Constellation Brands, Palantir, Norwegian Cruise and others
Take a look at the top companies that made headlines long before the bell rang.
Constellation Brands (STZ) – The maker of beer and wine reported adjusted quarterly earnings of $2.38 per share, missing the $2.77 consensus estimate, although revenue did beat Wall Street forecasts and Constellation increased its full-year earnings outlook. The premarket saw shares fall 2.2%.
Acuity Brands (AYI) – The maker of lighting and building management systems reported an adjusted quarterly profit of $3.27 per share, beating the consensus estimate of $2.85, with revenue topping forecasts as well. According to the company, this was due to a difficult environment with higher freight costs and increased labor.
Palantir Technologies (PLTR) – Palantir surged 8.1% in the premarket following news that it won an $823 million Army contract to provide its Gotham platform, an operating system designed to optimize defense decision-making.
Norwegian Cruise Line (NCLH) – Norwegian CEO Frank Del Rio told CNBC’s Closing Bell that the company would have its full fleet in operation by April for the first time since the pandemic began. He stated that 75% should have ships by the year’s end. Norwegian shares declined 1.7% during premarket trading.
Seagate Technology (STX) – The disk drive maker’s shares slid 3.3% in the premarket after Morgan Stanley downgraded the stock to “equal weight” from “overweight,” citing deteriorating industry data including rising inventory levels and a drop in corporate spending plans.
General Motors (GM) – The automaker’s shares will be on watch today as GM holds its investor day, set to highlight its plans for electric vehicle growth.
Southwest Gas (SWX) – Southwest Gas struck a deal to buy Questar Pipelines from Dominion Energy(D), for $1.975 million in cash and assumed credit. Carl Icahn is an investor in Southwest Gas with a 4.9% share. He had written a protest letter to the company when it was first reported. Icahn stated that the proposed deal was a big mistake, and would reduce shareholder value. Premarket activity saw Southwest Gas fall 1.7%
Facebook (FB) – Facebook CEO Mark Zuckerberg responded to accusations from whistleblower Frances Haugen, saying the company does not prioritize profits over safety. After Haugen’s Tuesday testimony to the Senate panel, Zuckerberg posted a blog posting in which he addressed the allegations. The premarket saw shares drop 1.3%
Manchester United (MANU) – Manchester United announced a 9.5 million share offering by the Glazer family, which controls the soccer club. Manchester United won’t receive any proceeds. Premarket trading saw the stock fall 9.4%.
HSBC Holdings (HSBC) – HSBC was upgraded to “buy” from “neutral” at UBS, which points to an attractive valuation and optimistic 2022 expectations for the bank’s financial performance. Stock gained 2.3% during the premarket.