General Mills, Stitch Fix, Beyond Meat and others
Check out the companies that made the headlines before the bell:
General Mills (GIS) – Shares of General Mills rose 1.8% in premarket trading after the food maker reported a better-than-expected quarterly profit and raised its full-year sales forecast. The company is expected to benefit from higher prices and strong demand for cereals, treats and pet food.
Stitch Fix (SFIX) – Stitch Fix fell 5.9% in premarket trading after reporting a bigger-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to drop in the short term as the number of active customers dwindles. Canaccord Genuity downgraded the stock to “hold” from “buy”, citing tough macroeconomic conditions that complicate the company’s turnaround efforts.
Beyond Meat (BYND) — Beyond Meat chief operating officer Doug Ramsey has been suspended over the weekend after being involved in a physical altercation that resulted in third-degree battery and terrorist threat charges. The plant-based meat substitute maker said Jonathan Nelson, senior vice president of manufacturing, will take over from Ramsey on an interim basis. Beyond Meat fell 1.1% in premarket trading, building on Tuesday’s 6% decline, its sixth straight losing day.
Defense stocks – Shares of defense contractors rose premarket after Russian President Vladimir Putin moved more troops to Ukraine in what was seen as a major escalation of the war in Ukraine. Among gainers: Lockheed Martin (LMT) up 2%, Northrop Grumman (NOC) up 1.3%, Raytheon Technologies (RTX) up 1.2%, L3Harris Technologies (LHX) up 1.5 %.
Estee Lauder (EL) – Estee Lauder rose 1.7% in after-hours trading after Goldman Sachs upgraded the cosmetics maker’s stock to “buy” from “neutral” and raised its price target to $303 from $298 . Goldman Sachs cited recent moves in share price weakness and said uncertainty surrounding the impact of China’s “zero coronavirus” policy was already priced in.
Coty (COTY) – Coty rose 3.9% in premarket trading after the cosmetics maker announced a strategy to double skincare sales by fiscal 2025. The news comes ahead of the company’s event for investors this morning.
Aurora Cannabis (ACB) — Aurora Cannabis reported an adjusted breakeven quarter, surprising analysts who had forecast a quarterly loss. The Canada-based cannabis producer’s overall revenue was slightly below expectations, but international medical cannabis revenue rose 35.4% compared to the same period last year. Aurora Cannabis fell 2.1% in premarket trading.