Stocks on the Move: Lowe’s, Zoom Video, Tesla, Fabrinet, Baidu, and More

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Stock futures are trading higher today, driven by a rebound in tech shares that ended the four-session losing streaks for both the S&P 500 and Nasdaq Composite. The market is also seeing Treasuries stabilize after the 10-year Treasury yield reached its highest level since November 2007 on Monday.

Here’s a rundown of the stocks that are expected to see significant movement today:

Lowe’s (LOW) reported second-quarter earnings of $4.56 per share, surpassing Wall Street estimates of $4.47 per share. The company experienced a 1.6% decline in comparable-store sales for the quarter, which was narrower than the anticipated 2.6% drop. Despite this, Lowe’s has maintained its fiscal-year guidance, citing a strong recovery during the spring. As a result, the stock saw a 2.3% rise in premarket trading.

Dick’s Sporting Goods (DKS) saw its stock value tumble by 19% after revising its earnings outlook for the year and reporting second-quarter earnings that fell short of estimates. The company attributed part of this miss to “elevated inventory shrink,” which refers to theft.

Fabrinet (FN), a high-tech manufacturing services firm, provided a better-than-expected fiscal first-quarter forecast. The company also exceeded estimates for its fourth-quarter adjusted earnings and sales. Fabrinet noted “very strong growth in datacom revenue, driven by new AI products.” Consequently, the stock surged by 20% in premarket trading.

U.S.-listed shares of Baidu (BIDU) rose by 4.2% in premarket trading after the company announced quarterly earnings that exceeded analysts’ expectations.

Applovin (APP) gained 3.8% after receiving an upgrade from Hold to Buy by Jefferies, a software maker.

Tesla (TSLA) experienced a 3.5% increase in premarket trading, building upon the 7.3% surge on the previous day, which ended a six-day losing streak. The stock was boosted by Baird analyst Ben Kallo’s inclusion of the electric-vehicle maker on its “best ideas” list after second-quarter earnings. Kallo identified several upcoming catalysts for Tesla in the months ahead.

Nordson (NDSN) reported a decrease in fiscal third-quarter earnings and revenue compared to the previous year. The industrial automation company cited “persisting demand weakness in electronics and biopharma end markets.” Additionally, the company revised its revenue outlook for the fiscal year, leading to a 3.5% drop in shares.

Shares of Zoom Video Communications (ZM) observed a 3.3% increase in premarket trading after surpassing analysts’ expectations for its adjusted second-quarter earnings and revenue. The company’s third-quarter and yearly forecasts also exceeded estimates. Zoom Video highlighted its new artificial intelligence features, with CEO Eric Yuan emphasizing innovation and expansion.

BJ’s Wholesale Club (BJ) encountered a 2.5% decline in its stock value as the retailer revised its full-year outlook due to macroeconomic pressures affecting its customers.

Macy’s (M) slid by 1.4% after reporting better-than-expected second-quarter earnings but adopting a cautious stance on guidance due to ongoing macroeconomic pressures affecting consumers.

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