Rite Aid, Nike, FedEx and others
Check out the companies making headlines before the bell:
rite aid (RAD) — Rite Aid is up 8.4% premarket after it reported a smaller-than-expected loss and sales that beat Wall Street forecasts, helped by accelerating sales growth at its retail stores. However, the drugstore operator lowered its full-year guidance due to various issues, including seasonal discounts.
Nike (NKE) – Nike gained 11.6% in premarket after the athletic footwear and apparel maker reported better-than-expected quarterly results and raised its sales guidance. Discounts during the quarter helped Nike clear excess inventory.
FedEx (FDX) — FedEx rose 4.5% in premarket trading following its quarterly results, which saw earnings beat consensus but selling fell short of analyst estimates. Investors were heartened by the earnings increase and the delivery service’s promise to continue aggressive cost-cutting.
Six flags (SIX) – Six Flags gained 5.5% premarket after it was announced that activist shareholder Land & Buildings Investment Management had acquired a 3% stake in the theme park operator. Land & Buildings has proposed several ideas to management to increase shareholder value, including selling or spinning off the company’s real estate holdings.
hertz (HTZ) – Hertz shares fell 2.6% premarket after the National Highway Traffic Safety Administration said it was investigating whether the rental company was renting vehicles with open recall issues that still needed repairs. NHTSA is requesting additional information from Hertz, who have said they will cooperate with the request.
blackberry (BB) – BlackBerry gained 1% in premarket trading after quarterly sales beat estimates on strong demand for the company’s automotive and security software. BlackBerry also reported a lower-than-expected quarterly loss.
Starbucks (SBUX) – Starbucks was downgraded to “hold” from “buy at Jefferies” by Jefferies, saying the coffee chain could potentially be impacted by a slowdown in consumer spending. Starbucks lost 1% in premarket trading.