Target, TJX and EVgo fall premarket; Western Alliance and Tesla rise

Investing.com -- Stocks in focus in premarket trade on Wednesday, May 17th. Please refresh for updates.

• Target (NYSE: TGT) stock fell 0.9% after the retail giant forecast a gloomy second quarter even as it maintained its 2023 annual profit expectation after beating first-quarter results, benefiting from steady demand for beauty products and household essentials.

• TJX Companies (NYSE: TJX) stock was down 0.6% after the parent of TJ Maxx missed quarterly revenue numbers even as it raised its annual profit forecast, banking on lower costs and resilient demand from inflation-hit consumers.

• Western Alliance (NYSE: WAL) stock rose 10% after the regional lender announced after the close Tuesday that deposits growth exceeded $2 billion as of May 12, easing concerns that the U.S. banking crisis was getting worse.

• Tesla (NASDAQ: TSLA) stock rose 1.6% in the wake of the EV manufacturer’s annual shareholder meeting, at which CEO Elon Musk reaffirmed that deliveries of its long-delayed Cybertruck pickup would start this year and hinted at advertising its vehicles given the difficult macro environment.

• UBS (NYSE: UBS) stock rose 0.1% after the Swiss banking giant said it could stand to lose around $17B from its planned merger with smaller rival Credit Suisse (NYSE: CS), but noted that the tie-up will provide other benefits.

• Tencent (OTC: TCEHY) ADRs rose 0.7% after the Chinese tech giant reported a return to revenue growth in the first quarter as it recovered from COVID-19-related disruptions and a regulatory freeze on gaming licenses a year earlier.

• Fisker (NYSE: FSR) stock rose 0.8% after chief executive Henrik Fisker said the electric car maker is exploring collaboration with other companies to scale up market share faster.

• Wynn Resorts (NASDAQ: WYNN) stock rose 2.9% after Barclays upgraded its stance on the casino company to ‘overweight’ from ‘equal-weight’, saying it should benefit greatly from the reopening of the Macao market.

• EVgo (NASDAQ: EVGO) stock slumped 8.6% after the EV charging station network announced a $125 million class A common stock public offering.

• Doximity (NYSE: DOCS) stock fell 9.2% after the online networking service for medical professionals offered up an outlook for the upcoming quarter that fell short of expectations.

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