FedEx, Costco, Boeing and more

News Update - Premarkets

Check out the companies making headlines before the bell:

FedEx (FDX) – FedEx remains on alert this morning after announcing a 6.9% increase in shipping rates and plans to cut another $4 billion in annual costs. FedEx fell 3.2% in premarket.

Costco (COST): Costco lost 3.3% in the premarket despite reporting better-than-expected profit and sales for its latest quarter. The company reported operating margins slightly below consensus. Costco said it has no immediate plans to raise member prices, but said it would happen at some point.

Boeing (BA) – Boeing will pay $200 million to settle SEC charges that it made misleading claims about the safety risks of its 737 MAX jetliner after two of the planes were involved in fatal crashes. Former CEO Dennis Muilenburg will pay $1 million as part of the settlement, with neither side admitting or denying wrongdoing. Boeing lost 1.8% in premarket.

Raytheon Technologies ( RTX ): Raytheon won a $985 million Pentagon contract to develop hypersonic attack cruise missile prototypes, beating out rivals Boeing and Lockheed Martin ( LMT ).

CalAmp ( CAMP ) — Shares of the “Internet of Things” software company jumped 3.5% in premarket action after it reported a smaller-than-expected quarterly loss on revenue that exceeded analysts’ forecasts. CalAmp posted record software and subscription services revenue during the quarter.

Ally Financial ( ALLY ) — Shares of the financial services company fell 2.7% in premarket after Wells Fargo downgraded them to “equal weight” from “overweight.” Wells said Ally will feel pressure from the Fed’s rate hikes and an accelerating decline in used vehicle prices, which will affect lease yields.

Qualcomm ( QCOM ): Qualcomm said its future automotive business backlog rose to $30 billion in orders, up $10 billion since July. The increase came primarily from orders for its Snapdragon Digital Chassis computer chip. Qualcomm, however, fell 2% in premarket action.

fuboTV ( FUBO ) — The sports-focused streaming service was upgraded to “outperform” from “neutral” at Wedbush, which sees the stock at a compelling entry point. Wedbush expressed confidence that fuboTV can successfully raise capital and reduce its cash burn rate. Shares gained 2% in premarket.

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