Check out the companies making headlines in the premarket.
General Mills — Shares of General Mills added 1.7% in the premarket after the food company reported better-than-expected quarterly earnings. General Mills posted adjusted earnings of 99 cents per share compared with the analyst consensus of 89 cents per share, according to StreetAccount. Quarterly revenue also topped projections.
Adobe — Adobe shares fell 3.7% in early morning trading despite the software company’s quarterly financial results beating Wall Street expectations. The company reported earnings of $3.11 per share on revenue of $3.94 billion. Analysts expected earnings of $3.01 per share on revenue of $3.89 billion, according to Refinitv.
FedEx — FedEx shares dropped 6.1% in premarket trading after the company’s quarterly earnings missed expectations. The transport company reported earnings of $4.37 a share, 54 cents below the Refinitiv analyst consensus.
Stitch Fix — Stitch Fix shares surged 12.8% in early morning trading after reporting a surprise profit in the fiscal fourth quarter. The online shopping and styling service reported earnings of 19 cents per share versus an expected loss of 13 cents per share, according to Refinitiv. Stitch Fix also topped revenue projections and reported 18% year-over-year growth in active clients.
Hyatt Hotels — Hyatt Hotels shares were down 1.2% in the premarket after the hotel corporation announced a public offering of 7 million Class A common shares to fund a portion of its anticipated acquisition of Apple Leisure Group.
Disney — Disney shares ticked up 0.9% in the premarket after Credit Suisse said the selloff in Disney the day prior was an overreaction and the stock could rebound more than 27%. Shares of the media and entertainment giant retreated more than 4% on Tuesday after CEO Bob Chapek warned of headwinds on subscription video streaming growth in the fourth quarter and projected lower-than-expected fourth-quarter subscriber growth.
SoFi — Shares of SoFi jumped 3.4% after Jefferies initiated the personal finance app with a buy rating, saying the stock can jump more than 60% in the next 12 months. “We believe that ‘Flywheel’, SoFi’s synergistic business model, will continue to drive significant user growth, product adoption, and margin expansion,” Jefferies said.
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