General Mills, FedEx, Adobe and more
Check out the companies making headlines in the premarket.
General Mills — Shares of General Mills added 1.7% in the premarket after the food company reported better-than-expected quarterly earnings. StreetAccount reports that General Mills reported adjusted earnings of 99c per share, versus the consensus analyst estimate of 89c per share. The quarterly revenue also exceeded expectations.
Adobe — Adobe shares fell 3.7% in early morning trading despite the software company’s quarterly financial results beating Wall Street expectations. On revenue of $3.94billion, the company posted earnings of $3.11 per share. According to Refinitv, analysts expected earnings of 3.01 per share for revenue of $3.89 trillion.
FedEx — FedEx shares dropped 6.1% in premarket trading after the company’s quarterly earnings missed expectations. Refinitiv analyst consensus is that FedEx earned $4.37 per share.
Stitch Fix — Stitch Fix shares surged 12.8% in early morning trading after reporting a surprise profit in the fiscal fourth quarter. The online shopping and styling service reported earnings of 19 cents per share versus an expected loss of 13 cents per share, according to Refinitiv. Stitch Fix’s revenue forecasts were exceeded and the company reported an 18% increase in active customers year over year.
Hyatt Hotels — Hyatt Hotels shares were down 1.2% in the premarket after the hotel corporation announced a public offering of 7 million Class A common shares to fund a portion of its anticipated acquisition of Apple Leisure Group.
Disney — Disney shares ticked up 0.9% in the premarket after Credit Suisse said the selloff in Disney the day prior was an overreaction and the stock could rebound more than 27%. Shares of the media and entertainment giant retreated more than 4% on Tuesday after CEO Bob Chapek warned of headwinds on subscription video streaming growth in the fourth quarter and projected lower-than-expected fourth-quarter subscriber growth.
SoFi — Shares of SoFi jumped 3.4% after Jefferies initiated the personal finance app with a buy rating, saying the stock can jump more than 60% in the next 12 months. Jefferies stated that Flywheel, SoFi’s unique business model and user growth will continue to be a driving force for significant margin expansion, product adoption and user growth.
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