PRE-MARKET MOVERS: Target shares lose direction; investors take a bite out of Red Robin Gourmet Burgers

Shares in Target Corp (NYSE:TGT) lost direction on Wednesday in US pre-market deals, tanking almost 6% to US$71. The firm posted first-quarter numbers, which showed a profit, which came in below analyst forecasts. Excluding exceptional items, the retailer earned a profit in the three months of US$1.32 per share in the quarter to May 5, which was below the average estimate of US$1.39 per share. Elsewhere, in other before-the-bell news, Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) shares sank nearly 17% and were pummelled at US$48.15 after an earnings miss. The burger joint reported adjusted earnings of US$0.69 share for the quarter but analysts had estimated adjusted earnings of US$0.76 cents a share on revenue of US$427 million. Revenue came in at US$421.5mln. Also, in pre-market, home improvement retailer Lowe's Companies Inc (NYSE:LOW) was also in the frame, with shares up 1.46% to US$87 each. It came despite the group missing analysts' forecasts for quarterly same-store sales as cold weather in some states in the USA meant a slower-than-expected start to the spring season. Drug developer Cara Therapeutics (NASDAQ:CARA) shares surged more than 20% before the bell after it signed a licensing agreement with Vifor Fresenius Medical Care Renal Pharma Ltd that could give the former up to US$470mln in milestone payments.