Stock Groups

FedEx, GameStop, Moderna and more

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Take a look at the top companies that made headlines long before the bell rang.

FedEx (FDX) – FedEx earned an adjusted $4.59 per share for its latest quarter, missing estimates by 5 cents, though the delivery service’s revenue beat analyst forecasts. The Covid-19 Omicron Variant outbreak that impacted FedEx’s earnings effected FedEx’s bottom-line. FedEx suffered a 3.1% decline in premarket sales.

GameStop (GME) – GameStop reported an unexpected quarterly loss, even as the videogame retailer’s revenue topped estimates. Matt Furlong, GameStop’s CEO, said that the holiday season was impacted by supply chain problems and the omicron variation. GameStop saw a 7.6% drop in premarket sales.

U.S. Steel (X) – U.S. Steel shares fell 3.6% in premarket trading after the company issued weaker-than-expected guidance for the current quarter. In addition to rising raw material costs, the company also cited other factors.

Moderna (MRNA) – Moderna is seeking FDA approval for a second booster shot of its Covid-19 vaccine for adults aged 18 and older. It was submitted on the day following. Pfizer(PFE and Partner BioNTech(BNTX), asked FDA for approval of a booster to be used by people aged 65 and over. Moderna received 1% premarket action.

Boeing (BA) – The jet maker is in talks with Delta Air LinesAccording to people who were familiar with the situation and spoke to Reuters, DAL is for a 737 MAX10 jet order up to 100 units.

Joann (JOAN) – The crafts retailer’s shares tumbled 8.3% in the premarket after it missed quarterly sales expectations and noted a $60 million increase in ocean freight costs for 2021. Joann explained that freight was just one of a variety of supply chain disruptions and headwinds.

Wingstop (WING) – The restaurant chain’s stock slid 4.7% in premarket trading after a double downgrade by Piper Sandler to “underweight” from “overweight.” Piper indicated that Wingstop’s ability to maintain a premium value during an expansion of the restaurant industry will prove more challenging as increased expenses could impact earnings.

Rent The Runway (RENT) – The fashion rental company’s stock rallied 4.2% in premarket action after Jefferies began coverage with a “buy” rating. The company stated that Rent The Runway’s wide selection and low barrier of entry will be key factors in driving top-line growth up to 50%.

SolarEdge Technologies (SEDG) – The solar equipment and software producer’s 2 million shares offering was priced at $295 per share, compared with Thursday’s close of $314.60. Premarket, SolarEdge fell 3.4%.

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