Hot Stocks: Retailers TGT and KSS rally on earnings; LCID, ZM fall
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Beyond the continued impact of the Russian assault on Ukraine, Wall Street also saw significant action based on earnings news during Tuesday's pre-market trading. Retailers took center stage, with Target (NYSE:TGT) and Kohl's (NYSE:KSS) both rallying in the wake of their respective quarterly reports.
Meanwhile, EV maker Lucid (NASDAQ:LCID) was also in the spotlight, although its earnings release sparked a pre-market slide. The announcement of financial figures also put pressure on Zoom (NASDAQ:ZM), which lost ground on an uninspiring forecast.
Gainers
Target (TGT) jumped nearly 11% in pre-market action, following the release of its earnings report. The retailer's revenue figure missed expectations, but its profit topped consensus and the company reported comparable sales that rose 8.9% from last year.
Fellow retailer Kohl's (KSS) also saw strength before the opening bell. The company beat expectations with its Q4 earnings with revenue that rose nearly 6% from last year. The financial figures sent the stock higher by almost 3%.
Decliners
Lucid (LCID) plunged more than 12% in pre-market trading after the release of disappointing quarterly results. The electric vehicle maker reported a Q4 loss that was substantially wider than analysts had projected.
Meanwhile, the company's revenues soared from last year as it ramped up production of its EVs. However, the top-line figure came in well below consensus. LCID also updated its production outlook for its Lucid Air product, predicting a range of 12K to 14K vehicles for 2022.
Zoom (ZM) also declined in the wake of its earnings release. The provider of video conference services topped expectations with its Q4 results. However, the firm issued unimpressive guidance, projecting revenue for the current year of $1.070B-$1.075B. Analysts were looking for a figure of around $1.1B.
Weighed down by the lackluster forecast, ZM dropped nearly 3% in pre-market action.
For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section.
