Check out the companies making headlines before the bell:
Nike (NKE) – Nike fell 10% in the pre-market after reporting a 44% increase in inventory for its latest quarter and said it would offer more discounts as the holiday season approaches. The sports footwear and apparel maker reported better-than-expected earnings and revenue for its latest quarter.
Micron Technology (MU) – Micron gained 1.5% in pre-market after beating estimates with its latest quarterly results, even as sales fell short of expectations. The chipmaker also released a weaker-than-expected revenue outlook and said sales were hurt by lower demand for consumer electronics.
Amylyx Pharmaceuticals (AMLX) – Amylyx jumped 9.3% in premarket after the FDA approved its new ALS drug. The treatment slows disease progression, prolongs survival and is the first ALS drug to gain FDA approval in five years.
Rent-A-Center (RCII) – Rent-A-Center fell 18.1% in the pre-market after the rent-to-own company cut its profit forecast for the current quarter. The company said current economic conditions have impacted retail traffic and customer payment habits.
Blue Apron (APRN) – Shares of the meal kit company initially fell in premarket action after news broke that chief financial officer Randy Greben would leave on Oct. 17 to take up a position at another company. However, it later erased those losses and rose 2.7%.
Generac (GNRC) – Generac added 1.6% in premarket trading after Cowen began covering the electrical equipment maker with an outperform rating. Cowen said a slowing housing market and economic uncertainty are already priced into the headline.
Voya Financial (VOYA) – The stock of the financial services company moved from neutral to overweight in Piper Sandler, citing a number of factors including an attractive valuation and a product portfolio that benefits from inflation. Voya added 1.2% in premarket action.