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Investing.com — Stocks in focus in premarket trade on Tuesday, May 23rd. Please refresh for updates.
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Lowe’s (NYSE:) stock fell 1.6% after the reported a decline in first quarter sales and lowered its full-year financial outlook, hit by a slowdown in discretionary spending by shoppers and softening lumber prices.
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Dick’s Sporting Goods (NYSE:) stock rose 2.8% after the retailer first quarter earnings expectations and reaffirmed its full-year outlook.
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Yelp (NYSE:) stock soared over 10% after activist investor TCS Capital Management called on the service-recommendation site to explore strategic options.
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AutoZone (NYSE:) stock fell 3% after the reported a slowdown in comparable sales in its third quarter, hit by weaker-than-anticipated demand in March.
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Lordstown Motors (NASDAQ:) stock fell 10% after the electric vehicle startup announced that it will effect a 1:15 reverse stock split on May 24.
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Alibaba (NYSE:) ADRs fell 1.5% after Bloomberg reported that the Chinese tech giant’s cloud division has begun a round of job cuts that could reduce its staff by about 7%.
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PacWest Bancorp (NASDAQ:) stock rose 15%, adding to Monday’s strong gains following the announcement of the lender’s plan to sell $2.6 billion worth of its loan portfolio to build capital.
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Warner Bros Discovery (NASDAQ:) stock rose 0.4% as the entertainment giant relaunches its HBO Max streaming service as “Max” in a bid for a wider audience.
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Microsoft (NASDAQ:) stock rose 0.2% after Jefferies called the software giant a top pick, with a ‘buy’ rating, seeing more than 20% upside on AI enthusiasm.
