Powell Industries Reports Weak Sales, Joins Target, QuidelOrtho And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

U.S. stock futures were higher this morning, with the Dow futures gaining around 0.2% on Wednesday.

Shares of Powell Industries, Inc. (NASDAQ:POWL) fell sharply in today's pre-market trading after the company reported worse-than-expected fourth-quarter revenue results.

Powell Industries reported quarterly earnings of $3.77 per share which beat the analyst consensus estimate of $3.55 per share. The company reported quarterly sales of $275.06 million which missed the analyst consensus estimate of $286.49 million.

Powell Industries shares dipped 15.4% to $264.00 in the pre-market trading session.

Here are some other stocks moving lower in pre-market trading.

• Target Corporation (NYSE:TGT) shares declined 16.3% to $129.62 in pre-market trading following downbeat quarterly results.
• Destiny Tech100 Inc. (NASDAQ:DXYZ) shares dipped 13.4% to $39.18 in pre-market trading after jumping 24% on Tuesday.
• Silvercorp Metals Inc. (NYSE:SVM) fell 11.3% to $3.59 in pre-market trading after the company announced a $130 million convertible senior notes offering.
• QuidelOrtho Corporation (NASDAQ:QDEL) fell 6.7% to $36.01 in today's pre-market trading after the company announced the pricing of secondary offering of common stock by the Carlyle Group.
• The First of Long Island Corporation (NASDAQ:FLIC) fell 5.4% to $13.13 in pre-market trading.
• Fabrinet (NYSE:FN) fell 4.8% to $236.90 in pre-market trading.
• XP Inc (NASDAQ:XP) fell 4.1% to $16.00 in pre-market trading following weak quarterly earnings.
• Dianthus Therapeutics, Inc. (NASDAQ:DNTH) fell 2.3% to $21.77 in pre-market trading after declining more than 5% on Tuesday.

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