Stocks Making the Biggest Premarket Move: Nordstrom, Hasbro, Hawaiian Electric, Affirm and More

Check out the companies making the biggest premarket move:

Nordstrom:The retail establishment, Nordstrom, witnessed a decline of 7.73% in its stock value, notwithstanding surpassing expectations for fiscal second-quarter earnings and revenue. Earnings exceeded projections by 40 cents, as compared to the 44 cents forecasted by Refinitiv-analyzed experts. While sales remained below pre-pandemic levels, Nordstrom affirmed its earlier outlook for the full fiscal year, anticipating a single-digit reduction in revenues. Notably, the company expressed concern over the historically elevated incidents of theft-related losses.

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Affirm:Shares of the "buy now, pay later" entity, Affirm, soared by 28.82%, consequent to its fiscal fourth-quarter outcomes surpassing predictions due to amplified gross merchandise volume. Furthermore, Affirm offered a robust projection for the ensuing fiscal quarter, envisioning revenue within the range of $430 million to $455 million. This projection outperforms the $430 million consensus forecast from analysts.

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Hawaiian Electric:The utility enterprise, Hawaiian Electric, encountered a significant downturn of 18.55% subsequent to news of a lawsuit by Maui County. The lawsuit cites damages linked to wildfires on the island, resulting in the loss of over 100 lives. The legal action alleges that Hawaiian Electric maintained its power lines energized despite a warning from the National Weather Service regarding the heightened risk of fires due to high winds and drought conditions. The company expressed disappointment at the county's litigious approach and indicated that the investigation is ongoing.

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Hasbro:A rise of 5.66% was noted in the stock price of toy manufacturer Hasbro, following an upward adjustment of its price target by Stifel, from $79 to $94. This adjustment implies a potential upside of approximately 43% based on the prior closing price. Stifel also included Hasbro in its list of preferred stocks, citing strategic changes and prospects within the company. Additionally, Bank of America raised its price target to $90 from $85 earlier in the week. The stock has registered an increase of nearly 9% within the week.

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Advance Auto Parts:Shares of the auto parts retailer, Advance Auto Parts, experienced a decline of 5.64% subsequent to its removal from the S&P 500 index.

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Workday:The stock of enterprise software firm Workday witnessed an uptick of nearly 5.38% after the company reported second-quarter results that outperformed expectations. Adjusted earnings per share stood at $1.43, surpassing the consensus forecast of $1.26 from Refinitiv-analyzed analysts. The reported revenue was $1.79 billion, exceeding the projected $1.77 billion.

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Intuit:Shares of Intuit, the software enterprise, appreciated by 4.12% and achieved a 52-week high in the wake of the company's earnings surpassing estimates. In the fiscal fourth quarter, adjusted earnings reached $1.65 per share, outpacing the $1.44 consensus forecast by Refinitiv-analyzed experts. Revenue amounted to $2.71 billion, surpassing the projected $2.64 billion. Moreover, the company provided a more robust-than-anticipated guidance for the entire fiscal year.

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Gap:Following the release of mixed quarterly outcomes, the retailer Gap observed a gain of 7.24% in its stock value. Adjusted earnings per share exceeded expectations at 34 cents, compared to the projected 9 cents per Refinitiv. However, Gap's revenue fell slightly short at $3.55 billion, as opposed to the anticipated $3.57 billion.

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Marvell Technology:Despite marginally surpassing earnings projections, Marvell Technology experienced a dip of 6.62%. Earnings per share for the second quarter amounted to 33 cents, slightly higher than the consensus estimate of 32 cents provided by Refinitiv. Revenue stood at $1.34 billion, slightly exceeding the projected $1.33 billion.

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Ulta Beauty:The shares of beauty retailer Ulta Beauty faced a decline of 3.69%, reversing earlier gains triggered by better-than-anticipated quarterly results. Ulta reported earnings per share of $6.02 on revenue amounting to $2.51 billion for the second quarter, both of which exceeded analyst forecasts. The company raised its full-year guidance, contributing to investor sentiment.

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AMC Entertainment:A decline of 13.5% in shares of AMC Entertainment followed the company's decision to convert its preferred equity units into common stock.

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Shift4 Payments:After a rating upgrade from Morgan Stanley, payment processor Shift4 Payments observed a 1.9% climb in its stock price. The upgrade, from "underweight" to "equal weight," was based on the belief that the company's valuation now more accurately reflects its business prospects.

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