LB, BA, KSS and more

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Check out the companies making headlines before the bell:

Macy’s — The retailer’s shares plunged more than 18 percent in pre-market trading after the department store chain reported weak holiday sales results for 2018 and cut its earnings outlook for the year.

Twitter — Twitter shares rose more than 3 percent in premarket trading Thursday after drawing an upgrade from Bank of America/Merrill Lynch. The brokerage cited better usage trends among younger demographics and increased engagement by its current users as a positive for future advertising revenue at the social media company. The stock is up more than 30 percent over the last year, compared with a 20 percent decline in Facebook shares.

Target — Shares of the department store retailer fell 2.6 before the opening bell despite reports that it saw a swell of shoppers this past holiday season. The company said in a press release that sales at its established stores and website climbed 5.7 percent this holiday season, compared to growth of 3.4 percent a year ago. It reiterated its profit outlook for the fourth quarter and fiscal 2018 based on the results.

Boeing — Shares of the industrial aircraft manufacturer rose 1 percent before the bell after Morgan Stanley upgraded shares to “overweight” and Susquehanna Financial Group initiated coverage with a positive rating. Morgan Stanley analyst Rajeev Lalwani said he’s more comfortable recommending shares after a 15 percent sell-off from recent highs, while Susquehanna’s Charles Minervino said demands for jets positions Boeing for “visible long-term growth.”

Constellation Brands — Shares of the international brewer climbed more than 2.5 percent following a steep sell-off in the prior session. The stock sank more than 12 percent Wednesday after it reported disappointing wine and spirits results in the third fiscal quarter. Still, both Goldman Sachs and Guggenheim upgraded the stock following the earnings report, citing better valuation.

JetBlue — The stock fell nearly 2 percent before the opening of trade after J.P. Morgan analyst Jamie Baker downgraded it to “neutral” from “overweight,” and trimmed his price target to $18 from $20. Baker noted that while the company’s plans to control costs is a welcome change, “we fail to identify sufficient near-term catalysts that we believe could propel shares meaningfully higher.”

Kohl’s — The company’s stock sank more than 6 percent after it reported holiday sales growth that fell well short of its results in 2017. Kohl’s said sales rose 1.2 percent over the 2018 holiday shopping season compared with growth of nearly 7 percent during the same time a year before.

L Brands — The Columbus, Ohio-based retailer reported a drop in sales during the critical holiday period. The owner of Victoria’s Secret underwear brand posted $2.48 billion in sales over the five-week period that ended January 5, representing a 1.6 percent decline compared to the same period 12 months ago. Same-store sales increased 3 percent for the 48 weeks ended Jan. 5, 2019, compared to the 48 weeks ended Jan. 6, 2018.

CNBC’s Lauren Thomas contributed to this report.

2019-01-10 13:10:00

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