Check out the companies making headlines in pre-market trading. Bath & Body Works — Shares of Bath & Body Works rose 16% after third-quarter profit beat Wall Street expectations. The retailer earned 49 cents a share, excluding items, on revenue of $1.61 billion, while analysts polled by LSEG expected profits of 47 cents a share on revenue of $1.58 billion. Robinhood — Shares of the brokerage rose more than 7% after Morgan Stanley upgraded the stock to overweight from equal weight. Robinhood’s revenue growth is likely to be stronger after the election due to more active stock trading and cryptocurrency deregulation, the investment firm said. Macy’s — Macy’s said it would delay official third-quarter results after it was discovered that an employee intentionally filled out incorrect accounting entries to conceal delivery charges, sending the retailer’s shares down 3% . The errors occurred over several years and ranged in value from $132 million to $154 million. Macy’s said the accounting issues did not appear to have impacted the company’s cash position. Abercrombie & Fitch — Shares rose 3%, beating third-quarter profit expectations Tuesday before the bell. Analysts polled by FactSet expected the clothing retailer to earn $2.39 a share on revenue of $1.19 billion, with sales of about $631.5 million from Abercrombie and $557 million from its Hollister brand. As the holiday shopping season got off to a strong start, clothing retailer Gap raised its full-year forecast and investors became even more enthusiastic, sending its shares up more than 15% this month. Target — Shares of Target rose nearly 2% after Oppenheimer named the retailer a top pick, citing improved risk-reward bias. Target’s shares are down about 12% this year and the stock’s dividend yield is “attractive,” the company said. MicroStrategy – Shares of the Bitcoin development company rose 3% after Bernstein more than doubled its price target from $290 to $600, implying a gain of more than 40% from Friday’s closing price. Shares have surged about 568% so far this year. Sally Beauty Holdings – Shares rose nearly 3% after TD Cowen upgraded TD Cowen to buy from hold. Analyst Oliver Chen highlighted the beauty products retailer’s strong free cash flow and attractive valuation. Santander — The stock rose 2% after Morgan Stanley upgraded the bank to overweight from equal weight, citing the resilience of its capital generation. Arm Holdings — Shares of Arm Holdings rose more than 1% after UBS Group AG gave the chipmaker a buy rating, citing rising demand for artificial intelligence. —CNBC’s Jesse Pond, Alex Harlin, Michelle Fox, Samantha Subin and Pia Singh contributed reporting
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