Cal-Maine, Tesla, Alibaba and others
Take a look at the top companies that made headlines long before the bell rang.
Cal-Maine Foods (CALM) – The nation’s largest egg producer earned 2 cents per share for its latest quarter, well short of the 30-cent consensus estimate. Sales were better-than-expected, but the bottom line was hit by higher costs for packaging and labor. Cal-Maine stock fell 7.1% during the premarket
Tesla (TSLA) – Tesla rose 1.4% in premarket trading, following news that CEO Elon Musk completed the exercising of all his stock options for next year. Musk’s recent stock sales are now closed to help pay his tax bill.
Alibaba (BABA) – The China-based e-commerce giant is considering the sale of its 30% stake in social media advertising company WeiboA Bloomberg report stated that (WB) was transferred to Shanghai Media Group by the government. Alibaba declined 1% during premarket action while Weibo fell by 0.3%
Victoria’s Secret (VSCO) – The intimate apparel retailer announced a $250 million accelerated share repurchase program.
Akamai Technologies (AKAM) – Akamai rose 1.2% in the premarket after D.A. Davidson rated Akamai an “buy” in the new coverage. The price target was $143 per share, which is lower than Tuesday’s closing of $118.45.
Didi Global (DIDI) – Didi was down 2.4% in premarket trading after Reuters reported the Chinese ride-hailing company will use the “listing by introduction” method to list in Hong Kong, as it moves to delist in New York. This method will not issue new shares or raise capital.
BioNTech (BNTX) – The drug maker’s shares fell 3% in the premarket, potentially extending the stock’s losing streak to 7 days. BioNTech’s stock has dropped 16% in the last 6 sessions. Rival vaccine maker ModernaMRNA (Moderna) has been in an identical slump. The stock fell for six consecutive sessions and then dropped 18%. Moderna dropped 1.6% in premarket action.
FuelCell Energy (FCEL) – The fuel cell technology company lost 7 cents per share for its latest quarter, wider than the 4-cent loss predicted by analysts. The stock also dropped 4.6% in premarket trades and revenue fell short of analyst expectations.