Home Depot, Macy’s, Medtronic and others
See which companies are making the headlines even before the bell rings.
Home Depot (HD) – The home improvement retailer’s stock rose 1% in the premarket after its quarterly profit and revenue beat Wall Street forecasts. Home Depot posted a $3.21 share profit, three cents higher than expected and comparable sales that were above expectations. Home Depot announced an additional 15% in dividends.
Macy’s (M) – Macy’s beat estimates by 45 cents with adjusted quarterly earnings of $2.45 per share, and the retailer’s revenue beat estimates as well. Macy’s announced an increase of 5% in dividends and authorized a $2 billion share purchaseback program. In premarket action, Macy’s stock surged 7.9%.
Tempur Sealy (TPX) – The mattress company’s stock slid 5% in the premarket after its adjusted quarterly earnings of 88 cents per share missed estimates by 8 cents, and revenue fell short of Street forecasts. Tempur Sealy was impacted by higher costs than sales.
Medtronic (MDT) – The medical device maker’s shares reported a mixed quarter. The revenue forecasts were not met and the adjusted quarterly profit of $1.37 per share beat expectations by one penny. Medtronic reported that they are seeing increased procedure volumes and strong demand for their heart devices in the most recent quarter. Initial decline of 1.2% was experienced by the stock, but it recovered quickly.
Houghton Mifflin (HMHC) – The publishing company agreed to be bought by private equity firm Veritas Capital for $21 per share in cash or about $2.8 billion. Premarket trading saw the stock rise by 14.9%.
SoFi Technologies (SOFI) – The financial technology firm announced a deal to buy banking software maker Technisys for about $1.1 billion stock, saying the addition will generate up to $800 million in additional revenue through 2025. Premarket activity saw SoFi fall 2.7%
Tegna (TGNA) – The TV station operator’s shares jumped 7.4% in the premarket after agreeing to a $24 per share buyout deal with private equity firms Standard General and Apollo Global Management (APO).
McDonald’s (MCD) – Investor Carl Icahn launched a proxy fight for two board seats at the restaurant chain, as part of his push for more ethical treatment of pigs by McDonald’s suppliers. McDonald’s lost 1% in premarket.
Krispy Kreme (DNUT) – The doughnut chain fell a penny shy of forecasts with adjusted quarterly earnings of 8 cents per share, although revenue topped Wall Street forecasts. Krispy Krispy Kreme was capable of compensating wage and commodity inflation through price rises. Krispy Kreme gained 1.2% through premarket trades.
DraftKings (DKNG) – The sports betting company’s stock slid 5.5% in the premarket after Wells Fargo downgraded it to “equal weight” from “overweight” and cut the price target to $19 per share from $41. Wells Fargo worries about the company’s ability to become profitable given its increase in expenses. DraftKings fell for three consecutive sessions. Friday’s 21.6% plunge was due to the quarterly report.