Check out the companies making headlines before the bell:
Apple (AAPL) – Apple fell 2.2% pre-market after BofA Securities downgraded it to neutral long. BofA said Apple has held up relatively well in a bear market, but expects the business to be negatively impacted by weakening consumer demand.
CarMax (KMX) – Shares of CarMax fell 12.1% in premarket trading after the auto retailer missed estimates on top and bottom results for its latest quarter. CarMax said “affordability challenges” led to a sharp drop in sales in the final months of the quarter.
Bed Bath & Beyond (BBBY) – The housewares retailer posted a bigger-than-expected quarterly loss and sales below consensus. Gross margins fell when the company decided to eliminate excess inventory, and inventory fell 5.5% pre-market.
Rite Aid (RAD) – Rite Aid posted a lower-than-expected loss for its latest quarter and the pharmacy operator’s revenue was slightly above analysts’ forecasts. However, Rite Aid slashed its full-year adjusted earnings guidance range and its shares fell 14.2% in premarket action.
Vail Resorts (MTN) – Shares of the resort operator rose 4.1% in premarket trading after reporting a loss and lower-than-expected quarterly revenue, above analysts’ estimates. Vail said it is seeing strong demand for ski season passes and annual sales that have rebounded beyond pre-pandemic levels.
MillerKnoll (MLKN) – MillerKnoll fell 7.3% premarket after its quarterly profit beat analysts’ estimates, although revenue was lower. The office furniture maker noted a difficult macroeconomic environment and announced various measures to improve its profits and cash flow in the short term, including a reduction in expenses and a voluntary retirement program.
PG&E (PCG) – The utility company has sought permission from California regulators to spin off its non-nuclear generating assets into a stand-alone subsidiary. The shares added 1.2% in premarket trading.
Jefferies Financial (JEF) – Shares of Jefferies rose 1.6% in premarket stock after posting better-than-expected quarterly earnings. The investment company’s results were helped by upbeat investment banking results, offsetting a decline in trading activity.
Occidental Petroleum (OXY) – Berkshire Hathaway (BRK.B) bought an additional 5.99 million shares of Occidental Petroleum this week, according to an SEC filing. This brings Berkshire’s stake in the energy producer to 20.9%. The purchases came after Occidental shares lost about 20% of their value in less than a month. Occidental added 1% in premarket trading.
Warner Bros. Discovery (WBD) – The media giant is being sued by shareholders for allegedly making false claims about the performance of its HBO Max streaming service before the merger of the former Warner Media unit of Discovery Communications and AT&T. The stock fell 1.6% pre-market.
