Check out the companies making headlines before the bell:
Rent the Runway: Shares fell 22% after the fashion rental company said it was laying off 24% of its corporate workforce. In addition, Rent the Runway said it is cutting $25 million to $27 million in fixed costs to deal with an uncertain macro context.
Oatly: Shares declined 1.8% after Credit Suisse downgraded Oatly to neutral from outperform, saying rising inflation in Europe and Asia will hurt the Swedish company’s ability to compete dairy alternative foods.
Dow – The Dow fell 0.9% after Jefferies downgraded the chemicals company to buy, citing oversupply and demand risks.
Nintendo: Gaming stocks rose 5% after Nintendo said its new title broke a domestic sales record. Action shooter Splatoon 3 sold over 3.45 million units in Japan.
Wolfspeed: Semiconductor shares advanced 1.6% in premarket after Evercore ISI initiated coverage on the stock with an outperform rating, saying Wolfspeed “is one of the best ways to invest in vehicle transition electrical currents today.”
Oracle: Shares gained 1.6% in premarket trading after Oracle reported earnings in line with expectations. Revenue rose 18% in its most recent quarter from the year-ago period, boosted by a recent acquisition of software maker Cerner.
Twilio: Shares rose 1.1% after KeyBanc Capital Markets resumed coverage of the stock with an overweight rating, saying the communications software company is “well positioned” to use its engagement strategy to increase gross margins.
Twitter: The social network is up about 1% as a Twitter whistleblower, a former executive, is due to testify before a US Senate committee on Tuesday about his claims of security breaches at the company. Twitter shareholders are also expected to vote on Elon Musk’s deal to buy the company.
Adobe: Shares fell 0.4% after BMO Capital Markets downgraded Adobe to market perform from outperform, saying there are concerns about the long-term sustainability of Adobe’s Creative Cloud .