By Peter Nurse
Investing.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.
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.
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