Stocks making the biggest moves premarket: Rite Aid, Nike, FedEx and others
Check out the companies making headlines before the bell:
Rite Aid (RAD) – Rite Aid jumped 8.4% in the premarket after reporting a smaller-than-expected loss and revenue that beat Wall Street forecasts, helped by accelerated sales growth at its retail operations. However, the drugstore operator lowered its full-year guidance due to various issues, including seasonal markdowns.
Nike (NKE) – Nike surged 11.6% in the premarket after the athletic footwear and apparel maker reported better-than-expected quarterly results and raised its revenue forecast. Discounting during the quarter helped Nike to clear out excess inventory.
FedEx (FDX) – FedEx rallied 4.5% in premarket trading following its quarterly results, which saw profit beat consensus but sales fell short of analyst estimates. Investors were encouraged by the profit beat and by the delivery service’s vow to continue aggressive cost cuts.
Six Flags (SIX) – Six Flags gained 5.5% in premarket action on news that activist shareholder Land & Buildings Investment Management has accumulated a 3% stake in the theme park operator. Land & Buildings has suggested several ideas to management to enhance shareholder value, including selling or spinning off the company’s real estate holdings.
Hertz (HTZ) – Hertz shares fell 2.6% in the premarket after the National Highway Traffic Safety Administration said it was investigating whether the car rental company rented out vehicles with open recall issues yet to be repaired. NHTSA is seeking additional information from Hertz, which said it will cooperate with the request.
BlackBerry (BB) – BlackBerry gained 1% in premarket trading after its quarterly revenue beat estimates on strong demand for the company’s automotive and security software. BlackBerry also reported a smaller-than-expected quarterly loss.
Starbucks (SBUX) – Starbucks was downgraded by Jefferies to hold from buy at Jefferies, which said the coffee chain may be impacted by a pullback in consumer discretionary spending. Starbucks lost 1% in the premarket.
