Stocks making the biggest moves premarket: Walgreens, Constellation Brands, RH and others
Check out the companies making headlines before the bell:
Walgreens (WBA) – The drug store operator earned an adjusted 96 cents per share for its latest quarter, 4 cents above estimates, with revenue also beating analyst forecasts. Walgreens also reaffirmed its full-year guidance, forecasting low-single-digit adjusted earnings growth. The stock fell 2.7% in premarket action.
Constellation Brands (STZ) – The spirits producer beat estimates by 14 cents with adjusted quarterly earnings of $2.66 per share, and revenue that was above estimates as well. Constellation also gave an upbeat full-year forecast and the stock added 1% in the premarket.
Acuity Brands (AYI) – The maker of building management systems saw its stock jump 5% in premarket trading after it beat top and bottom-line estimates for its latest quarter. Acuity’s results were driven by strength in its lighting business.
RH (RH) – RH slid 7.7% in premarket trading after the home goods and furniture retailer lowered its full-year financial guidance. The company formerly known as Restoration Hardware cited a deteriorating economy and a slowdown in home sales.
Xerox (XRX) – Xerox Chief Executive Officer John Visentin died at age 59 due to complications from an ongoing illness. The printer and copier maker named Chief Operations Officer and President Steve Bandrowczak interim CEO. Xerox fell 1% in the premarket.
Nexstar Media (NXST) – Nexstar is poised to win control of the CW TV Network, according to the Wall Street Journal. The paper said the TV station operator is near a deal to buy a 75% stake in the CW from current co-owners Warner Brothers Discovery (WBD) and Paramount Global (PARA).
Spirit Airlines (SAVE) – Spirit delayed a shareholders’ vote on its proposed merger with Frontier Group (ULCC) until July 8. The postponement comes as JetBlue (JBLU) continues to push Spirit to accept its rival bid. Spirit rose 1.2% in the premarket, while Frontier Group added 1.8% and JetBlue slid 3%.
Pfizer (PFE), BioNTech (BNTX) – The drug makers signed a $3.2 billion deal with the U.S. government to provide 105 million doses of their Covid-19 vaccine. That would include supplies of an updated vaccine centered on the omicron variant, pending FDA approval. BioNTech added 1.1% in premarket trading.
Booz Allen Hamilton (BAH) – The Justice Department has sued to block the proposed merger of security contractors Booz Allen Hamilton and Everwatch, contending the deal would drive up prices and create a monopoly situation for critical security services.