Products You May Like
Check out the companies making headlines before the bell:
Twitter (TWTR) – Twitter surged 8.2% in premarket trading after Tesla (TSLA) CEO Elon Musk – currently Twitter’s largest shareholder – offered to take the company private for $54.20 per share in cash. The proposed deal would value Twitter at more than $43 billion.
Goldman Sachs (GS) – Goldman shares rose 2.2% premarket after the investment bank reported better-than-expected first-quarter profit and revenue. Goldman noted that a “rapidly evolving market environment” had a significant impact on client activity during the quarter.
Morgan Stanley (MS) – Morgan Stanley earned $2.02 per share for the first quarter, beating the $1.68 consensus estimate, with revenue coming in above estimates as well. The bank said the upbeat results came despite market volatility and economic uncertainty, and the stock rose 2.3% premarket.
Wells Fargo (WFC) – Wells Fargo reported adjusted quarterly earnings of 88 cents per share, 8 cents above estimates, but revenue was slightly below analyst projections. The bank said it would be helped by rising interest rates, but that aggressive Fed actions and the Ukraine war add to downside economic growth risks. The stock fell 3.2% premarket.
UnitedHealth Group (UNH) – The health insurer reported an adjusted quarterly profit of $5.49 per share, 11 cents above estimates, with revenue also topping Wall Street forecasts. Results were helped by growth in the company’s Medicare Advantage business, and it also raised its full-year outlook.
Rite Aid (RAD) – The drug store operator lost an adjusted $1.63 per share for its latest quarter, larger than the 57 cent loss expected by Wall Street analysts, although revenue exceeded estimates. Rite Aid also projected a fiscal 2023 loss that is smaller than analysts had been anticipating, as well as detailing a cost reduction program. Shares rose as much as 5.5% in premarket trading before retreating.
UPS (UPS) – UPS rose 1% after Loop Capital upgraded it to “buy” from “hold,” saying the call was largely based on an attractive valuation for the delivery service’s stock.
Western Digital (WDC), Seagate Technology (STX) – Susquehanna Financial downgraded both hard disk drive makers, moving Western Digital to “neutral” from “positive” and Seagate to “negative” from “neutral,” on expectations of weaker demand in 2023. Western Digital fell 3% in premarket trading while Seagate lost 3.3%.
Rent The Runway (RENT) – The fashion rental company’s stock was volatile in premarket trading after it reported a smaller-than-expected loss, as well as revenue and profit margins that exceeded Street forecasts. The stock had initially dipped in off-hours trading as investors focused on a lighter-than-expected forecast for the current quarter, then moved higher before losing its gains again.