Check out the companies making headlines before the bell:
Conagra (CAG) – The food producer’s stock added 2% in the premarket after it reported better-than-expected quarterly profit and sales. Conagra also reaffirmed its full-year guidance.
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Peloton (PTON) – Peloton slid 4.1% in premarket trading after announcing it would cut another 500 jobs, or about 12% of its remaining workforce following several previous rounds of job cuts. CEO Barry McCarthy told the Wall Street Journal he’s giving the fitness equipment maker another six months or so to turn itself around and if it can’t, Peloton is likely not viable as a standalone company.
McCormick (MKC) – The spice maker reported adjusted quarterly earnings of 69 cents per share, 7 cents below estimates, with revenue essentially in line with forecasts. McCormick said it is now recovering costs through pricing actions after a period which saw its expenses outpace product price increases. McCormick fell 1.1% in the premarket.
Compass (COMP) – Compass shares surged 11.4% in premarket trading, following an Insider report saying Vista Equity Partners is exploring a deal to take the real estate firm private.
Eli Lilly (LLY) – Lilly shares added 1% in the premarket after its diabetes drug tirzepatide received a “Fast Track” designation from the FDA for possible use to treat adults with obesity or overweight with weight-related comorbidities.
Twitter (TWTR) – Twitter remains on watch today amid multiple reports on the effort by Elon Musk and the social media company to finalize an agreement on his $44 billion takeover deal. The Wall Street Journal reported the two sides held unsuccessful talks about a possible price cut for the deal, and Reuters reports that private equity firms Apollo Global and Sixth Street Partners are no longer in talks with Musk to provide financing. Twitter fell 1.8% in premarket action.
Take-Two Interactive (TTWO) – Take-Two Interactive was upgraded to “buy” from “neutral” at Goldman Sachs, which cited improving videogame industry fundamentals. Goldman increased its price target for the videogame producer’s stock to $165 per share from the prior $131. Take-Two gained 3% in premarket trading.
Splunk (SPLK) – Splunk was downgraded to “neutral” from “buy” at UBS, which said the data platform provider faces a number of additional headwinds aside from the overall macroeconomic outlook. Splunk slid 3.1% in the premarket.
Shell (SHEL) – Shell slumped 5.4% in premarket trading after saying third quarter earnings will take a hit from significantly lower profits from trading gas. The energy producer also cites higher costs for delivering fuel.
Pinterest (PINS) – Pinterest rallied 5.2% in the premarket after the image-sharing site’s stock was upgraded to “buy” from “neutral” at Goldman Sachs. Goldman expressed confidence in Pinterest’s ability to further monetize its operations and capture more ad dollars.
Image and article originally from www.cnbc.com. Read the original article here.