Conagra, Levi Strauss, Rite Aid and others
Take a look at the top companies that made headlines long before the bell rang.
Conagra (CAG) – The food producer’s stock tumbled 5.5% in the premarket after issuing a weaker-than-expected forecast for the fiscal year ending in May. Conagra is seeing higher transport and raw material costs impacting its results.
Levi Strauss (LEVI) – Levi Strauss beat estimates by 4 cents with an adjusted quarterly profit of 46 cents per share, and the apparel maker’s revenue also topped Wall Street forecasts. While the company enjoyed strong demand for jeans, jackets and tops, it was able to raise prices and reduce promotions. Premarket trading saw Levi Strauss rise by 3%
Rite Aid (RAD) – The stock tumbled 18.3% in premarket action after Deutsche Bank downgraded the drugstore operator to “sell” from “hold.” Deutsche Bank stated that Covid had contributed to the declining retail pharmacy sector’s decline and Rite Aid might not be able generate sufficient earnings to sustain its operations.
Wayfair (W) – Wayfair slid 4.1% in the premarket after Wells Fargo downgraded the stock to “underweight” from “equal weight.” Wells Fargo warned that Wayfair, a high-end furniture retailer, will face challenges due to waning customer demand and overly optimistic consensus estimations.
Rent the Runway (RENT) – Rent the Runway stock jumped 3.9% in the premarket after the fashion rental company announced a price hike for its subscribers.
CDK Global (CDK) – The provider of automotive retail technology agreed to be bought by Brookfield Business Partners for $54.87 per share in cash. This price is 12% higher than CDK’s Wednesday closing prices.
SoFi Technologies (SOFI) – The online personal finance company’s shares slid 5.1% in the premarket after cutting its full-year outlook. Following the White House’s announcement of an extended student loan payment moratorium, this cut was made.
JD.com (JD) – JD.com announced that founder Richard Liu has left the chief executive officer position and President Xu Lei will take over as the Chinese e-commerce company’s CEO. Liu will continue to be chairman. JD.com declined 1.1% in premarket.
Teladoc Health (TDOC) – The provider of virtual doctor visits saw its stock gain 1.5% in premarket action after Guggenheim initiated coverage with a “buy” rating. Guggenheim noted that digital interaction is becoming more common in health care and Teladoc offers a wider range of services than the other providers.