Check out the companies making headlines before the bell:
Conagra ( CAG ) – The food maker’s stock added 2% in premarket after it reported better-than-expected quarterly profit and sales. Conagra also reaffirmed its full-year guidance.
Peloton (PTON) – Peloton fell 4.1% in premarket trading after announcing it would cut another 500 jobs, or about 12% of its workforce remaining after several previous rounds of job cuts. CEO Barry McCarthy told the Wall Street Journal that he will give the fitness equipment maker another six months to turn around, and if it can’t, Peloton likely won’t be viable as a standalone company.
McCormick ( MKC ) – The spice maker reported adjusted quarterly earnings of 69 cents per share, 7 cents below estimates, with revenue broadly in line with forecasts. McCormick said it is now recovering costs through pricing actions after a period that saw its expenses outpace product price increases. McCormick fell 1.1% in premarket.
Compass (COMP) – Shares of Compass rose 11.4% in premarket trading after an Insider report said Vista Equity Partners is exploring a deal to take the real estate firm private.
Eli Lilly ( LLY ) – Lilly shares added 1% in premarket after its diabetes drug tirsepatide received a “Fast Track” designation from the FDA for potential use to treat obese or overweight adults with weight-related comorbidities .
Twitter ( TWTR ) – Twitter remains under watch today amid multiple reports on Elon Musk and the social media company’s efforts to finalize a deal on its $44 billion acquisition deal. The Wall Street Journal reported that the two sides held unsuccessful talks about a possible price cut for the deal, and Reuters reports that private equity firms Apollo Global and Sixth Street Partners are no longer in talks with Musk to provide financing. Twitter fell 1.8% in premarket trading.
Take-Two Interactive (TTWO) – Take-Two Interactive was upgraded to “buy” from “neutral” at Goldman Sachs, which cited improving video game industry fundamentals. Goldman raised its price target on the video game maker’s stock to $165 a share from $131 previously. Take-Two gained 3% in premarket trading.
Splunk ( SPLK ) – Splunk was downgraded to “neutral” from “buy” at UBS, which said the data platform provider faces a number of additional headwinds in addition to the overall macroeconomic outlook. Splunk fell 3.1% in premarket.
Shell ( SHEL ) – Shell fell 5.4% in premarket trading after it said third-quarter earnings would be hit by significantly lower gas trading profits. The power producer also cites higher costs for fuel delivery.
Pinterest ( PINS ) – Pinterest rallied 5.2% in premarket after the image-sharing site’s stock was upgraded to “buy” from “neutral” at Goldman Sachs. Goldman expressed confidence in Pinterest’s ability to further monetize its operations and capture more advertising dollars.
