Check out the companies making headlines before the bell:
General Mills (GIS) – Shares of General Mills gained 1.8% premarket after the food maker reported better-than-expected quarterly earnings and raised its full-year sales guidance. The company expects to benefit from higher prices and strong demand for cereals, snack foods and pet food.
Stitch Fix (SFIX) – Stitch Fix slid 5.9% in premarket trading after reporting a bigger-than-expected quarterly loss and a weak guidance. The online clothing styling company expects sales to fall in the near term as the number of active customers dwindles. Canaccord Genuity downgraded the stock to hold from buy as a difficult macro environment is hampering the company’s efforts to turn the tide.
Beyond Meat (BYND) – Beyond Meat has suspended Chief Operating Officer Doug Ramsey after he was involved in a physical altercation over the weekend that led to charges of third degree assault and terrorist threat. The plant-based meat alternatives maker said Jonathan Nelson, senior vice president of manufacturing operations, will take over Ramsey’s duties on an interim basis. Beyond Meat fell 1.1% in premarket trading, adding to a 6% drop on Tuesday for the sixth straight day.
Defense Stocks – Defense company shares rose in the premarket after Russian President Vladimir Putin mobilized more troops into Ukraine in what is seen as a major escalation in the Ukraine war. Among stocks on the move: Lockheed Martin (LMT) up 2%, Northrop Grumman (NOC) up 1.3%, Raytheon Technologies (RTX) up 1.2% and L3Harris Technologies (LHX ) with an increase of 1.5%.
Estee Lauder (EL) – Estee Lauder rose 1.7% in after-hours trading after Goldman Sachs upgraded its rating on the cosmetics maker’s shares to “buy” from “neutral” and raised its price target to $303 from $298 would have. Goldman cited recent stock price weakness for the move, saying uncertainty about the impact of China’s “zero Covid” policy is already reflected in the stock price.
Coty (COTY) – Coty is up 3.9% in premarket after the cosmetics maker announced its 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 a balanced quarter on an adjusted basis, surprising analysts who were predicting a quarterly loss. The Canada-based cannabis producer reported slightly lower-than-expected overall sales, but saw a 35.4% year-over-year increase in international medical cannabis revenue. Aurora Cannabis is down 2.1% premarket.
