Take a look at some of the biggest movers in the premarket:
target (TGT) – Target announces a series of moves To “right size” its inventory levels, including additional markdown and cancellation orders. It lowered its operating margin guidance for the current quarter from 5.3% to 2%, but said margins would recover to about 6% in the back half of the year. Target dropped 7.9% in the premarket.
JM Smucker (SJM) – Shares of the food producer slipped 3.5% in premarket trading despite better-than-expected quarterly results. Smucker said inflation, supply chain issues and other factors influence results and increase uncertainty. It also said that the recall of its Jiff peanut butter product would have a negative impact on full-year profit.
kohlso (KSS) — Kohl’s rose 11.2% in premarket trading after it said it was in advanced acquisition talks with retail holding company Franchise Group (FRG), parent of Vitamin Shoppe and other retail brands. The deal could cost Kohl’s about $8 billion. Franchise Group added 2.7%.
United Natural Foods (UNFI) — Shares of the food distributor jumped 5.8% in the premarket after reporting better-than-expected quarterly profit and revenue. United Natural’s sales were boosted by increased business from new and existing customers, as well as inflation, and raised its full-year forecast.
G-III Apparel (GIII) — The apparel and accessories company earned 72 cents per share for its latest quarter, 14 cents per share above estimates. Revenue came in well above forecasts down the road. G-III also issued an upbeat outlook and its shares rose 2.3% in premarket action.
Buzzfeed (BZFD) — BuzzFeed rebounded 4.9% in the premarket, which isn’t enough for Monday’s 41% slide. The digital media company’s stock fell after the end of the lockup period following BuzzFeed’s IPO.
gitlab (GTLB) — Gitlab jumped 9.3% in premarket action after software platform developer reported better-than-expected quarterly results and raised its earnings outlook.
peloton (Pton) — Peloton announced the departure of Jill Woodworth, Chief Financial Officer, after four years with the fitness equipment maker. She will be replaced by Liz Coddington, a former Amazon and Netflix executive, effective June 13. Peloton added 1.6% premarket.
novavax (NVX) – A Food and Drug Administration panel will convene today to consider the drugmaker’s approval application for its COVID-19 vaccine. Novavax shares rose 3.8% in premarket action.
Confirm Holdings (AFRM) — The fintech company’s stock fell 2.8% in the premarket after yesterday’s drop of 5.5%. came in the wake of the decline Apple (AAPL) announced that it will add a “pay now-later” option to its Apple Pay service. block (SQ), the payments company formerly known as Square, lost 3%.