See the headline-grabbing companies that were there before the bell rang:
Chewy – Premarket stock fell 10% after the retailer of pet products dropped to 10% following a larger-than-expected quarter. Although sales were consistent with Street forecasts and profit was affected by higher labor costs and supply chain issues, profits were lower than expected.
Lululemon – Lululemon reported an adjusted quarterly profit of $1.62 per stock, 21 cents more than the estimates and slightly higher revenue than forecasts. Lululemon warned that the new Covid-19 versions could have an impact on demand for “athleisure” clothes if there are any virus concerns. Premarket action saw the stock drop 1.5%.
Broadcom – Shares of the chip maker rose nearly 7% in premarket trades after beating Street forecasts for its top and bottom line for its most recent quarter. Broadcom earned $7.81 per share in adjusted earnings, 7 cents more than estimates. It also released a positive forecast about the continued high demand for its cloud computing customers.
Costco – This warehouse retailer earned $2.98 per Share in its most recent quarter, against a consensus estimate $2.64. Revenue also exceeded Street forecasts. The cost increases and supply chain problems Costco claimed it was able largely to mitigate, helped Costco achieve its beat. Costco saw a 1.8% increase in premarket sales.
Oracle – Oracle shares surged by 12% in premarket after quarterly sales and revenues beat estimates. The business software company also announced a $10 billion increase to its share repurchase program. Oracle earned an adjusted $1.21 per Share, 10 cents more than estimates. This was mainly due to its cloud infrastructure business.
Beyond Meat (BYND). Taco Bell, a restaurant chain, has dropped plans to test Beyond Meat’s plant-based version of carne asada. According to a Bloomberg report. Taco Bell was said to be dissatisfied by the October samples, but the companies are still working together to create new products. Beyond Meat lost 1.6% in premarket trade.
C3Ai – After it was awarded a $500 million contract by the U.S. Department of Defense to develop its AI products, the stock price soared 20% in premarket.
American Outdoor Brands – This outdoor products manufacturer reported an adjusted quarterly profit of only 58 cents per stock, which is well below the consensus estimate of 76 cents. Revenue also fell short of analyst expectations. According to the company, sales fell due to customer purchases being moved to the previous quarter in order to reduce supply chain concerns. Premarket action saw American Outdoor share prices plummet 19%
Vail Resorts – This quarter’s loss was $3.44 per share, which is less than the $3.62 analysts expected. It was due to an increase in season pass sales. Revenue was lower than expected.
Peloton – Shares of the fitness equipment manufacturer lost 3.5% in premarket trading after Credit Suisse downgraded it to “neutral” instead of “outperform”. Peloton faces a variety of headwinds, such as a return to fitness at home and a shift in consumer spending.
AMC Entertainment – Premarket trading saw 1% drop in shares of AMC Entertainment after SEC filings revealed that CEO Adam Aron sold 312,500 shares and Sean Goodman sold 18,000 shares. Aron indicated in November that he would soon start selling shares to help with estate planning.