KB Home, Spotify, Nikola and others
See which companies are making the headlines even before the bell rings.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported quarterly earnings of $1.93 per share, missing the $2.10 consensus estimate, with revenue and comparable-store sales also below analyst forecasts. Darden noted that January’s omicron variation had an impact on guest demand and staffing levels, as well as costs, however, things have improved. Darden dropped 1.7% in the Premarket
KB Home (KBH) – KB Home missed estimates by 9 cents with quarterly earnings of $1.47 per share, and the home builder’s revenue also missed Wall Street forecasts. KB Home claimed that supply and labor problems were limiting its ability complete home construction. Premarket trading resulted in KB Home shares losing 3.6%
Spotify Technology (SPOT) – Spotify shares jumped 3.7% in the premarket after it reached an agreement with AlphabetGoogle allows subscribers to sign up through Google Play. Operator of dating services Match Group (MTCH) – another company that has sparred with Google over app store fees – rallied 3.4% following the Spotify news.
Nikola (NKLA) – Nikola soared 15.1% in premarket action after announcing electric truck production began at its Coolidge, Arizona, factory last week, meeting a goal that had been articulated during its most recent quarterly earnings report last month.
GameStop (GME) – GameStop remains on watch after the videogame retailer’s stock surged 14.5% Wednesday, marking a seventh straight day of gains after Chairman Ryan Cohen bought 100,000 more shares and raised his stake to 11.9%. Premarket trading saw GameStop fall 5.2%.
FactSet (FDS) – The financial information provider reported an adjusted quarterly profit of $3.27 per share, compared with a consensus estimate of $2.98. FactSet also issued a positive forecast and revenue exceeded Wall Street expectations.
Trip.com (TCOM) – Trip.com jumped 6.2% in the premarket after the China-based travel services provider reported an unexpected profit for its latest quarter and revenue that exceeded analyst forecasts.
H.B. Fuller (FUL) – The industrial adhesives and specialty chemicals maker rallied 5.7% in the premarket after reporting better-than-expected profit and revenue for the quarter, and raising its full-year forecast. Fuller stated that it had implemented price hikes to address higher logistics and raw material costs, and was ready to make them again if needed.
Steelcase (SCS) – The office furniture maker reported an unexpected loss for its latest quarter, although revenue exceeded analyst estimates. Steelcase stated that its earnings were affected by disruptions in supply chains and inflationary pressures. The company also gave a lower-than-expected forecast. Steelcase shares dropped 5.4% premarket.
Logitech (LOGI) – The maker of keyboards, mice and other computer peripherals added 3.5% in the premarket after Bank of America Securities began coverage with a “buy” rating. BofA stated that the stock was an appealing entry point due to Logitech’s strong execution record and growth prospects.