Check out the companies making headlines before the bell:
Regeneron Pharmaceuticals (REGN) – The drugmaker reported adjusted quarterly earnings of $23.72 per share, beating the $18.35 consensus estimate. Revenue also topped the forecast on strong sales of the company’s Covid-19 antibody therapy as well as its eye drug Eylea. Regeneron said it is “working hard” to develop an updated therapy that will be effective against Omicron and other Covid-19 variants.
Bristol-Myers (BMY) – Bristol-Myers rose 1% in premarket trading after the drugmaker reported better than expected quarterly profit and revenue that was just slightly below estimates. The company also reaffirmed its long-term forecasts and announced a $15 billion share-repurchase authorization.
BJ’s Wholesale (BJ) – The warehouse retailer’s stock rose 2% in the premarket after Deutsche Bank upgraded it to “buy” from “hold.” Deutsche Bank points to the stock’s 10% pullback so far this year as well as a shift in consumer buying habits to more value-oriented retailers.
Amazon.com (AMZN) – Amazon reported adjusted quarterly earnings of $5.80 per share, well above the $3.57 consensus estimate. Revenue was slightly below forecasts, but Amazon was helped by cost controls and strong performances in its cloud computing and ad businesses. Amazon also announced a $20 per year increase in membership fees for its Prime program to $139 per year, and the shares surged 11.8% in premarket trading.
Clorox (CLX) – Clorox tumbled 12.9% in premarket action after it fell 18 cents short of forecasts with adjusted quarterly profit of 66 cents per share. The maker of household products saw revenue come in slightly above estimates, but it was hit by considerably lower profit margins due to a “challenging” cost environment.
Snap (SNAP) – Snap rocketed 46.7% in the premarket after it reported its first-ever quarterly profit. It more than doubled the 10 cent consensus estimate by reporting adjusted quarterly earnings of 22 cents per share. The Snapchat parent also reported better than expected revenue and issued an upbeat outlook, saying it was making progress adjusting to the changes in Apple’s privacy policies which impact ad-tracking technology.
Pinterest (PINS) – Pinterest came in 4 cents ahead of Wall Street forecasts with an adjusted quarterly profit of 49 cents per share. It reported better than expected revenue as well. The social site also concluded its first-ever profitable year amid strengthening ad revenue. Pinterest soared 14.4% in the premarket.
Ford (F) – Ford reported adjusted quarterly earnings of 26 cents per share, well short of the 45 cent consensus estimate. The automaker’s revenue also came in slightly short of estimates with the chip shortage and other supply constraints hurting production. Ford slumped 5.9% in premarket trading.
Unity Software (U) – Unity Software reported better than expected quarterly results and the video game content creation platform operator also projected upbeat current quarter results. Unity said a transition to interactive real-time 3D gaming presents it with strong growth opportunities for decades to come. The stock rallied 11.3% in the premarket.
News Corp (NWSA) – News Corp beat top and bottom-line estimates for its latest quarter, with the media company benefiting from growth in digital real estate services, book publishing and its Dow Jones division. News Corp jumped 6.9% in premarket trading.
Skechers (SKX) – Skechers came in 10 cents above analyst forecasts with an adjusted quarterly profit of 43 cents per share, with the footwear retailer also reporting better than expected revenue as it successfully bet on demand for casual and comfortable shoes. The stock surged 7.9% in the premarket.
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