Check out the companies making headlines before the bell:
Lowe’s (LOW) Lowe’s is up 2.5% in premarket after beating estimates in top and bottom earnings and raising annual revenue forecasts. The home improvement retailer earned $2.73 per share for the third quarter, 37 cents above estimates, with comparable store sales increasing 2.2%. Analysts expected corporate sales to fall 1.5%.
Target (TGT) – Target reported adjusted quarterly earnings of $3.03 per share, beating consensus estimates by 20 cents, with revenue also above street expectations. Comparable store sales rose 12.7%, compared to expectations for an 8.2% increase. Despite the hits, the retailer’s shares fell 2% in pre-market activity.
GlaxoSmithKline (GSK), Vir Biotechnology (VIR) – Drugmakers have signed contracts to sell their $1 billion treatment for Covid-19 to the US government. The government also has the option to purchase additional doses that will run through March 2022. Glaxo stock is down 0.4% in premarket trading, but Vir is up 8.6%.
Tesla (TSLA) – Tesla CEO Elon Musk has sold another $973 million of Tesla stock to cover a tax bill resulting from exercising options covering 2.1 million shares. Tesla stock rose 2.1% in pre-market activity.
Rivian (RIVN) – Rivian added 1.6% in the primary market and has yet to face a losing session since the electric car maker went public last Wednesday. Rivian stock is up about 15% in each of the past two trading days and closed Tuesday at $172.01 compared to its initial public offering price of $78.
Lucid Group (LCID) — The electric car maker is up another 10.3% in the primary market after rising nearly 24% on Tuesday. Yesterday’s spike came amid Lucid’s statement that it was seeing “significant demand” for the Lucid Air model.
La-Z-Boy (LZB) — La-Z-Boy jumped 5.6% in premarket trading after the furniture maker beat estimates by 8 cents with quarterly earnings of 85 cents a share. Revenue also beat expectations, and the company said it was still seeing strong consumer demand despite being affected by supply chain disruptions.
Baidu (BIDU) – Baidu beat estimates in the last two quarters of the year, as the China-based e-commerce company benefited from strong ad sales as well as strength in AI and cloud products. Baidu added 1.2% in Premarket.
Derry (Germany) – Deere workers will vote on a temporary contract offer today, after rejecting two previous temporary agreements. These workers have been on strike since 14 October.
Pfizer (PFE), BioNTech (BNTX) – The US Food and Drug Administration (FDA) has promised a rapid application review to approve a Pfizer/BioNTech Covid-19 booster dose for all adults. The New York Times reports that the decision may come as soon as Thursday. BioNTech shares rose 1.3% in pre-market trading, while Pfizer shares rose 0.7%.
Roku (ROKU) — The stock has been downgraded to “sell” from “neutral” at Moffett Nathanson, which said signs of slowing revenue growth for the video streaming device maker are becoming more visible and forcing the company to rethink its long-term assumptions. Roku shares were down 3.1% in pre-market trading.