Macy's, Dave & Buster's, Bausch + Lomb And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

U.S. stock futures were mixed this morning, with the Nasdaq futures gaining around 50 points on Wednesday.

Shares of Macy’s, Inc. M fell sharply in today's pre-market trading after the company reported third-quarter financial results and lowered FY24 EPS outlook.

Macy's expects 2024 sales of $22.3 billion—$22.5 billion, compared to prior guidance of $22.1 billion—$22.4 billion and a consensus of $22.42 billion. Macy's expects 2024 adjusted EPS of $2.25-$2.50 compared to prior guidance of $2.34-$2.69 and a consensus of $2.73, including accounting error.

The company expects a 2024 comparable owned-plus-licensed-plus-marketplace sales change of Down ~1.0% to ~flat versus 2023 versus Down ~2.0% to down ~0.5% expected earlier.

Macy’s shares dipped 11.2% to $14.84 in the pre-market trading session.

Here are some other stocks moving lower in pre-market trading.

• ImmunityBio, Inc. IBRX shares fell 29.4% to $3.26 in pre-market trading after the company announced the pricing of its $100 million offering of 33,333,334 shares at $3.00 per share.
• Acelyrin, Inc. SLRN shares dipped 13.8% to $3.4999 in pre-market trading after the company announced its Phase 2b/3 study of Izokibep did not meet its primary endpoint, with secondary endpoints also failing to achieve statistical significance.
• Dave & Buster’s Entertainment, Inc. PLAY shares dipped 14.1% to $31.62 in pre-market trading after the company reported worse-than-expected third-quarter EPS and sales. Multiple analysts downgraded the stock following the report.
• Bausch + Lomb Corporation BLCO shares fell 12.4% to $18.10 in pre-market trading after Citigroup downgraded the stock from Buy to Neutral and lowered its price target from $24 to $22.
• Otter Tail Corporation OTTR fell 8.4% to $71.87 in pre-market trading.
• Super Micro Computer, Inc. SMCI dipped 6.1% to $38.01 in pre-market trading. This decline occurred despite reassurances from CEO Charles Liang that the company’s stock would not be delisted from Nasdaq.
• The Hershey Company HSY fell 5.1% to $177.50 in pre-market trading.

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