Check out the companies making headlines before the bell:
Lululemon (LULU) – Lululemon rose 9.5% in the premarket after reporting better-than-expected quarterly results and issuing an upbeat outlook. The sportswear and leisurewear maker said it continues to experience strong sales momentum.
Broadcom ( AVGO ): Broadcom rose 2% in premarket trading after quarterly earnings and revenue beat analysts’ estimates. The chipmaker also issued a stronger-than-expected revenue forecast for the current quarter. CEO Hock Tan said Broadcom expected strong demand in all its end markets to continue this quarter.
Starbucks (SBUX): Starbucks named Laxman Narasimhan as its new CEO. Narasimhan was most recently CEO of Lysol and Enfamil maker Reckitt Benckiser, and has held executive positions at PepsiCo. Narasimhan will join Starbucks on October 1 as the incoming CEO and will take over from interim CEO Howard Schultz in April 2023.
Bed Bath & Beyond ( BBBY ) — Shares of the home goods retailer fell 5.5% in premarket trading, setting it up for a possible fourth consecutive negative session. Bed Bath & Beyond, popular among “meme stock” traders, unveiled a series of steps Wednesday designed to shore up its finances.
PagerDuty ( PD ) — Shares of PagerDuty rose 5.8% in premarket action after a better-than-expected quarterly report and strong guidance. The operations management software company saw a 7.1% increase in total paying customers compared to the previous year and a 37.5% increase in the number of customers providing recurring revenue per year in excess of $100,000.
Shell (SHEL) – Shell CEO Ben van Beurden is preparing to step down next year, after nearly a decade in the job, according to two company sources who spoke to Reuters. Sources say the power producer has identified four candidates to succeed van Beurden. Shell gained 1.4% in after-hours trading.
Beyond Meat (BYND): Investment firm Baillie Gifford reported a 6.61% stake in the maker of plant-based meat alternatives as of Aug. 31, down from a 13.38% stake on December 31, 2021. Beyond Meat rose 1% in the premarket.
Rocket Lab USA ( RKLB ) — Shares of the space rocket company added 2.9% in premarket action after successfully testing the ignition of a reused Rutherford first-stage engine for the first time . The Rutherford engine is a liquid propellant rocket engine designed and manufactured by Rocket Lab.