Stocks making the biggest moves premarket: General Mills, Stitch Fix, Beyond Meat and others
Check out the companies making headlines before the bell:
General Mills (GIS) – General Mills shares gained 1.8% in the premarket after the food producer reported a better-than-expected quarterly profit and raised its full-year sales forecast. The company expects to benefit from higher prices and strong demand for cereal, snacks and pet food.
Stitch Fix (SFIX) – Stitch Fix slid 5.9% in premarket trading after reporting a wider-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to fall over the short term as the number of active customers declines. Canaccord Genuity downgraded the stock to "hold" from "buy", noting a tough macroeconomic environment complicates the company's efforts to effect a turnaround.
Beyond Meat (BYND) – Beyond Meat suspended Chief Operating Officer Doug Ramsey after he was involved in a physical altercation over the weekend which resulted in third-degree battery and terroristic threatening charges. The maker of plant-based meat alternatives said Jonathan Nelson, senior vice president of manufacturing operations, will take over Ramsey's duties on an interim basis. Beyond Meat fell 1.1% in premarket trading on top of a 6% slide Tuesday, its sixth consecutive down day.
Defense stocks – Shares of defense contractors are rising in the premarket after Russian President Vladimir Putin mobilized more troops to Ukraine in what's seen as a major escalation of the Ukraine war. Among stocks on the move: Lockheed Martin (LMT), up 2%, Northrop Grumman (NOC), up 1.3%, Raytheon Technologies (RTX), up 1.2%, and L3Harris Technologies (LHX), up 1.5%.
Estee Lauder (EL) – Estee Lauder gained 1.7% in off-hours trading after Goldman Sachs raised its rating on the cosmetics maker's shares to "buy" from "neutral", and increased its price target to $303 from $298. Goldman cited recent share price weakness for the move and said uncertainty surrounding the impact of China's "zero-Covid" policy is already reflected in the stock's price.
Coty (COTY) – Coty jumped 3.9% in the premarket after the cosmetics maker announced its strategy to double skincare product sales by fiscal 2025. The news comes ahead of the company's event for investors this morning.
Aurora Cannabis (ACB) – Aurora Cannabis reported a breakeven quarter, on an adjusted basis, surprising analysts who predicted a quarterly loss. The Canada-based cannabis producer saw overall revenue come in slightly below expectations but registered a 35.4% increase in international medical cannabis revenue compared with a year earlier. Aurora Cannabis lost 2.1% in premarket action.