Check out the companies making headlines before the bell:
Home Depot (HD) – The home improvement retailer’s stock rose 1% in the premarket after its quarterly profit and revenue beat Wall Street forecasts. Home Depot earned $3.21 per share, 3 cents above estimates, and comparable-store sales also beat estimates. Home Depot also announced a 15% dividend increase.
Macy’s (M) – Macy’s beat estimates by 45 cents with adjusted quarterly earnings of $2.45 per share, and the retailer’s revenue beat estimates as well. Macy’s also authorized a new $2 billion share buyback program and announced a 5% dividend increase. The stock rallied 7.9% in premarket action.
Tempur Sealy (TPX) – The mattress company’s stock slid 5% in the premarket after its adjusted quarterly earnings of 88 cents per share missed estimates by 8 cents, and revenue fell short of Street forecasts. Tempur Sealy’s results were impacted by costs that grew faster than sales.
Medtronic (MDT) – The medical device maker’s shares reported a mixed quarter. Revenue missed forecasts and its adjusted quarterly profit beat estimates by a penny at $1.37 per share. Medtronic said it is seeing improved procedure volumes, and its most recent quarter was driven by strong demand for its heart devices. The stock initially slid 1.2% in the premarket but then erased that loss.
Houghton Mifflin (HMHC) – The publishing company agreed to be bought by private equity firm Veritas Capital for $21 per share in cash or about $2.8 billion. The stock surged 14.9% in premarket trading.
SoFi Technologies (SOFI) – The financial technology firm announced a deal to buy banking software maker Technisys for about $1.1 billion stock, saying the addition will generate up to $800 million in additional revenue through 2025. SoFi fell 2.7% in premarket action.
Tegna (TGNA) – The TV station operator’s shares jumped 7.4% in the premarket after agreeing to a $24 per share buyout deal with private equity firms Standard General and Apollo Global Management (APO).
McDonald’s (MCD) – Investor Carl Icahn launched a proxy fight for two board seats at the restaurant chain, as part of his push for more ethical treatment of pigs by McDonald’s suppliers. McDonald’s fell 1% in the premarket.
Krispy Kreme (DNUT) – The doughnut chain fell a penny shy of forecasts with adjusted quarterly earnings of 8 cents per share, although revenue topped Wall Street forecasts. Krispy Kreme was able to offset wage and commodity inflation with price increases. Krispy Kreme added 1.2% in premarket trading.
DraftKings (DKNG) – The sports betting company’s stock slid 5.5% in the premarket after Wells Fargo downgraded it to “equal weight” from “overweight” and cut the price target to $19 per share from $41. Wells Fargo is concerned with the company’s path to profitability given the pace of the increase in expenses. DraftKings has fallen for the past three sessions, including a 21.6% plunge Friday following its quarterly report.
Source: Finance - cnbc.com
