Target, Home Depot fall premarket; Lowe's, Grab, Peloton rise

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, November 16th. Please refresh for updates.

• Target (NYSE: TGT) stock slumped 14% after the big-box retailer reported a halving in its third-quarter profit and forecast a surprise drop in holiday-quarter sales, citing surging inflation and "dramatic changes" in consumer spending.

• Lowe’s (NYSE: LOW) stock rose 1.8% after the retailer raised its annual profit forecast, boosted by higher prices and steady demand for home improvement products.

• Grab (NASDAQ: GRAB) stock rose 15% after the ride-hailing platform raised its forecast for annual revenue as demand for its services remains strong across Southeast Asia.

• TJX Companies (NYSE: TJX) stock rose 0.3% after the parent of TJ Maxx raised its annual same-store sales forecast, as inflation-hit consumers turned to the discount store ahead of the crucial holiday season.

• Lockheed Martin (NYSE: LMT) stock fell 0.3% after the weapons maker announced Microsoft will provide it with its first classified cloud as part of a three-year deal, making it easier for the company to share information with the Pentagon, its top customer.

• Peloton (NASDAQ: PTON) stock rose 1.6% after the exercise bike maker announced it will start selling its products on Amazon's U.K. platform, in an effort to combat slowing demand.

• Costco (NASDAQ: COST) stock fell 2% after an activist investor announced the retailer will set new targets by next year to cut its greenhouse gas emissions.
• Home Depot (NYSE: HD) stock fell 1.1% after Raymond James downgraded its stance on the retailer to 'market perform' from 'outperform', saying there are challenges ahead despite its solid earnings report.
• Oscar Health (NYSE: OSCR) stock rose 3.8% after Wells Fargo upgraded the health insurer to 'overweight' from 'equal-weight', seeing almost 40% upside.

• Qualcomm (NASDAQ: QCOM) stock rose 0.4% after Credit Suisse initiated coverage of the semiconductor with an ‘outperform’ rating, seeing nearly 20% upside.

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