Check out the companies making headlines before the bell:
winnebago (WGO) – The recreational vehicle maker saw its stock jump 3.4% after beating high and low estimates for its latest quarter. Winnebago earned an adjusted $4.13 per share, versus a consensus estimate of $2.96, helped by higher prices and an increase in its gross profit margins.
La-Z-Boy (LZB) – La-Z-Boy rose 8.2% in premarket trading after posting better-than-expected quarterly results, which included record sales for the furniture maker. The company also said it is focusing its efforts on reducing its backlog and on delivery times.
Revlon (REV) – Revlon shares jumped 32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy last week. Revlon climbed 91% on Friday and jumped another 62% yesterday.
Korn ferry (KFY) — The advisory firm reported adjusted quarterly earnings of $1.75 per share, beating consensus estimates by 20 cents, with revenue also beating Wall Street forecasts. Results were boosted by a 30% jump in royalty income over the previous year. Korn Ferry also announced a 25% dividend increase and its stock rose 3.1% in premarket trading.
Airbnb (ABNB) – Airbnb fell 2.4% in premarket after JMP Securities downgraded it to “market performance” from “market outperformance,” saying the post-pandemic jump in travel demand is coming. already reflected in Airbnb’s rating.
Dow Inc. (DOW) – Shares of the chemical maker fell 4.2% in premarket action after Credit Suisse downgraded the stock to “underperform” from “neutral.” Credit Suisse said several pandemic-related factors that have boosted Dow and its peers may be reversing.
Pulte Group (PHM) – PulteGroup slid 3.2% in premarket trading after RBC Capital Markets downgraded the homebuilder’s stock from “sector performer” to “outperformer”. RBC also cut its earnings estimates on expecting the housing market to deteriorate further as mortgage rates continue to rise.
Residential Equity (EQR) – Equity Residential has been upgraded to “outperform” from “performing sector” at RBC Capital Markets. RBC believes the residential real estate REIT will benefit from its focus on affluent renters.
New relic (NEWR) – Shares of the data analytics platform company jumped 3.4% in the pre-market after Jana Partners disclosed a 5.4% stake. In a filing with the SEC, Jana said she believed the stock was undervalued and presented an attractive investment opportunity.
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