Check out the companies making headlines before the bell:
FedEx ( FDX ) – FedEx fell 20.3% in premarket trading after issuing a profit warning due to declining package delivery volumes worldwide. The news has added to fears of a global economic slowdown, which has weighed on shares of other logistics companies such as United Parcel Service (UPS), down 6.8%, and XPO Logistics (XPO), down 4. 2%
International Paper ( IP ): The packaging and paper products company was downgraded to “underperform” from “hold” at Jefferies, pointing to a slowdown in orders and excess inventories in the industry. On similar grounds, Jefferies cut Packaging Corporation of America ( PKG ) to “underperform” from “hold” and cut earnings estimates for WestRock ( WRK ). Sentiment surrounding packaging companies is also affected by FedEx’s profit notice. International Paper fell 4.6% in premarket action, Packaging Corp. fell 4.3% and WestRock lost 2.3%.
Uber Technologies (UBER) – Uber said it was investigating a cybersecurity incident after a hacker allegedly accessed the ride-sharing company’s computer systems. Uber fell 4% in premarket.
AstraZeneca (AZN) – AstraZeneca gained 1.6% in premarket trade after the drugmaker received EU approval for its Covid-19 antibody cocktail.
General Electric (GE) – GE fell 4.5% in premarket after Chief Financial Officer Carolina Dybeck Happe said on an investment conference that supply chain problems are still affecting the ability of the company to deliver products to customers in a timely manner. As a result, the company’s cash flow remains under pressure.
NCR ( NCR ): NCR fell 15.8% in premarket action after announcing plans to split into two separate publicly traded companies. One company will focus on digital commerce, the other on NCR’s flagship ATM business.
Extra Space Storage (EXR): The operator of self-storage properties announced a deal worth $590 million to acquire rival Storage Express. Extra space storage increased by 2.9% in the premarket.
Alcoa (AA) – Alcoa gained 1.1% in premarket trading after Morgan Stanley upgraded the aluminum producer to “overweight” from “equal weight.” Morgan Stanley is cautious on the mining sector despite strong balance sheets and cheap valuations, but sees “deep value” opportunities in Alcoa and some others.