Check out the companies making headlines before the bell:
conagra (CAG) – Food producer stocks fell 5.5% in pre-market after releasing a weaker-than-expected outlook for the fiscal year ending in May. Conagra’s results are affected by higher transportation and raw material costs.
Levi Strauss (Levi) — Levi Strauss beat estimates by 4 cents with adjusted quarterly earnings of 46 cents per share, and the apparel maker’s revenue beat Wall Street expectations. The company saw strong demand for jeans, T-shirts, and jackets while raising prices and lowering promotions. Levi Strauss stock is up 3% in pre-market trading.
rite of aid (RAD) – The stock is down 18.3% in pre-market action after Deutsche Bank downgraded the pharmacy operator to “sell” from “hold”. Deutsche Bank said that Covid has accelerated the decline in the retail pharmacy sector, and there is a possibility that Rite Aid may not be able to generate enough profit to continue as an operating company.
Weaver (W) — Wayfair fell 4.1% in the primary market after Wells Fargo downgraded the stock to “underweight” from “equal weight.” Wells Fargo said the upscale furniture retailer will be hit by sluggish demand, over-optimistic consensus estimates and other headwinds.
Amphitheater rental (RENT) — Rent the Runway’s stock jumped 3.9% in the primary market after the fashion rental company announced a price increase for its subscribers.
CDK Global (CDK) — The retail auto technology provider has agreed to be purchased by Brookfield Business Partners for $54.87 per share in cash. The price represents a 12% premium over Wednesday’s CDK closing price.
SoFi Technologies (SOFI) — Shares of the online personal finance company fell 5.1% in the primary market after cutting its full-year forecast. The cut comes on the heels of the White House’s announcement of an extension of the student loan repayment deferral.
JD.com (JD) – JD.com announced that founder Richard Liu has left the position of CEO and that President Xu Lei will take over as CEO of the Chinese e-commerce company. Liu will remain in the position of president. JD.com was down 1.1% in pre-market trading.
Tilladock Health (TDOC) – The virtual doctor visits provider saw its 1.5% gain in pre-market activity after Guggenheim began coverage with a “buy” rating. The Guggenheim said that access to healthcare is moving more towards digital interactions and that Teladoc has a broader range of services than other providers.
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