 cents per share, in the first quarter for in-progress research and development and milestone expenditures in a regulatory filing.


Greg Timmons

Editor, Only Headline