Several notable companies are experiencing significant premarket movements, including General Mills, Winnebago, and GameStop.
Check out the companies making headlines before the bell:
General Mills reported better-than-expected quarterly earnings and raised its full-year outlook, resulting in a 1.6% gain in the premarket. The food maker earned an adjusted 84 cents per share, 6 cents above estimates, with revenue essentially in line with analyst forecasts. Additionally, General Mills stated that demand for food at home remains elevated.
Winnebago reported adjusted quarterly earnings of $3.14 per share, exceeding the $2.94 consensus estimate, and revenue also surpassed Street expectations. The results were driven by strong consumer demand and higher prices. Despite this, Winnebago shares fell 2.4% in premarket trading.
The videogame retailer, GameStop, experienced a 12.4% increase in premarket trading after an SEC filing revealed that Chairman Ryan Cohen had purchased an additional 100,000 shares, increasing his stake in the company to 11.9%.
Adobe surpassed expectations by 3 cents with adjusted quarterly earnings of $3.37 per share, despite revenue being only slightly above estimates. However, the software company forecasted a $75 million decline in a key subscription revenue measure due to challenges in Russia and Belarus. As a result, Adobe's stock price fell 2.7% in the premarket.
The U.S.-listed marijuana industry experienced a surge in premarket stock prices after two major takeover deals were announced. Tilray saw a 10.9% increase, while Canopy Growth rose 4%, Aurora Cannabis gained 7.6%, and Sundial surged 8.6%.
Okta reported that a preliminary investigation found no evidence of ongoing malicious activity after a hacker breach. The digital authentication company stated that up to 366 customers may have been affected by the breach, but hackers gained only limited access. Okta's stock dropped 3.6% in premarket action.
Sources close to the matter reveal that private equity firms and Elliott Investment Management are considering increasing their bid for Nielsen, who previously rejected a $25.40 per share offer due to perceived undervaluation of the company.
Poshmark's premarket slide of 9.4% was due to weaker-than-expected guidance for the current quarter, despite better-than-expected revenue and a slightly smaller-than-expected loss in its most recent quarter.
TerraFarma is being acquired by Aurora Cannabis in a C$38 million cash-and-stock deal, with additional payments due on contingent terms. An earlier version of the report contained an incorrect purchase amount.
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