Stocks making the biggest moves premarket: Costco Wholesale, Richardson Electronics, FedEx and more
Check out the companies making headlines before the bell:
Richardson Electronics – Shares rose about 0.7% after Richardson Electronics reported a smaller backlog in its third fiscal quarter than it did in the same quarter a year prior. The engineering services firm also reporter better-than-expected earnings.
Costco Wholesale – Shares of the club retailer dipped 2.5% after Costco announced that it saw total comparable sales of $21.71 billion for the retail month of March, down 1.1% from the same period last year. Comparable sales growth was positive when excluded changes in gasoline prices and the impact of foreign exchange, however, with the fastest growth coming outside the United States. Net sales rose 0.5%.
Constellation Brands – Shares of the beverage company rose slightly after Constellation Brands reported its latest quarterly results. The company earned $1.98 per share, beating a Refinitiv forecast of $1.82 per share. Revenue came in line at $2 billion.
FedEx Corporation – Shares moved 1% higher Thursday, a day after announcing a restructuring plan to cut costs. On Wednesday, Raymond James upgraded FedEx to outperform from market perform, saying the company’s “transformational changes” are likely to drive better margin, earnings and free cash flow.
Pinterest – Shares rose 1.2% after Raymond James said it initiated coverage of Pinterest with an outperform rating. The firm said it expects steady user growth, as well as “double-digit long-term revenue growth” from product improvements.
Comerica – JPMorgan downgraded the stock to neutral from overweight ahead of the regional bank’s first earnings announcement after the regional banking crisis. The stock was flat, however.
Levi Strauss – Levi Strauss shares dropped 4% after the apparel firm known for its denim jeans reported its fiscal fourth quarter results, and reaffirmed its annual revenue and per-share earnings guidance. CFO Harmit Singh said the annual guidance reflects “a cautious outlook on the macro-environment.” Otherwise, Levi Strauss beat expectations on the top and bottom lines, reporting earnings of 34 cents per share on revenue of $1.69 billion. Analysts polled by Refinitiv forecasted earnings of 32 cents per share on revenue of $1.62 billion.
— CNBC’s Michelle Fox and Jesse Pound contributed reporting