Manchester United, Invesco, Take-Two and others
Check out the companies making headlines before the bell:
Manchester United (MANU) – The soccer team operator reported a quarterly loss that was 5.9% narower than what it lost a year ago amid a 15.9% increase in revenue. Manchester United will not provide full-year earnings guidance or revenue estimates for fiscal 2022 because of uncertainty around the Covid-19 pandemic.
Invesco (IVZ) – The investment management firm is in talks to merge with State Street‘s (STT) asset management unit, according to people familiar with the matter who spoke to the Wall Street Journal. According to these sources, a deal was not likely and may not take place. Premarket shares of Invesco rose 6.5%, with State Street gaining 0.6%.
Take-Two Interactive (TTWO) – The video game maker’s stocks fell 1.3% in premarket action after BMO Capital downgraded the stock to “market perform” from “outperform.” BMO previously had Take-Two earnings estimates at the high end. However, it stated that it now feels less confident after a series delays to video game releases.
Coupang (CPNG) – Softbank’s Vision Fund sold 57 million shares of the South Korean online retailer for about $1.69 billion, according to an SEC filing.
Accolade (ACCD) – The provider of workplace benefits management solutions rose 2% in the premarket after Baird upgraded the stock to “outperform” from “neutral.” Baird mentioned the stock’s strong execution record and growing confidence in management after having had recent discussions with them.
Unum (UNM) – Unum is launching a new digital verification tool designed to help companies manage vaccine mandates. Workers can report on their vaccine status, upload supporting documentation and help companies to manage exemptions.
Eli Lilly (LLY) – The drugmaker won FDA approval for expansion of the emergency use authorization for its Covid-19 treatment. This treatment is now available to patients at high risk for infection following exposure to Covid.
General Motors (GM) – GM plans to extend downtime at seven North American factories as the worldwide semiconductor shortage continues to crimp production.
U.S. Steel (X) – U.S. Steel is planning to build a new U.S. steel mill, with construction beginning next year and production planned to kick off in 2024. This move is in response to a strong demand and prices which have nearly quadrupled between the summer 2020 and now. Premarket shares fell by 2.1%.
Zumiez (ZUMZ) – Zumiez shares rose 1% in premarket trading after the streetwear and sports apparel company announced a $150 million stock buyback program.
Diamondback Energy (FANG) – The energy producer announced an accelerated capital return plan and approved a $2 billion stock buyback. Diamondback saw a 5.2% rise in premarket trades.