Stocks making the biggest moves premarket: Conagra, Levi Strauss, Rite Aid and others
Check out the companies making headlines before the bell:
Conagra (CAG) – The food producer’s stock tumbled 5.5% in the premarket after issuing a weaker-than-expected forecast for the fiscal year ending in May. Conagra’s results are being hit by higher transportation and raw materials costs.
Levi Strauss (LEVI) – Levi Strauss beat estimates by 4 cents with an adjusted quarterly profit of 46 cents per share, and the apparel maker’s revenue also topped Wall Street forecasts. The company saw strong demand for its jeans, tops and jackets while successfully raising prices and cutting down promotions. Levi Strauss rose 3% in premarket trading.
Rite Aid (RAD) – The stock tumbled 18.3% in premarket action after Deutsche Bank downgraded the drugstore operator to “sell” from “hold.” Deutsche Bank said Covid hastened the decline of the retail pharmacy segment, and there’s a possibility that Rite Aid may not be able to generate enough earnings to continue as an operating company.
Wayfair (W) – Wayfair slid 4.1% in the premarket after Wells Fargo downgraded the stock to “underweight” from “equal weight.” Wells Fargo said the high-end furniture retailer will be hurt by waning demand, overly optimistic consensus estimates and other headwinds.
Rent the Runway (RENT) – Rent the Runway stock jumped 3.9% in the premarket after the fashion rental company announced a price hike for its subscribers.
CDK Global (CDK) – The provider of automotive retail technology agreed to be bought by Brookfield Business Partners for $54.87 per share in cash. The price represents a 12% premium over CDK’s Wednesday closing price.
SoFi Technologies (SOFI) – The online personal finance company’s shares slid 5.1% in the premarket after cutting its full-year outlook. The cut follows the White House announcing a student loan payment moratorium will be extended.
JD.com (JD) – JD.com announced that founder Richard Liu has left the chief executive officer position and President Xu Lei will take over as the Chinese e-commerce company’s CEO. Liu will remain as chairman. JD.com fell 1.1% in the premarket.
Teladoc Health (TDOC) – The provider of virtual doctor visits saw its stock gain 1.5% in premarket action after Guggenheim initiated coverage with a “buy” rating. Guggenheim said health care access is moving more toward digital interactions and that Teladoc has a broader service portfolio than other providers.