Target, Visa, Biogen Fall Premarket; Lowe’s Rises

Stocks in focus in premarket trade on Wednesday, November 17th. Please refresh for updates.

Target (NYSE:TGT) stock fell 3.4% after the retail giant said its gross margin fell to 28% in the latest quarter from 30.6% a year earlier on higher labor and freight costs. That said, the company raised its forecast for annual same-store sales after beating quarterly expectations.

Lowe’s (NYSE:LOW) stock rose 4.1% after the home improvement chain raised its full-year sales forecast on Wednesday, boosted by higher demand from builders and contractors.

Visa (NYSE:V) stock fell 3.1% after Amazon, the world’s largest retailer, decided to stop accepting credit cards issued by the financial services company in the U.K. from January.

Biogen (NASDAQ:BIIB) stock fell 3.7% after the pharmaceutical company said a European Medicines Agency panel has voted against the marketing application for its Alzheimer’s disease drug.

Amazon (NASDAQ:AMZN) stock rose 0.2% after Goldman Sachs named the online retailing giant a top pick for 2022, saying the rising labor costs are already priced in.

Baidu (NASDAQ:BIDU) stock rose 1% after the Chinese search engine posted better than expected quarterly revenue and adjusted profit, helped by stronger demand for its artificial intelligence and cloud products.

Ferrari (NYSE:RACE) stock rose 1.8% after Morgan Stanley lifted its target price on the Italian car company to a Street high, saying the stock can rise more than 30% as its electric vehicle future is more closely studied.

Pfizer (NYSE:PFE) stock rose 0.7% on reports U.S. regulators will this week authorize the drugmaker’s Covid booster shot for all adults. The company also revealed that Frank D’Amelio will retire from his position as chief financial officer and executive vice president of global supply after nearly 15 years.

Boeing (NYSE:BA) stock rose 1.8% after Qatar Airways’ CEO Akbar Al Baker said the airline expects to receive its first delivery of the U.S. aircraft manufacturer’s 777x aircraft in 2023.

Manchester United (NYSE:MANU) stock fell 1.3% after the English soccer club posted another loss in the third quarter even as fans were allowed back into stadiums, with employee expenses rising 23% to 88.5 million pounds after the signing of Cristiano Ronaldo.

La-Z-Boy (NYSE:LZB) stock soared 7.6% after the luxury furniture maker beat quarterly forecasts, seeing continued strong demand despite supply chain disruptions.