Check out the companies that are making headlines before the bell:
General Electric (GE) – GE has entered into an agreement to combine its aircraft leasing unit, GE Capital Aviation Services, with Ireland’s AerCap (AER). It was reported earlier this week that the two sides were in negotiations. Separately, GE’s board is recommending a 1 to 8 reverse split to put its outstanding share levels more in line with comparable market capitalization companies. GE grew 2.2% in the pre-market, while AerCap increased 4.1%.
Eli Lilly (LLY) – The drugmaker said its combination of Covid-19 antibody therapy reduced the risk of hospitalization and death by 87% in a final-stage study. It was the second therapy study – the first used a larger dose of drugs and reduced hospitalization and death by 70%.
Campbell Soup (CPB) – The food maker has seen adjusted earnings and revenue correspondence analysts’ forecasts for its second fiscal quarter. Campbell is projecting year-round adjusted earnings of $ 3.03 to $ 3.11 per share, compared to a consensus estimate of $ 3.05.
Express (EXPR) – The clothing retailer lost 66 adjusted cents per share in the last quarter, less than the 83% loss analysts had expected. Revenue was higher than expected, despite a greater than expected drop in same-store sales, and inventory rose 30% in the pre-market.
Roblox (RBLX) – Roblox goes public today on the New York Stock Exchange through a direct listing, after the stock exchange has set a reference price of $ 45 per share for the video game company’s shares.
Coherent (COHR) – Coherent announced a revised merger agreement with Lumentum (LITE) in which shareholders receive $ 175 per share in cash and 1.0109 shares of Lumentum for each share they now hold. The revised offer for the manufacturer of lasers and laser technology came after the manufacturer of optoelectronic components II-VI (IIVI) filed an offer for Coherent that exceeded the original agreement that Coherent had signed with Lumentum in February. Coherent rose 2.2% in the pre-market.
GameStop (GME) – GameStop rose another 15.2% in the pre-market after a 5-day winning streak that saw its stocks more than double. Other so-called “meme stocks” also rose in the premarket, with AMC Entertainment (AMC) up 7.7% and Koss Corp. (KOSS) rising 11.2%.
Levi Strauss (LEVI) – Levi Strauss president Stephen Neal will step down on March 26 when he reaches the mandatory retirement age of 72. He will be replaced as chairman of the clothing manufacturer by Robert Eckert, current board member and former Mattel CEO. Levi Strauss shares fell 1% in the pre-market.
MongoDB (MDB) – MongoDB reported a less-than-expected loss and better-than-expected revenue for the last quarter, although the database company also forecast year-round results that were below analysts’ forecasts. The stock gained 1.6% in pre-market share.
Pfizer (PFE), BioNTech (BNTX) – Drug manufacturers have reached an agreement with the European Union to supply 4 million additional doses of their Covid-19 vaccine to EU member states. Doses will be delivered before the end of March. BioNTech’s shares increased 2.1% in the pre-market negotiations.
Toll Brothers (TOL) – Shares in the luxury home builder rose 2% in the premarket, after it announced a 54% increase in its quarterly dividends to 17 cents per share from the previous 11 cents.
H&R Block (HRB) – H&R Block posted a broader quarterly loss and lower-than-expected revenue, citing a delay in the start of the tax reporting season. However, the tax preparation firm still expects to meet its financial targets for the year, and the shares gained 1.2% before the market.
Biohaven Pharmaceuticals (BHVN) – The FDA published a letter to Biohaven that said that a direct consumer video makes false or misleading claims about Biohaven’s Nurtec ODT migraine treatment. The video features an interview with Khloe Kardashian, identifying her as a paid spokesperson for Biohaven.
Apple (AAPL) – Apple cut iPhone production orders by 20% in the first half of this year, according to Japanese news service Nikkei. The cuts are concentrated on the model of the Apple iPhone 12 Mini.
Conagra Brands (CAG) – Conagra is in negotiations to sell the Hebrew National hot dog brand to Brazilian JBS, according to people familiar with the matter who spoke to the Wall Street Journal. A business can be valued at about $ 700 million.