4 stocks to watch for Tuesday: Dell, Best Buy and more
Nov. 22, 2022 9:11 AM ETBest Buy Co., Inc. (BBY)ADI, MDT, DELLBy: Brian Stewart, SA News Editor2 Comments
Stocks looked poised for an advance at the start of Tuesday's trading, bouncing back after weakness shown the previous day. Here are some stocks to watch for Tuesday:
- Dell (DELL) reported a quarterly profit that easily surpassed analysts' consensus. Revenue slipped 6% to $24.7B, topping projections by $110M. The stock rallied immediately after the earnings were released after the close on Monday. However, shares lost ground in premarket action, showing a decline of 1%.
- Best Buy (NYSE:BBY) rallied in premarket action following the release of its quarterly results. Shares of the electronic retailer advanced 8% after the company exceeded projections with its Q3 results. Comparable store sales dropped 10.4% from last year, but this decline was not as steep as analysts had feared.
- Analog Devices (ADI) also saw premarket strength in the wake of its quarterly report. The firm surpassed projections on both the top and bottom lines, with revenue that surged 39% from last year. The company also gave an upbeat revenue forecast for Q1.
- The release of a disappointing revenue figure put pressure on Medtronic (MDT) before the opening bell. Shares retreated 3% after reporting a top-line figure that slipped 3% from last year to reach about $7.6B. This total missed estimates by $110M. The medical device maker topped expectations with its earnings figure.
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