Check out the companies making headlines before the bell:
General Mills ( GIS ) – Shares of General Mills gained 1.8% in premarket trading after the food maker reported better-than-expected quarterly profit and raised its sales forecast for the whole year. The company expects to benefit from higher prices and strong demand for cereals, snacks and pet food.
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Stitch Fix (SFIX): Stitch Fix fell 5.9% in premarket trading after reporting a wider-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to drop in the short term as the number of active customers declines. Canaccord Genuity downgraded the stock to “hold” from “buy,” noting that a difficult macroeconomic environment complicates the company’s efforts to achieve a turnaround.
Beyond Meat (BYND) – Beyond Meat suspended COO Doug Ramsey after he was involved in a physical altercation over the weekend that led to third-degree battery and terroristic threatening charges. The maker of plant-based meat alternatives said Jonathan Nelson, senior vice president of manufacturing operations, will take over Ramsey’s duties on an interim basis. Beyond Meat fell 1.1% in premarket trading, after falling 6% on Tuesday, its sixth straight day down.
Defense stocks: Shares in defense contractors are rising in the premarket after Russian President Vladimir Putin mobilized more troops to Ukraine in what is seen as a major escalation in the Ukraine war. Among the moving stocks: Lockheed Martin ( LMT ), up 2%, Northrop Grumman ( NOC ), up 1.3%, Raytheon Technologies ( RTX ), up 1.2%, and L3Harris Technologies ( LHX ), up 1.5 %.
Estee Lauder (EL) – Estee Lauder gained 1.7% in after-hours trading after Goldman Sachs raised its rating on the cosmetics maker’s stock to “buy” from “neutral” and raised its price target from $298 to $303. Goldman cited recent share price weakness for the measure and said uncertainty about the impact of China’s “zero-Covid” policy is already being reflected in the share price.
Coty (COTY) – Coty rose 3.9% in premarket after the cosmetics maker announced its strategy to double skin care sales by fiscal 2025. The news comes before the ‘company event for investors this morning.
Aurora Cannabis (ACB): Aurora Cannabis reported a break-even quarter, on an adjusted basis, surprising analysts who had predicted a quarterly loss. The Canadian-based cannabis grower saw overall revenue come in slightly below expectations, but reported a 35.4% increase in international medical cannabis revenue compared to the previous year. Aurora Cannabis lost 2.1% in premarket action.
