Target, Krispy Kreme, Sanofi Fall Premarket; Lowe's, Bed Bath & Beyond Rise

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, August 17th. Please refresh for updates.

• Target (NYSE:TGT) stock fell 2.6% after the big-box retailer reported a 90% fall in quarterly earnings and missed comparable sales estimates as its inflation-hit customers reined in spending on discretionary goods despite higher discounts.

• Lowe’s (NYSE:LOW) stock rose 1.4% after the home improvement chain said it expects its 2022 per share profit to be at the top-end of its outlook range, thanks to tighter cost control and steady demand from professional builders.

• TJX (NYSE:TJX) stock fell 1.6% after the retailer cut its full-year forecast, saying inflation impacted the spending habits of its customers.
• Krispy Kreme (NASDAQ:DNUT) stock slumped 12% after the donut chain reported lower-than-expected second-quarter profit and revenue, seeing significant deceleration in commodity costs.

• Stanley Black & Decker (NYSE:SWK) stock fell 1.9% after Deutsche Bank downgraded its stance on the industrial tools manufacturer to ‘hold’ from ‘buy’ as its earnings are pressured.

• Sanofi (NASDAQ:SNY) ADRs fell 5.4% after the drugmaker said it would stop further work on amcenestrant, once seen to have large potential against breast cancer.

• Bed Bath & Beyond (NASDAQ:BBBY) stock soared 24%, adding to the previous session’s hefty gains, with retail investors seeking out the meme favorite after a filing revealed activist investor Ryan Cohen's latest bet on the home goods retailer.

• Teladoc (NYSE:TDOC) stock fell 4.9% after Guggenheim downgraded its stance on the virtual healthcare company to ‘sell’ from ‘neutral’, citing slowing growth going forward.

• Manchester United (NYSE:MANU) stock rose 5.5% after Tesla (NASDAQ:TSLA) CEO Elon Musk tweeted he was buying the English soccer club, a tweet he later clarified as being a joke.