Check out the companies that made headlines hours ago:
BIOGEN (BIIB) – Biogen fell 1% in premarket trading after the government announced that Medicare would limit coverage for adjuvants in the treatment of Alzheimer’s disease. Coverage will be provided only for patients enrolled in clinical trials.
Spirit Airlines (Conservation) – Spirit says it will begin negotiations with JetBlue (JBLU) on its rival’s $ 3.6 billion takeover bid. Spirit earlier this year agreed to be taken over by Frontier Airlines Parent Frontier Group (ULCC) but said the JetBlue offer could be a “higher offer”. Spirit in premarket trading rose 1.4%, while JetBlue added 1% and Frontier rose 2.5%.
Robinhood Markets (HOOD) – Financial services and stock trading platform operator’s stock fell 4.1% premarket after Goldman Sachs downgraded it from “neutral” to “sell”. Goldman believes the consensus estimate is too high for Robinhood and sees it as a high hurdle for the company to achieve profitability in 2023.
WD-40 (WDFC) – WD-40 rose 9.5% in the pre-market due to better-than-expected quarterly earnings and revenue. The lubricant maker earned $ 1.41 per share for the quarter, 40 cents higher than expected, although it did lower its full-year guidance slightly due to the inflation challenge.
Designer Brands (DBI) – Footwear and accessories retailer boosted its full-year earnings outlook and restored its quarterly dividend after a two-year hiatus. The optimistic forecast comes ahead of the company’s annual Investor Day. The stock of the designer brand rose 4.6% in the premarket.
Kroger (KR) – Bank of America Securities added 2.6% to the supermarket operator’s stock premarket action after upgrading it from “neutral” to “buy”. BofA says higher food inflation will remain among several reverse income drivers.
CrowdStrike (CRWD) – CrowdStrike has risen 3.7% in premarket action after cloud computing company was approved to protect vital assets of the US Department of Defense.
Workday (WDAY) – Finance and human resources software company has entered into a new $ 1 billion credit agreement with lenders, replacing an earlier credit agreement.
PriceSmart (PSMT) – PriceSmart beat the estimate by 3 cents, with quarterly earnings per share of 1.03 and discount retailer earnings slightly higher than the Wall Street forecast. Product sales for the first time were over $ 1 billion and the membership level also set a record.