Check out some of the largest moving companies on the pre-market:
Rite Aid (RAD) – Rite Aid expects the fiscal year just ended to make a loss compared to analysts’ forecast of a profit of $ 125 million. The drugstore chain was hit by a 37% drop in sales of cold, cough and flu products as people suffered far less from these diseases due to pandemic lockdowns. Rite Aid shares fell 18.6% in the pre-market.
Walgreens (WBA) – The drugstore’s inventory fell 2% on the pre-market, possibly out of sympathy for Rite Aid. Deutsche Bank also called the stock a “catalyst buy idea”, identifying short-term issues, but said the Covid vaccine could offer Walgreens a positive opportunity in both the short and long term.
Darden Restaurants (DRI) – The parent company of Olive Garden and other restaurant chains reported quarterly earnings of 98 cents per share, well above the consensus estimate of 69 cents per share. Sales also beat estimates, and while sales at the same restaurant were down 26.7% year over year, the decrease was less than what analysts surveyed by FactSet were expecting 31.2%. The Darden share gained 4.2% in premarket trading.
Coherent (COHR) – Coherent accepted a takeover proposal from the manufacturer of optical components II-VI (IIVI) and thus ended a long bidding war between II-VI and the fiber optic company Lumentum (LITE). Coherent – a provider of lasers and related technologies – approved the offer of $ 220 per share in cash and 0.91 II-VI shares for each Coherent share and pays Lumentum a dissolution fee of $ 217.6 million. II-VI fell 8% while Lumentum jumped 7.2% in the pre-market.
RH (RH) – RH reported quarterly earnings of $ 5.07 per share, beating the consensus estimate of $ 4.76 per share. Restoration Hardware’s parent company also posted sales that exceeded analysts’ projections. RH reported strong demand for high quality furniture and other luxury products and expects sales growth of at least 50% for the current quarter. Before entering the market, the RH share gained 8.4%.
KB Home (KBH) – KB Home beat estimates by 10 cents per share with quarterly earnings of $ 1.02 per share. Builder’s sales missed analysts’ forecasts despite a 23% increase in net orders and a 4% increase in supplies. KB Home shares fell 1.9% in premarket trading.
AstraZeneca (AZN) – The drug maker said an updated analysis of the US study of its Covid-19 vaccine found 76% effectiveness, compared with 79% in a report earlier this week. The previous report did not contain any recent infections and has been reviewed by an independent data monitoring body.
Nike (NKE) – Nike is targeted on Chinese social media for a statement in which the athletic footwear and apparel maker said it was “concerned” about reports of forced labor in Xinjiang. Nike also said it doesn’t source any locally sourced products. The shares fell 4.5% in premarket trading.
H.B. Fuller (FUL) – H.B. Fuller reported quarterly earnings of 66 cents per share, 19 cents per share above estimates. The revenue also exceeded Wall Street forecasts. The maker of adhesives, sealants and other industrial products saw a particular strength in health and hygiene products, although it noted a weakness in construction adhesives. Fuller shares gained 6.2% in the pre-market business.
Royal Philips (PHG) – The healthcare technology company has signed an agreement to sell its home appliance unit to investment firm Hillhouse Capital for approximately $ 4.4 billion. The transaction includes Hillhouse’s right to use the Philips brand name for 15 years with the option of renewal. The Philips share gained 1.6% in the pre-market.
Advanced Micro Devices (AMD) – The chipmaker’s stock rose 1% in premarket trading after Northland Capital Markets upgraded its stock from “Market Perform” to “Outperform”. Northland called Intel’s (INTC) move to re-enter the foundry business as a “strategic faux pas” and said AMD could benefit from it.
ViacomCBS (VIAC) – The media company’s stock remains on watch after falling more than 30% in the last two sessions. This followed the company’s announcement that it would raise $ 3 billion through stock sales. In the pre-market it fell by a further 1.1%.