Costco said same-store sales declined 1.1% in March.
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Stock futures were flat Thursday as investors weighed economic data that have pointed to a slowing economy.
These stocks were poised to make moves Thursday:
Costco Wholesale
(COST) was falling 2.4% in premarket trading after the warehouse retailer said same-store sales in March fell 1.1%, down from an increase of 3.5% in February. Costco also said the average size of transactions in March fell 5.8% from February.
Lumentum Holdings
(LITE) said fiscal third-quarter revenue would come in under the low end of the company’s prior guidance range after disclosing that a “network equipment manufacturer who represented more than 10% of our fiscal second-quarter revenue” … “would not take the shipments we had originally projected for the quarter.” The maker of optical-networking components projected third-quarter sales of $380 million to $384 million, down from previous guidance for $430 million to $460 million. The stock was tumbling 14.3%. It was downgraded to Neutral from Buy at Rosenblatt.
FedEx
(FDX) rose 1.3% in premarket trading to $232.98. The stock was upgraded to Outperform from Market Perform at Raymond James with a price target of $285. On Wednesday, the shipping giant hiked its annual dividend and announced changes to its corporate structure.
Beer and spirits company
Constellation Brands
(STZ) reported fiscal fourth-quarter adjusted earnings of $1.98, topping analysts’ expectations of $1.83. Sales of about $2 billion came in slightly below forecasts. The stock fell 0.6% in premarket trading.
AbbVie (ABBV) declined 0.5% in premarket trading after lowering fiscal-year adjusted earnings expectations to $10.62 to $11.02 a share, down from guidance the company issued in February of between $10.70 and $11.10. In a regulatory filing, the pharma company said it would be recording a pretax charge of $150 million, or 8 cents a share, in its first quarter for in-progress research and development and milestones expenses.
Write to Joe Woelfel at [email protected]
