See which businesses are making news before the bell.
Shop Lululemon Over 5% of shares increased on Monday morning. S&P Dow Jones Indices reports that the athleisure company will be included in the S&P 500 on Wednesday. After Activision Blizzard’s acquisition by Microsoft is complete, Lululemon will take its position.
Pfizer, BioNTech, and Moderna Pfizer’s shares fell 1.3% after the firm reduced its full-year revenue forecast by $9 billion, citing declining demand for its Covid medication and vaccine. In response to the lowered guidance, Jefferies upgraded Pfizer on Monday, noting a compelling buying opportunity. Moderna and BioNTech, vaccine markers, had premarket losses of 4.1% and 5%, respectively. The Novavax shed 2.4%.
Rite Aid – The pharmacy business filed for Chapter 11 bankruptcy protection in New Jersey on Sunday due to decreasing revenues, growing debt, and lawsuits relating to its alleged involvement in the country’s opioid epidemic. Shares fell more than 5% premarket, and trading was suspended as a result. In order to guide the business through the restructuring process, the company claimed it had struck an agreement with its creditors. Jeffrey Stein has been named as the new CEO.
Manchester United According to the Wall Street Journal, the report that British billionaire Jim Ratcliffe is in talks to buy a minority stake in Manchester United in a transaction that would value the football team at more than $3.3 billion caused the stock to fall 8.8%.
Colgate-Palmolive — The consumer goods company’s stock increased more than 1% in premarket trade after Stifel upgraded the stock from hold to buy. The investment firm cited the success of the toothpaste and Hill’s pet food brands as reasons to be upbeat about the stock.
Schwab, Charles Following the brokerage’s release of mixed quarterly results, shares took a small hit. In comparison to the LSEG forecast of 74 cents, the company’s earnings per share came in at 77 cents. However, revenue came in at $4.61 billion, slightly below projections.
Shares of Varonis Systems increased 4.3% after Morgan Stanley upgraded and raised its price target on the maker of security software, claiming that the rise of generative AI will help the business thrive.
Source (CNBC)
