Stocks in focus in premarket trade on Friday, December 10th.
- Lululemon Athletica (NASDAQ:LULU) stock fell 1.7% after the athleisurewear retailer warned that the spread of new coronavirus variants could lead to a slowdown in demand for its casual clothing, even as it raised its full-year revenue and profit forecasts.
- Oracle (NYSE:ORCL) stock soared 12% after the company software provider posted strong second-quarter results on the back of higher IT spending as well announcing an increase of $10 billion in its share buyback program.
- Southwest Airlines (NYSE:LUV) stock fell 4% after Goldman Sachs downgraded its investment stance on the airline to ‘sell’ from ‘neutral’, citing inflation concerns.
- Chewy (NYSE:CHWY) stock slumped 9.4%, on course for a 16-month low, after the pet retailer reported a bigger net loss for the most recent quarter, citing supply chain disruptions, labor shortages and higher inflation. New customer additions also disappointed.
- Broadcom (NASDAQ:AVGO) stock rose 6.3% after the semiconductor manufacturer forecast strong first-quarter revenue and announced a $10 billion share buyback plan, expecting sustained demand from cloud computing companies.
- Costco (NASDAQ:COST) stock rose 1.5% after the wholesaler beat estimates for quarterly results, although it, too, warned of difficulties caused by the global supply chain crunch.
- Tesla (NASDAQ:TSLA) stock fell 1.3% after CEO Elon Musk sold another block of shares on Thursday, meaning he has ditched nearly $12 billion worth of shares over the past month. Musk also tweeted he’s “thinking of” leaving his jobs and becoming an influencer.
- Peloton (NASDAQ:PTON) stock fell 4% after Credit Suisse downgraded the exercise equipment manufacturer to ‘neutral’ from ‘outperform’, pointing to a number of headwinds, including a return to out-of-home fitness and a shift in consumer spending.
- American Outdoor Brands (NASDAQ:SWBI) stock slumped 20% as the manufacturer of outdoor sports products disappointed with its quarterly results, with the company citing a shift in customer purchase timing into the prior quarter.