U.S. stock futures are trading higher this morning, with the Dow futures gaining around 0.2%. This positive outlook, however, is tempered by some notable losses in the pre-market session.
One of the biggest decliners is Oxford Industries, Inc. (OXM), whose shares dropped 10.3% to $75.02. This sharp decline follows the company’s release of weaker-than-expected earnings and sales results for the second quarter. Oxford Industries reported quarterly earnings of $2.77 per share, falling short of the analyst consensus estimate of $3.00 per share. Similarly, quarterly sales of $419.886 million missed the analyst consensus estimate of $438.176 million. Despite the disappointing results, the company expressed optimism about the future, projecting FY24 net sales of $1.51 billion to $1.54 billion and adjusted earnings of $7 to $7.30 per share.
GameStop shares also saw a significant dip, falling 10.5% to $20.98 in pre-market trading. This continues a recent trend of decline for the company.
Here are some other major stocks that are experiencing losses in today’s pre-market trading session:
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BeiGene, Ltd. (BGNE)
fell 6.8% to $196.80 after gaining around 7% on Wednesday.*
XCHG Limited (XCH)
declined 6.4% to $8.33 after jumping around 20% on Wednesday.*
Viper Energy, Inc. (VNOM)
shares declined 5.5% to $42.66. The company recently priced its upsized public offering of 10 million Class A common shares at $42.50 per share.*
Torrid Holdings Inc. (CURV)
shares fell 4.3% to $4.70. On Wednesday, the company announced a secondary offering of 8 million shares, leading to a dip of over 26% in its share price.*
Akero Therapeutics, Inc. (AKRO)
shares fell 4% to $24.60.*
Dogness (International) Corporation (DOGZ)
shares fell 3.5% to $24.80.*
Polestar Automotive Holding UK PLC (PSNY)
shares declined 3.3% to $1.45. The stock had already declined by 5% on Wednesday, and Deutsche Bank recently announced a $1.5 price target on the stock.These pre-market movements offer a glimpse into the potential trends for the upcoming trading day. Investors will be keeping a close watch on these stocks and others as the market opens.
