Target, Lowe’s, Carnival and others

Check out the companies making headlines before the bell:

Target (TGT) – Target plunged 13.5% premarket after missing consensus estimates of 59 cents with quarterly earnings of $1.54 per share. The retailer expects sales to decline over the holiday season and has halved its operating margin forecast for the current quarter. Target also said it would launch a cost-cutting plan designed to save up to $3 billion a year.

Lowe’s (LOW) – Lowe’s added 2.4% in premarket trading after the home improvement retailer beat high and low estimates for its latest quarter and reported better-than-expected same-store sales.

Carnival (CCL) – Carnival fell 12.7% in premarket after the cruise operator announced a $1 billion convertible debt offering as part of its refinancing plan.

Advanced auto parts (AAP) – Advance Auto Parts fell 14.7% in after-hours trading after the auto parts retailer posted quarterly earnings below expectations. Although its revenue matched Street’s forecast, results were impacted by consumers switching to its less expensive in-house brands rather than more expensive national brands. The company also lowered its outlook for the full year. Competitor O’Reilly Auto Parts (ORLY) fell by 2.9%.

Therapeutic sage (SAGE) – Sage Therapeutics gained 3.3% in premarket trading after an SEC filing showed CEO Barry Greene added 14,500 shares to his stake in the drugmaker.

Corteva (CTVA) – Corteva fell 1% in the pre-market after UBS downgraded shares of the seed and crop protection products company to neutral from buy in what the company says is an evaluation call. Still, UBS raised its price target on Corteva shares to $73 from $70 per share.

Ali Baba (BABA), NetEase (NTES) – China-based companies are among stocks gaining ground following a Reuters report that US regulators have been granted “good access” to audits of US-listed Chinese companies. Alibaba rose 1.8% while Netease jumped 3.6% in premarket stock.

Etsy (ETSY) – The online crafting market has been placed on Evercore’s “tactical underperformer” list, even though the company has maintained an outperforming rating on the stock. Evercore likes Etsy’s long-term outlook but forecasts a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items. Etsy slipped 3.6% in premarket.

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