Take a look at some of the biggest drivers in the pre-market:
Rite Aid (RAD) – Rite Aid expects to record a loss in its recently completed fiscal year, compared with analysts’ forecasts of $ 125 million in profit. The drugstore chain was hit by a 37% drop in sales of products related to flu, colds and coughs, as people suffered much less from these diseases due to pandemic-related blockages. Rite Aid’s shares plunged 18.6% in pre-market stocks.
Walgreens (WBA) – The drugstore operator’s stock fell 2% in the pre-market, possibly in sympathy with Rite Aid. Deutsche Bank also labeled the action as a “catalyst call purchase idea”, noting short-term issues. but saying that the Covid vaccine could provide a positive opportunity for Walgreens in both the short and long term.
Darden Restaurants (DRI) – The parent company of Olive Garden and other restaurant chains reported quarterly earnings of 98 cents per share, well above the consensus estimate of 69 cents per share. Revenue also exceeded estimates and, although sales from the same restaurant fell by 26.7% over the previous year, the fall was less than the 31.2% forecast by analysts surveyed by FactSet. Darden’s shares rose 4.2% in the pre-market.
Coherent (COHR) – Coherent accepted an acquisition proposal for the manufacturer of optical components II-VI (IIVI), ending a long bidding battle between II-VI and the optical fiber company Lumentum (LITE). Coherent – a supplier of lasers and related technology – approved the offer of $ 220 per share in cash and 0.91 II-VI shares for each Coherent share, and will pay Lumentum a separation fee of $ 217.6 million. II-VI fell 8%, while Lumentum jumped 7.2% in the pre-market.
HR (RH) – HR reported quarterly earnings of $ 5.07 per share, exceeding the consensus estimate of $ 4.76 per share. Restoration Hardware’s parent company also saw revenue surpass analysts’ forecasts. RH has reported strong demand for its high-tech furniture and other luxury products, and expects revenue for the current quarter to grow by at least 50%. RH shares rose 8.4% in the pre-market share.
KB Home (KBH) – KB Home exceeded estimates by 10 cents per share, with quarterly earnings of $ 1.02 per share. The construction company’s revenue did not reach analysts’ projections, despite an increase of 23% in net orders and 4% in deliveries. KB Home’s shares fell 1.9% in pre-market trading.
AstraZeneca (AZN) – The drugmaker said that an updated analysis of the American trial of the Covid-19 vaccine showed 76% effectiveness, compared with 79% in a report earlier this week. The previous report did not include more recent infections and was reviewed by an independent data monitoring board.
Nike (NKE) – Nike has come under criticism on Chinese social media for a statement in which the shoe and sportswear maker said it was “concerned” about reports of forced labor in Xinjiang. Nike also said it does not buy products from the region. Shares fell 4.5% in the pre-market.
HB Fuller (FUL) – HB Fuller reported quarterly earnings of 66 cents per share, 19 cents per share above estimates. Revenue also surpassed Wall Street forecasts. The manufacturer of adhesives, sealants and other industrial products has seen a particular strength in products related to health and hygiene, although it has seen weakness in construction adhesives. Fuller’s shares rose 6.2% in the pre-market share.
Royal Philips (PHG) – The healthcare technology company struck a deal to sell its home appliance unit to investment firm Hillhouse Capital for about $ 4.4 billion. The transaction includes Hillhouse’s right to use the Philips brand for 15 years, with the possibility of renewal. Philips shares increased 1.6% in the pre-market.
Advanced Micro Devices (AMD) – The chip maker’s shares rose 1% in pre-market trading after Northland Capital Markets updated its shares to “outperform” “market performance”. Northland called Intel’s decision (INTC) to re-enter the foundry business a “strategic misstep” and said AMD would benefit from it.
ViacomCBS (VIAC) – The shares of the media company remain under surveillance after a drop of more than 30% in the last two sessions. This followed the company’s announcement that it would raise $ 3 billion through the sale of shares. Another 1.1% drop in the pre-market.