Foot Locker, Tesla, Peloton fall premarket; Kohl’s, Urban Outfitters rise

Investing.com — U.S. traded higher Wednesday, as investors digested more corporate earnings, particularly from the retail sector, ahead of the release of numbers from chip designer Nvidia (NASDAQ:).

Here are some of the biggest premarket U.S. stock movers today:

• Kohl’s (NYSE:) stock rose 3.5% after the department store operator quarterly profit estimates, as leaner inventories, lower costs, and fewer discounts helped to counter a broader retail slowdown.

• Foot Locker (NYSE:) stock slumped 31.4% after the sportswear retailer another quarter of falling sales, paused quarterly dividends, and slashed its outlook for the second time this year, blaming “consumer softness.”

• Peloton (NASDAQ:) stock slumped 25.7% after the exercise bike retailer forecast first quarter revenue below estimates as a shift in consumer spending toward travel and experiences hurt demand for its equipment.

• Urban Outfitters (NASDAQ:) stock rose 4.8% after the apparel retailer for the second quarter as same-store sales rose, driven by growth in retail stores and online sales.

• Bath & Body Works (NYSE:) stock fell 2.7% after the specialty retailer warned of a steeper decline in annual sales as cost-conscious customers deferred purchasing its pricier home fragrances and personal care products.

• La-Z-Boy (NYSE:) stock fell 1.6% after the furniture manufacturer said the industry will remain “challenged,” with a potential seasonal boost.

• Toll Brothers (NYSE:) stock rose 0.4% after the homebuilder for third quarter profit, as demand for luxury homes in a tighter resale market boosted new home sales.

• WeWork (NYSE:) stock fell 5.1% after the New York Stock Exchange suspended trading in the workspace provider’s warrants.

• Tesla (NASDAQ:) stock fell 2.6% after a report by Business Insider said the EV manufacturer has lowered the production target of its German plant to 4,350 a week in July and August after hitting 5,000 a week in March and plans to reduce it further.

• Stellantis (NYSE:) stock fell 0.5% after Bloomberg News reported that the auto giant is exploring options to partner with a Chinese electric vehicle maker as it tries to expand its presence in the world’s largest auto market.

• Apellis Pharmaceuticals (NASDAQ:) stock soared 26.8% after the biopharmaceutical company provided a key safety update about its injection kits and the rare events of retinal vasculitis related to its eye drug, Syfovre.

• AMC Entertainment (NYSE:) stock fell 7.5%, continuing to drop after the approval of a rescue deal that will allow the deeply indebted cinema chain to issue more shares.