Check out the companies making headlines before the bell:
FedEx (FDX) – FedEx tumbled 20.3% in premarket trading after issuing a profit warning due to declining package delivery volumes around the world. The news has exacerbated fears of a slowing global economy, weighing on shares of other logistics companies like United Parcel Service (UPS), down 6.8%, and XPO Logistics (XPO), down 4.2%.
International Paper (IP) – The packaging and paper products company was downgraded to "underperform" from "hold" at Jefferies, which pointed to decelerating orders and an inventory glut in the industry. For similar reasons, Jefferies cut Packaging Corporation of America (PKG) to "underperform" from "hold" and cut earnings estimates for WestRock (WRK). Sentiment surrounding the packaging companies is also being hit by the FedEx profit warning. International Paper slid 4.6% in premarket action, Packaging Corp. dropped 4.3% and WestRock lost 2.3%.
Uber Technologies (UBER) – Uber said it was investigating a cybersecurity incident after a hacker claimed access was gained to the ride-sharing company's computer systems. Uber fell 4% in the premarket.
AstraZeneca (AZN) – AstraZeneca gained 1.6% in premarket trading after the drug maker received EU approval for its Covid-19 antibody cocktail.
General Electric (GE) – GE slid 4.5% in the premarket after Chief Financial Officer Carolina Dybeck Happe told an investment conference that supply chain issues are still affecting the company's ability to deliver products to customers in a timely manner. As a result, the company's cash flow remains under pressure.
NCR (NCR) – NCR plunged 15.8% in premarket action after announcing plans to separate into two separate publicly traded companies. One company will focus on digital commerce, the other on NCR's flagship ATM business.
Extra Space Storage (EXR) – The operator of self-storage properties announced a deal worth $590 million to acquire rival Storage Express. Extra Space Storage rose 2.9% in the premarket.
Alcoa (AA) – Alcoa gained 1.1% in premarket trading after Morgan Stanley upgraded the aluminum producer to "overweight" from "equal-weight". Morgan Stanley is cautious about the mining sector despite strong balance sheets and cheap valuations but sees "deep value" opportunities in Alcoa and some others.