Check out the companies making headlines before the bell:
Biogen (BIIB) — Biogen fell 1% in premarket trading after the government announced that Medicare will limit coverage of Aduhelm, Biogen’s Alzheimer’s disease treatment. Coverage will only be provided to patients enrolled in clinical trials.
Spirit Airlines (Save) – Spirit said she would start conversations with her Jet Blue (JBLU) on its rival’s $3.6 billion takeover offer. Earlier this year, Spirit had agreed that one of the mothers of Frontier Airlines would take over frontier group (ULCC) but said JetBlue’s offering could lead to a “superior offering”. Spirit rose 1.4% in premarket trading, while JetBlue added 1% and Frontier jumped 2.5%.
Robinhood Markets (HUD) — Shares of the financial services operator and stock trading platform fell 4.1% after Goldman Sachs downgraded the rating to “sell” from “neutral.” Goldman believes that Robinhood’s consensus estimate is too high and sees the company turning profitable in 2023.
WD-40 (WDFC) — WD-40 jumped 9.5% in the primary market after better-than-expected quarterly earnings and returns. The lubricant manufacturer earned $1.41 per share for the quarter, 40 cents above estimates, although it lowered its full-year guidance slightly due to inflationary challenges.
Brands (DBI) — The footwear and accessories retailer raised its full-year profit forecast and redistributed its quarterly dividend after a two-year hiatus. The optimistic forecast comes ahead of the company’s annual investor day. Designer Brands stock jumped 4.6% in the primary market.
Kroger (KR) – The supermarket operator’s stock added 2.6% in pre-market activity after Bank of America Securities upgraded it to “buy” from “neutral”. Bank of America said higher food inflation would be among the many earnings drivers.
CrowdStrike (CRWD) – CrowdStrike rose 3.7% in pre-market activity after the cloud computing company received an authorization to protect critical assets of the US Department of Defense.
a work day (WDAY) — The finance and human resources software company has entered into a new $1 billion credit agreement with lenders, replacing an earlier credit agreement.
Price Smart (PSMT) — PriceSmart beat estimates by 3 cents with a quarterly profit of $1.03 per share, and the discounted retailer’s revenue was just above Wall Street expectations. Sales of merchandise topped $1 billion for the first time ever, and membership levels also set a record.
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