CVS, Hormel, RH, GameStop and others
Find out which companies are making the headlines before the bell:
CVS Health (CVS) – The pharmacy operator issued new guidance ahead of its investor day, saying it expects 2022 adjusted earnings of $ 8.10 to $ 8.30 per share, versus a consensus estimate of $ 8.24 and better than expected revenues. CVS also raised its outlook for 2021, and stocks rose 2.2% pre-release.
Hormel (HRL) – The food producer beat estimates of a dime with quarterly profit of 51 cents a share and earnings that also beat Wall Street forecasts. Hormel posted double-digit growth across all of its business segments, and stocks rose 1% in pre-market trading.
RH (RH) – The company formerly known as Restoration Hardware reported adjusted quarterly earnings of $ 7.03 per share, 40 cents above estimates, as the luxury furniture retailer’s revenue exceeded forecasts. RH has also raised the low end of its revenue outlook. RH jumped 10.1% in pre-market action.
Rent The Runway (RENT) – Rent The Runway fell 11.3% in the pre-market after the clothing rental company posted a larger loss than a year ago and reported a number of subscribers which has not yet returned to pre-pandemic levels. Sales jumped 66% from the same quarter a year ago.
GameStop (GME) – GameStop shares fell 4% in pre-market trading after the video game retailer posted a larger loss year-over-year and also disclosed an August subpoena of the SEC regarding the trading of its shares.
Apple (AAPL) – Apple has won an appeals court ruling that delays changes to its App Store. An earlier ruling ordered Apple to allow developers to offer payment alternatives outside of the App Store, resulting from its legal dispute with “Fortnite” developer Epic Games. In addition, Apple is approaching a valuation of $ 3 trillion, which will be reached when the share price reaches $ 182.86.
AstraZeneca (AZN) – The drugmaker’s Covid-19 antibody treatment has gained FDA approval for patients who cannot obtain adequate protection against vaccination.
Lucid Group (LCID) – Shares of Lucid fell 5.9% pre-market after the electric vehicle maker announced a $ 1.75 billion offer of senior convertible notes.
Labcorp (LH) – The medical laboratory operator announced a number of measures to improve shareholder value, including the launch of a dividend in the second quarter of 2022 and the authorization of a share buyback program of $ 2.5 billion.
Yum Brands (YUM) – The parent company of KFC, Pizza Hut and Taco Bell has gone from “overweight” to “neutral” at Atlantic Equities, which sees the possibility of increased returns from the restaurant chain and calls Yum its preferred name in the fast-service category restaurant. Yum grew 1% in pre-release.
FuboTV (FUBO) – The video streaming company was ranked “overweight” in the new JP Morgan Securities coverage, based on Fubo’s sports-focused offerings as a differentiator. The stock jumped 2.8% in the pre-market.