Check out the companies making headlines before the bell:
DraftKings (DKNG) – The sports betting company’s stock tumbled 13.2% in the premarket, despite a narrower-than-expected quarterly loss and revenue that beat estimates. DraftKings projects a wider-than-expected adjusted loss for the full year as costs continue to rise.
Roku (ROKU) – Roku shares were down 26% in the premarket, despite better-than-expected earnings for its latest quarter. The maker of video streaming devices’ revenue fell short of analyst forecasts, and it issued a weaker-than-expected outlook due to higher component prices and supply chain disruptions.
Bloomin’ Brands (BLMN) – The restaurant operator beat estimates by 8 cents with an adjusted quarterly profit of 60 cents per share, with revenue slightly above consensus. The parent of Outback Steakhouse and other chains also reinstated its quarterly dividend and announced a new $125 million share buyback program. The stock surged 6.6% in premarket action.
Deere (DE) – The heavy equipment maker reported quarterly earnings of $2.92 per share, well above the $2.26 consensus estimate, with revenue also topping analyst forecasts. The company also raised its annual profit forecast amid solid demand and higher prices.
Shake Shack (SHAK) – Shake Shack reported an adjusted quarterly loss of 11 cents per share, narrower than the 11-cent loss analysts were anticipating, while the restaurant chain’s revenue matched Wall Street forecasts. Shake Shack said the omicron variant kept customers away and led to some temporary restaurant closures. It also issued a downbeat current-quarter forecast amid increasing costs. Shake Shack plunged 15.5% in premarket trading.
Dropbox (DBX) – Dropbox beat estimates by 4 cents with adjusted quarterly earnings of 41 cents per share, and the software company’s revenue also topped Street projections. Paid user numbers and average revenue per user also came in above consensus, but the stock slid 6.3% in premarket action as its guidance for current-quarter profit margin was slightly lower than expected.
DuPont (DD) – DuPont finalized a deal to sell the majority of its materials unit to specialty materials maker Celanese (CE) in an $11 billion deal. DuPont jumped 4.1% in the premarket while Celanese gained 3.8%.
Pilgrim’s Pride (PPC) – Pilgrim’s Pride slumped 14.8% in premarket trading after Brazilian meatpacker JBS dropped plans to buy the portion of the poultry producer that it doesn’t already own. JBS holds an 80% stake in Pilgrim’s Pride, but the two sides could not agree on terms of a deal for the remaining 20%.
Intel (INTC) – Intel Chief Executive Officer Pat Gelsinger told an investor gathering that the chipmaker is aiming to achieve double-digit annual revenue growth in three to four years. Gelsinger also said Intel may be interested in participating in a potential consortium if one is formed to buy British semiconductor company Arm Ltd. Intel fell 1% in premarket trading.
NortonLifeLock (NLOK) – NortonLifeLock pushed back the expected completion date of its deal to buy rival cybersecurity company Avast to April 4 from Feb. 24, saying it was still waiting for regulatory approvals in the U.K. and Spain. NortonLifeLock fell 1% in the premarket.
Source: Finance - cnbc.com
