Apple, CarMax, Bed Bath & Beyond and more
Check out the companies making headlines before the bell:
Apple (AAPL) – Apple lost 2.2% in the premarket after BofA Securities downgraded it to neutral from buy. BofA said Apple has held up relatively well in a down market, but it expects a negative impact on the company from weakening consumer demand.
CarMax (KMX) – CarMax shares slumped 12.1% in premarket trading after the auto retailer missed estimates on both the 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 housewares retailer posted a wider-than-expected quarterly loss and sales that fell short of consensus. Gross margins fell as the company moved to clear out excess inventory, and the stock declined 5.5% in the premarket.
Rite Aid (RAD) – Rite Aid posted a smaller-than-expected loss for its latest quarter and the drug store operator’s revenue was slightly above analyst forecasts. However, Rite Aid cut its adjusted earnings guidance range for the full year, and its shares tumbled 14.2% in premarket action.
Vail Resorts (MTN) – The resort operator’s shares rallied 4.1% in premarket trading after reporting a smaller-than-expected quarterly loss and revenue that beat analyst estimates. Vail said it is seeing strong demand for ski season passes and full-year sales that have rebounded past pre-pandemic levels.
MillerKnoll (MLKN) – MillerKnoll fell 7.3% in the premarket after its quarterly profit beat analyst estimates, although revenue fell short. The office furniture maker noted a tough macroeconomic environment and announced various steps to improve near-term profit and cash flow, including reduced spending and a voluntary retirement program.
PG&E (PCG) – The utility company filed for permission from California regulators to separate its non-nuclear generation assets into a standalone subsidiary. Shares added 1.2% in premarket trading.
Jefferies Financial (JEF) – Jefferies shares rose 1.6% in premarket action after posting a better-than-expected quarterly profit. The investment firm’s results were helped by upbeat merchant banking results offsetting a slide in dealmaking activity.
Occidental Petroleum (OXY) – Berkshire Hathaway (BRK.B) bought 5.99 million more Occidental Petroleum shares this week, according to an SEC filing. That raises Berkshire’s stake in the energy producer to 20.9%. The purchases came after Occidental 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 the former Discovery Communications and AT&T’s Warner Media unit. The stock fell 1.6% in the premarket.