Welcome to Extreme Investor Network, where we bring you the latest news and updates in the world of finance. Today, we take a look at the companies making headlines before the bell.
Target, a retail giant, saw its shares tumble more than 7% after first-quarter earnings missed estimates. The decline was driven by a decrease in sales of about 3% as consumers purchased fewer discretionary items. On the other hand, Analog Devices, a semiconductor manufacturing company, saw its stock jump 6.2% after exceeding quarterly estimates. The company posted adjusted earnings of $1.40 per share in its fiscal second quarter, surpassing analyst expectations.
Shopify, a retail software stock, rose 2.6% following an upgrade from Goldman Sachs to buy from neutral. The investment bank believes that the industry leader’s shares are at an attractive entry point after a tough start to the year. In contrast, Box, a cloud storage company, dipped 2.2% after being downgraded by Morgan Stanley.
Urban Outfitters, a clothing retailer, added 1.8% after beating Wall Street estimates for fiscal first-quarter results. The company reported adjusted earnings of 69 cents per share on $1.20 billion of revenue, exceeding analysts’ expectations.
In other news, Hims & Hers Health, a digital pharmacy stock, slipped roughly 3% after being downgraded by Citi. The bank believes that while the company is performing well, the stock has already reached its upside potential.
These are just a few examples of the companies making moves in the market today. Stay tuned to Extreme Investor Network for more updates and analysis on the latest trends in finance and investing.