Check out the companies making headlines before the bell:
Conagra (CAG) – Shares of the food producer rose 2% in premarket after reporting better-than-expected quarterly earnings and sales. Conagra also reaffirmed its guidance for the full year.
Peloton (PTON) – Peloton fell 4.1% in premarket trading after announcing it would cut another 500 jobs, or about 12% of its remaining workforce after several previous rounds of job cuts. CEO Barry McCarthy told the Wall Street Journal he’s giving the fitness equipment maker about six months to recover and if it can’t, Peloton probably isn’t viable as a stand-alone business.
McCormick (MKC) – The spice maker reported adjusted quarterly earnings of 69 cents per share, 7 cents below estimates, with revenue mostly in line with forecasts. McCormick said it was now recouping its costs through pricing action after a period in which its expenses exceeded product price increases. McCormick fell 1.1% premarket.
Compass (COMP) – Shares of Compass jumped 11.4% in premarket trading, following an insider report that Vista Equity Partners is considering a deal to take the property company private.
Eli Lilly (LLY) – Lilly shares added 1% premarket after its diabetes drug tirzepatide received FDA Fast Track designation for possible use to treat adults with diabetes. obesity or overweight with weight-related comorbidities.
Twitter (TWTR) – Twitter remains under scrutiny today amid several reports of efforts by Elon Musk and the social media company to finalize a deal on its $44 billion takeover deal. The Wall Street Journal reported that the two parties had fruitless discussions over a possible price reduction for the deal, and Reuters reports that private equity firms Apollo Global and Sixth Street Partners are no longer in talks with Musk for provide funding. Twitter fell 1.8% in the premarket action.
Take-Two Interactive (TTWO) – Take-Two Interactive was upgraded to “buy” from “neutral” at Goldman Sachs, which cited improving gaming industry fundamentals. Goldman raised its price target for the video game producer’s shares to $165 per share from $131 previously. Take-Two gained 3% in premarket trading.
Splunk (SPLK) – Splunk was downgraded from “neutral” to “buy” at UBS, which said the data platform provider faced a number of additional headwinds on top of the overall macro outlook. Splunk slipped 3.1% in premarket.
Shell (SHEL) – Shell fell 5.4% in premarket trading after saying third-quarter earnings would be hit by a significant drop in gas trading profits. The energy producer also cites higher costs for fuel delivery.
Pinterest (PINS) – Pinterest rebounded 5.2% 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 advertising dollars.