Stock futures were in the red Wednesday as Wall Street looked to the rollout of vaccines and robust government spending from the Joe Biden administration to help rescue the U.S. economy.
Here are some of the top movers during premarket trading on Wednesday.
1. Urban Outfitters URBN | Down 9.3%
Shares of Urban Outfitters (URBN) - Get Urban Outfitters Inc. Report fell after the parent of Urban Outfitters, Anthropologie and Free People stores reported disappointing holiday sales and said its chief executive would depart by the end of this month. During the two-month period ended Dec. 31, Urban said its total sales fell 8.4% from a year earlier, while same-store sales fell 9% due to a drop in in-store traffic.
2. KB Home KBH | Up 5.2%
Shares of KB Home (KBH) - Get KB Home Report traded higher after the homebuilder reported earnings and revenue that topped Wall Street estimates. The company said housing-market conditions continue to be “robust,” and it expects meaningfully higher revenue and earnings this year.
3. General Motors GM | Up 4.2%
Shares of General Motors (GM) - Get General Motors Company Report were rising Wednesday after Nomura Securities upgraded the carmaker to buy from neutral and nearly tripled its one-year price target following the company's debut of future electric vehicles and flying cars.
4. Twitter TWTR | Up 1.6%
The firm said the microblogging site should have “improving fundamentals as the year progresses." It lifted its price target on Twitter to $60 from $47.
5. Target TGT | Up 0.2%
Shares of Target (TGT) - Get Target Corporation Report eased. The retailer said its holiday sales grew more than 17%, thanks in part to a surge in online transactions and solid Christmas shopping traffic.
6. Regeneron Pharma REGN | Up 2.4%
Shares of Regeneron (REGN) - Get Regeneron Pharmaceuticals Inc. Report rose after the company said it would supply an additional 1.25 million doses of a monoclonal antibody cocktail -- which was used to treat President Donald Trump -- to the Department of Health and Human Services and the Department of Defense for use in combating covid-19 in high-risk patients.
7. Visa V | Up 0.7%
Shares of Visa (V) - Get Visa Inc. Report rose in premarket trading a day after the credit card giant and Plaid called off their merger, a deal the Justice Department had challenged as anticompetitive. The Justice Department filed suit in November to block the deal.
"We are confident we would have prevailed in court as Plaid's capabilities are complementary to Visa's, not competitive," said Al Kelly, chairman and chief executive of Visa, in a statement.