Stocks making the biggest moves premarket: Ciena, GameStop, Rent The Runway and others
Check out the companies making headlines before the bell:
Ciena (CIEN) – The networking equipment maker’s stock surged 19.1% after a substantial top and bottom line beat in its latest quarter. Ciena earned an adjusted 61 cents per share for its latest quarter, compared with a consensus estimate of 8 cents. The company also said it sees “outsized” revenue growth in 2023.
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GameStop (GME) – GameStop reported a wider-than-expected quarterly loss and sales that fell short of predictions. CEO Matt Furlong said the company had completed necessary investments and would be very judicious in future spending. GameStop moved between gains and losses in premarket trading.
Rent The Runway (RENT) – Rent The Runway surged 16.9% in the premarket after its quarterly revenue came in well above Wall Street forecasts and the fashion rental company issued an upbeat sales forecast. The company also said its restructuring process was substantially complete.
Oxford Industries (OXM) – Oxford Industries rose 2.6% in premarket trading after the maker of the Tommy Bahama and Lily Pulitzer apparel brands reported better-than-expected quarterly results and issued an outlook that surpassed analyst predictions.
Unilever (UL) – Unilever is weighing a possible $3 billion sale of its U.S. ice cream brands including Ben & Jerry’s, according to a Bloomberg report.
Kinder Morgan (KMI) – Kinder Morgan forecast an increase in adjusted earnings for 2023, with the pipeline operator anticipating higher transportation demand for crude oil and other energy products. Kinder Morgan shares gained 2.1% in premarket trading.
Cano Health (CANO) – Cano Health fell 5.3% in the premarket after Bloomberg reported that Daniel Loeb’s Third Point sold its remaining stake in the healthcare provider amid concerns about its liquidity.
Express (EXPR) – The small-cap apparel retailer’s shares initially rallied in the premarket after it announced a strategic partnership with global brand management firm WHP Global, which will take a $25 million stake in Express. Separately, Express announced a wider-than-expected quarterly loss and lower-than-expected revenue in what its management said was a tougher quarter than it had anticipated. Shares rose 1.6% in premarket action.
