Stocks making the biggest moves premarket: CVS, Hormel, RH, GameStop and others
Check out the companies making headlines before the bell:
CVS Health (CVS) – The drug store operator issued new guidance ahead of its investor day, saying it expects a 2022 adjusted profit of $8.10 to $8.30 per share compared with an $8.24 consensus estimate and better-than-expected revenue. CVS also raised its 2021 outlook, and the shares rallied 2.2% in the premarket.
Hormel (HRL) – The food producer beat estimates by a penny with quarterly earnings of 51 cents per share, and revenue that also topped Wall Street forecasts. Hormel saw double-digit growth across all of its business segments, and shares rose 1% in premarket trading.
RH (RH) – The company formerly known as Restoration Hardware reported adjusted quarterly earnings of $7.03 per share, 40 cents above estimates, while the luxury home furnishings retailer’s revenue beat forecasts. RH also lifted the low end of its revenue outlook. RH surged 10.1% in premarket action.
Rent The Runway (RENT) – Rent The Runway tumbled 11.3% in the premarket after the fashion rental company posted a loss that was wider than a year ago and reported subscriber numbers that have not yet returned to pre-pandemic levels. Sales did surge 66% over the same quarter a year ago.
GameStop (GME) – GameStop shares slid 4% in premarket trading after the videogame retailer posted a wider loss compared with a year earlier and also disclosed an August subpoena from the SEC involving the trading of its shares.
Apple (AAPL) – Apple won an appeals court decision that delays changes to its App Store. An earlier ruling had ordered Apple to allow developers to offer payment alternatives outside of the App Store, stemming from its legal dispute with “Fortnite” developer Epic Games. Separately, Apple is closing in on a $3 trillion valuation, which will be achieved when the share price hits $182.86.
AstraZeneca (AZN) – The drug maker’s Covid-19 antibody treatment won FDA approval for patients who cannot achieve adequate protection from vaccination.
Lucid Group (LCID) – Lucid shares tumbled 5.9% in the premarket after the electric vehicle maker announced a $1.75 billion offering of convertible senior notes.
LabCorp (LH) – The medical lab operator announced a number of steps to enhance shareholder value, including the initiation of a dividend in the second quarter of 2022 and the authorization of a $2.5 billion share repurchase program.
Yum Brands (YUM) – The parent of KFC, Pizza Hut and Taco Bell was upgraded to “overweight” from “neutral” at Atlantic Equities, which sees the possibility of rising returns from the restaurant chain and calls Yum its favored name in the quick-service restaurant category. Yum rose 1% in the premarket.
FuboTV (FUBO) – The video streaming company was rated “overweight” in new coverage at J.P. Morgan Securities, based on Fubo’s sports-centered offerings as a differentiating factor. The stock jumped 2.8% in premarket action.