You are using an older browser version. Please use a supported version for the best MSN experience.

Chewy, Snap, Bed Bath & Beyond Fall Premarket; PayPal, Netflix Rise

ph.investing.com logo ph.investing.com 31/08/2022 Investing.com
© Provided by ph.investing.com

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, August 31st. Please refresh for updates.

  • Chewy (NYSE:CHWY) stock slumped 12% after the online pet retailer’s second-quarter sales, as well as its full-year guidance, disappointed, as inflation stifled spending.

  • HP (NYSE:HPQ) stock fell 6.9% after the laptop maker’s third-quarter sales disappointed, hit by a 32% decline in the number of notebook computer units sold.

  • Bed Bath & Beyond (NASDAQ:BBBY) stock fell 25% after the troubled retailer revealed it has secured more than $500 million in new financing, and would shut about 150 underperforming stores and cut about 20% of its workforce.

  • PVH (NYSE:PVH) stock fell 4.4% after the owner of the Calvin Klein and Tommy Hilfiger brands announced job cuts and scaled back its full-year outlook, citing soaring prices.

  • Snap (NYSE:SNAP) stock fell 8% after the social media company lost two key members of the management team to Netflix (NASDAQ:NFLX), up 1.8%, and also after a report that the owner of Snapchat is planning to lay off 20% of its workforce given the downturn in digital advertising.

  • Express (NYSE:EXPR) stock fell 2.1% after the fashion retailer cut its full-year guidance, noting challenging economic conditions that worsened as the quarter progressed.

  • PayPal (NASDAQ:PYPL) stock rose 2.8% after Bank of America upgraded its investment stance on the online payments company to ‘buy’ from ‘neutral’, expecting activist Elliott Management to push for more cost cuts.

More from ph.investing.com

ph.investing.com
ph.investing.com
image beaconimage beaconimage beacon