Macy's, Palo Alto, Dick's Sporting Goods Rise Premarket; Zoom Falls

© Shutterstock

By Peter Nurse

AiVIF.com -- Stocks in focus in premarket trade on Tuesday, August 23rd. Please refresh for updates.

• Palo Alto Networks (NASDAQ:PANW) stock rose 9.7% after the cybersecurity company reported better than expected fiscal fourth-quarter results, led by a surge in billings amid growing cybersecurity demand.

• Zoom Video Communications (NASDAQ:ZM) stock fell over 10% after the company cut its annual profit and revenue forecasts as demand for the video-conferencing platform cools off from pandemic highs amid stiff competition.

• Macy’s (NYSE:M) stock rose 2.1% after the retailer beat expectations with its fiscal second-quarter profit and revenue, even as it cut its full-year forecasts citing inflation sapping consumer spending power.

• Dick’s Sporting Goods (NYSE:DKS) stock rose 1.4% after the sports retailer lifted its comparable store sales forecast for 2022 after stronger than expected quarterly results.

• JD.com (NASDAQ:JD) ADRs rose 3.4% after the second-largest online retailer in China reported stronger than expected in the second quarter and projected strong revenue growth despite an economic slowdown.

• Grocery Outlet (NASDAQ:GO) stock fell 3.7% after Morgan Stanley downgraded its stance on the discount chain to ‘underweight’ from ‘equal weight’, saying the company is facing near-term pressure.

• Bed Bath & Beyond (NASDAQ:BBBY) stock rose 4.6% after the home goods retailer, a well-known meme stock, rebounded after three days of fierce declines.

• Pinduoduo (NASDAQ:PDD) stock rose 2.9% after Reuters reported the Chinese e-commerce giant has plans to launch a cross-border e-commerce platform next month which will target the United States as its first market.