Apple, CarMax, Bed Bath & Beyond and more

News Update - Premarkets

Check out the companies making headlines before the bell:

Apple (AAPL): Apple lost 2.2% in premarket after BofA Securities downgraded it to neutral from buy. BofA said Apple has held up relatively well in a down market, but expects a negative impact on the company from weakening consumer demand.

CarMax (KMX) – Shares of CarMax fell 12.1% in premarket trading after the auto retailer missed estimates on both its top and bottom lines for its latest quarter. CarMax said “affordability challenges” led to a sharp drop in sales in the final months of the quarter.

Bed Bath & Beyond ( BBBY ) — The home goods retailer posted a wider-than-expected quarterly loss and sales that missed consensus. Gross margins fell as the company moved to shed excess inventory, and shares declined 5.5% in premarket trading.

Rite Aid ( RAD ): Rite Aid reported a smaller-than-expected loss in the latest quarter, and the drugstore operator’s revenue was slightly above analysts’ forecasts. However, Rite Aid cut its full-year adjusted earnings guidance range and its shares fell 14.2% in premarket action.

Vail Resorts ( MTN ) — Shares of the resort operator rose 4.1% in premarket trading after reporting lower-than-expected quarterly losses and revenue that beat analysts’ estimates. Vail said it is seeing strong demand for ski season passes and year-round sales that have rebounded beyond pre-pandemic levels.

MillerKnoll ( MLKN ): MillerKnoll fell 7.3% in premarket after its quarterly profit beat analysts’ estimates, although revenue fell short. The office furniture maker pointed to a challenging macroeconomic environment and announced several steps to improve profits and cash flow in the near term, including a reduction in spending and a voluntary retirement program.

PG&E ( PCG ) — The utility has asked California regulators for permission to spin off its non-nuclear generation assets into a standalone subsidiary. Shares rose 1.2% in premarket trading.

Jefferies Financial ( JEF ) — Shares of Jefferies rose 1.6% in premarket action after posting a better-than-expected quarterly profit. The investment firm’s results were helped by upbeat commercial banking results that offset a fall in trading activity.

Occidental Petroleum ( OXY ) – Berkshire Hathaway ( BRK.B ) bought an additional 5.99 million shares of Occidental Petroleum this week, according to an SEC filing. That brings Berkshire’s stake in the energy producer to 20.9%. The purchases came after Occidental’s shares lost about 20% of their value in less than a month. Occidental added 1% in premarket trading.

Warner Bros. Discovery ( WBD ) — The media giant is being sued by shareholders for allegedly making false statements about the performance of its HBO Max streaming service ahead of the merger of AT&T’s former Discovery Communications and Warner Media unit. Shares fell 1.6% in premarket trading.

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