Check out the companies making headlines before the bell:
Lowe’s (LOW) – Lowe’s shares added 1.6% in the premarket after the home improvement retailer beat top and bottom-line estimates for the fourth quarter. Lowe’s earned $1.78 per share, 7 cents above estimates, and issued upbeat full-year guidance as demand for tools and building materials remained elevated.
Tenneco (TEN) – The automotive components maker agreed to be acquired by affiliates of Apollo Global Management (APO) for $20 per share in cash, compared with Tenneco’s Tuesday close of $9.98 per share. The deal is expected to close during the second half of this year. Tenneco soared 91.7% in premarket action.
Tupperware (TUP) – The maker of home storage products saw its shares slump 3% in the premarket following its quarterly earnings report. Tupperware’s revenue was above Street forecasts, but its adjusted profit of 38 cents per share missed estimates by 14 cents amid what the company called “challenging operating conditions.” Tupperware noted it saw both top and bottom-line growth in 2021 despite those challenges.
Palo Alto Networks (PANW) – The cybersecurity software company beat estimates by 9 cents with adjusted quarterly earnings of $1.74 per share and revenue that topped Street forecasts as well. Palo Alto also gave a better-than-expected forecast, and its shares rallied 7.8% in premarket trading.
Virgin Galactic (SPCE) – The space tourism company’s stock jumped 4.1% in premarket action after it reported a narrower-than-expected quarterly loss and improvement in its cash position.
Stellantis (STLA) – The automaker beat its profit targets in the first year following the merger of Fiat Chrysler and Peugeot parent PSA Group. It also said it was realizing projected benefits from that combination sooner than originally expected. Its stock surged 6.3% in the premarket.
GlaxoSmithKline (GSK), Sanofi (SNY) – GlaxoSmithKline rose 1.7% in the premarket and Sanofi was up 1.5% following news that the two companies would submit their Covid-19 vaccine to global drug regulators for approval.
Caesars Entertainment (CZR) – The casino operator’s stock jumped 4.5% in premarket trading after the company reported a 63% jump in revenue compared with a year ago, and a narrower loss.
Mosaic (MOS) – The fertilizer producer’s shares slid 5.6% in premarket action after the company’s quarterly earnings and revenue fell below analyst forecasts. Mosaic said it expects upward pricing momentum to continue.
Quest Diagnostics (DGX) – The medical lab operator’s stock was down 2.1% in the premarket after UBS downgraded it to “neutral” from “buy.” UBS cited risk to meeting management’s earnings target for fiscal 2023, given the company’s level of investment in growth.
Kodiak Sciences (KOD) – The drugmaker said a mid-to-late stage trial of its experimental eye drug failed to show it was not inferior to Regeneron’s (REGN) Eylea macular degeneration treatment. Kodiak tumbled 69.2% in premarket trading while Regeneron jumped 4.5%.
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