October 6, 2022

News Update - Pre-Markets

Check out the companies making headlines before the bell:

General Mills ( GIS ) – Shares of General Mills rose 1.8% in premarket trading after the food maker posted better-than-expected quarterly profit and raised its full-year sales forecast. The company expects to benefit from higher prices and strong demand for cereals, snacks and pet food.

Stitch Fix (SFIX) – Stitch Fix fell 5.9% in premarket trading after posting a bigger-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to drop in the short term as the number of active customers declines. Canaccord Genuity downgraded the stock to “hold” from “buy,” noting that a difficult macroeconomic environment is complicating the company’s turnaround efforts.

Beyond Meat ( BYND ) – Beyond Meat has suspended COO Doug Ramsey after he was involved in a physical altercation over the weekend that resulted in charges of third-degree assault and terroristic threats. The plant-based meat alternative maker said Jonathan Nelson, senior vice president of manufacturing operations, will temporarily take over Ramsey’s duties. Beyond Meat fell 1.1% in premarket trading after falling 6% on Tuesday, its sixth straight day of decline.

Defense Stocks – Defense stocks are rising in the market after Russian President Vladimir Putin mobilized more troops to Ukraine in what is seen as a major escalation of the Ukraine war. Among the moving stocks: Lockheed Martin ( LMT ), up 2%, Northrop Grumman ( NOC ), up 1.3%, Raytheon Technologies ( RTX ), up 1.2%, and L3Harris Technologies ( LHX ), up 1.5%.

Estee Lauder ( EL ) – Estee Lauder gained 1.7% in after-hours trading after Goldman Sachs raised its rating on the cosmetics maker’s stock to “buy” from “neutral” and raised its price target to $303 from $298. Goldman cited recent share price weakness for the move and said uncertainty over the impact of China’s “zero Covid” policy was already being reflected in the share price.

Coty ( COTY ) – Coty jumped 3.9% in premarket sales after the cosmetics maker announced its strategy to double skin care sales by fiscal 2025. The news comes ahead of the company’s investor event this morning.

Aurora Cannabis (ACB) – Aurora Cannabis reported a quarterly loss, on an adjusted basis, surprising analysts who had predicted a quarterly loss. The Canadian-based cannabis producer saw overall revenue fall slightly short of expectations, but saw a 35.4% increase in international medical cannabis revenue from a year earlier. Aurora Cannabis lost 2.1% in premarket trading.

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