General Mills, Coty, Estée Lauder Rise Premarket; Stitch Fix Falls
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, September 21st. Please refresh for updates.
Stitch Fix (NASDAQ: SFIX ) stock fell 4.7% after the online personal styling service reported disappointing quarterly results and an underwhelming outlook, suggesting the weaker macroeconomic environment is holding back discretionary spending.
Gap (NYSE: GPS ) stock fell 0.1% after the Wall Street Journal reported that the clothing retailer is set to cut 500 corporate jobs, seeking to reduce expenses amid declining sales.
Estée Lauder (NYSE: EL ) stock rose 1.9% after Goldman Sachs upgraded its stance on the cosmetics company to ‘buy’ from ‘neutral’, seeing a path to “robust” sales growth.
Beyond Meat (NASDAQ: BYND ) stock fell 1.4% after the plant-based meat producer suspended its COO Doug Ramsey, effective immediately, following reports of the executive's arrest for allegedly biting a man's nose during an altercation.
Novartis (NYSE: NVS ) ADRs fell 0.8% after the Swiss drugmaker announced plans to petition the U.S. Supreme Court to uphold the validity of its patent for a dosing regimen of its blockbuster multiple sclerosis drug, Gilenya, and reverse a federal appeals court decision made earlier this summer.
Northrop Grumman (NYSE: NOC ) stock rose 1.5%, Raytheon (NYSE: RTN ) Technologies (NYSE: RTX ) stock rose 1.4% and Lockheed Martin (NYSE: LMT ) stock rose 1.9% as the defense companies gained after President Vladimir Putin ordered Russia's first mobilization since World War II.
General Mills (NYSE: GIS ) stock rose 2% after the packaged food retailer raised its full-year sales and profit forecast, banking on higher prices and resilient demand for its breakfast cereals, snack bars, and pet food.
- Coty (NYSE: COTY ) stock rose 4.6% after the cosmetics maker announced its strategy to double skincare product sales by fiscal 2025.
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