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HomeStocks in FocusPremarket Winners and Losers: Victoria's Secret, Nordstrom, Big Lots Take a Hit;...

Premarket Winners and Losers: Victoria’s Secret, Nordstrom, Big Lots Take a Hit; OneSpan, Novo Nordisk on the Rise.

Premarket Winners and Losers

U.S. futures moved up Thursday as investors awaited the second day of Fed Chairman Jerome Powell’s two-day speech to Congress.

Today’s largest pre-market U.S. stock moves:

Top Gainers

OneSpan (NASDAQ:OSPN) shares increased 28% after the cybersecurity business reported quarterly results that exceeded expectations.
Novo Nordisk (NYSE:NVO) shares jumped 5.5% after the Danish pharmaceutical company released data indicating that its experimental obesity medicine was more successful than its blockbuster Wegovy treatment.

Burlington Stores (NYSE:BURL) shares jumped 3% after the department store operator reported fourth-quarter earnings that above average analyst expectations, despite caution about the short-term operating environment.
Rivian (NASDAQ:RIVN) shares jumped 2.7% after Jefferies initiated coverage of the EV maker with a ‘buy’ recommendation, stating that the firm is now on a capital investment trajectory that, if managed well, may solve holes in its business model.

Top losers

Victoria’s Secret (NYSE:VSCO) shares fell 30% after the lingerie company issued lackluster sales outlook, citing decreasing garment demand.

Nordstrom (NYSE:JWN) stock dipped 1% after Jefferies downgraded the department store operator to ‘hold’ from ‘buy’, citing full-price sales that “continue to underwhelm”.

Big Lots (NYSE:BIG) shares dipped 1% after the discount home goods retailer disclosed a larger-than-expected fiscal fourth-quarter loss while maintaining an optimistic view for gross margin.

New York Community Bancorp (NYSE:NYCB) stock declined 0.6% as the regional lender revealed on Thursday that it had deposits totaling $77.2 billion, down about 7% from $83 billion on February 5. It stated that it has raised $1 billion from a group of investors.

Stocks in focus

Kroger (KR) shares rose almost 5% in pre-market trading after the grocery chain’s Q4 2023 identical sales excluding fuel fell 0.8%, better than analysts’ 1.5% forecast. The retailer’s quarterly revenue rose roughly 7% Y/Y to $37.1B, exceeding projections by $40M. The performance was driven by growing demand for food-at-home products like groceries, which have been rising slower than restaurant pricing. January food-at-home costs were 1.2% higher than in 2023, while food-away-from-home prices rose 5.1%, according to USDA statistics. Kroger (KR) also exceeded consensus annual profit estimate.


Broadcom (NASDAQ:AVGO) will report FQ1 2024 earnings after the close. Wall Street anticipates AVGO to earn $10.42 per share on $11.72B in revenue. This will be the company’s first quarterly report since acquiring VMware for $69B in November. The deal and rising AI sales should increase its FQ1 results. Broadcom’s (AVGO) growth may be offset by deterioration in non-AI markets including storage, internet, and business networking, experts say. Broadcom (AVGO) decided to sell its end-user computing segment to KKR (KKR) for $4B last week.


Stifel upgraded Micron Technology (MU) to Buy from Hold, sending shares up more than 4% before the bell. The brokerage thinks memory chipmaker consensus predictions for 2025 are “well wrong and too low.” Recent DRAM supply checks suggested that it will likely rebound to the mid-90s percentile by mid-year, according to Stifel. The firm also thinks tightening DRAM market circumstances would help Micron (MU) improve its product mix, which will boost its gross margins cyclically.

New York Community Bancorp (NYCB) was among the most frequently traded stocks before market open. Shares rose slightly following a furious ride the previous day. The stock fell 47.2% in midday trade on Wednesday after the Wall Street Journal reported that the struggling lender was seeking a financial injection. The stock reversed and ended 7.5% higher when the bank published a press release announcing it had secured more than $1B from a group of investors led by former U.S. Treasury Secretary Steven Mnuchin’s business.

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