Check out the companies making headlines before the bell:
Nike (NKE) – Nike fell 10% in premarket after it reported a 44% increase in inventory in its latest quarter and said it would offer more discounts ahead of the holiday season. The athletic footwear and apparel maker reported better-than-expected profit and revenue for its latest quarter.
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Micron Technology ( MU ): Micron gained 1.5% in the premarket after beating estimates with its latest quarterly earnings, although sales fell short of forecasts. The chipmaker also issued a weaker-than-expected earnings outlook and said sales are being hit by declining demand for consumer electronics.
Amylyx Pharmaceuticals (AMLX): Amylyx rose 9.3% in the premarket after the FDA approved its new ALS drug. The treatment slows disease progression, prolongs survival and is the first ALS drug to win FDA approval in five years.
Rent-A-Center (RCII): Rent-A-Center fell 18.1% in premarket after the rental-owned company cut its current-quarter earnings guidance. The company said current economic conditions have affected retail traffic and customer payment patterns.
Blue Apron ( APRN ) — Shares of the meal kit company initially fell in premarket action after news that CFO Randy Greben will step down on Oct. 17 to take a position with another company . However, it later erased those losses and rose 2.7%.
Generac ( GNRC ): Generac added 1.6% in premarket trading after Cowen began coverage of the electrical equipment maker with an outperform rating. Cowen said a slowdown in the housing market and economic uncertainty are already priced into stocks.
Voya Financial (VOYA): The financial services company’s stock was upgraded to overweight from neutral at Piper Sandler, citing a number of factors including an attractive valuation and a product portfolio that benefits from inflation. Voya added 1.2% in premarket action.
