Tag Archives: General Mills Inc

Business

General Mills, Steelcase, Lucid and more

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Take a look at some of the biggest movers in the premarket:

General Mills (GIS) – General Mills reported better-than-expected profit and revenue for its latest quarter, and it raised its full-year forecast. The food producer was helped by higher prices which were only partially offset by increased input costs. The stock slid 1.3% in premarket action.

Steelcase (SCS) – Steelcase gained 3% in the premarket after the office furniture maker reported better-than-expected quarterly earnings and issued an upbeat profit forecast. Steelcase’s quarterly revenue fell short of Wall Street forecasts as did its revenue forecast, however, but its backlog of orders is 3% higher than it was a year ago.

Lucid (LCID) – Lucid rallied 5.% in premarket trading after the electric vehicle maker raised more than $1.5 billion in a series of stock sales.

Rocket Lab (RKLB) – Rocket Lab fell 1.3% in premarket action after announcing a delay in its first rocket launch from the United States. Rocket Lab cited both poor weather conditions as well as regulatory delays stemming from the processing of documentation by NASA and the Federal Aviation Administration. As a result, Rocket Lab cut its revenue forecast for the fourth quarter.

The Trade Desk (TTD) – The Trade Desk rose 1.7% in premarket trading after the digital advertising firm’s stock was rated “overweight” in new coverage at Piper Sandler.

Generac (GNRC) – The power equipment maker’s stock slid 1.5% in the premarket after Baird downgraded it to “neutral” from “outperform,” saying Generac’s end markets have not yet reached a bottom and inventory levels are still in the process of returning to normal.

Stitch Fix (SFIX) – The stock was downgraded to “neutral” from “underweight” at J.P. Morgan Securities, even after an 82% year-to-date decline. The firm says the online clothing styler is struggling with its transition to “Fix + Freestyle” business model. Stitch Fix shares lost 1.6% in premarket trading.

Beam Therapeutics (BEAM) – The biotech company’s shares rose 2.2% in the premarket after Beam was upgraded to “outperform” from “market perform” at BMO Capital. BMO expects positive announcements from Beam’s partner Verve Therapeutics (VERV) to help drive the stock higher.

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Business

How Powell and the Fed may react to FedEx warning

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CNBC’s Jim Cramer on Friday said that FedEx’s warning of worsening economic conditions suggests the Federal Reserve is doing better in its inflation effort than expected — meaning the central bank could take a step back after its meeting next week.

“If Fed chief Jay Powell watched our interview last night … he might discover that he’s made more progress whipping inflation than he might realize,” Cramer said.

“Maybe Powell will hit us with another 75 basis point hike right here and then say maybe it’s time to take a more measured approach in order to assess how things are going,” he added.

The “Mad Money” host’s comments came after FedEx, a bellwether company for the state of the economy, warned on Thursday of a decline in global shipments and an impending world recession.

Stocks closed down on Friday as Wall Street digested the news, with the major averages recording their fourth losing week in the past five weeks.

Cramer also previewed next week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.

Monday: AutoZone

  • Q4 2022 earnings release at 6:55 a.m. ET; conference call at 10 a.m. ET
  • Projected EPS: $38.5
  • Projected revenue: $5.16 billion

Cramer said he’s interested in knowing if company officials see an end to the car shortage.

Tuesday: Nvidia

  • GTC Financial Analyst Q&A at 1 p.m. ET

Cramer said he’s sticking with Nvidia despite the stock’s recent tumbles. “That’s how Nvidia behaves — you get terrifyingly swift moves down followed by long rallies.”

Wednesday: General Mills, Salesforce, Lennar, KB Homes

General Mills

  • Q1 2023 earnings release at 7 a.m. ET; conference call at 9 a.m. ET
  • Projected EPS: $1
  • Projected revenue: $4.72 billion

The company will likely be a winner because it’s a best-of-breed food stock in an uncertain economic environment, Cramer predicted.

Salesforce

  • Investor Day at 4 p.m. ET 

Cramer said that while he doesn’t expect to hear anything that could motivate him to buy the stock, he’s still bullish long term.

Lennar

  • Q3 2022 earnings release at 4:30 p.m. ET; conference call on Thursday at 11 a.m. ET
  • Projected EPS: $4.86
  • Projected revenue: $8.97 billion

KB Home

  • Q3 2022 earnings release between 4:10 to 4:20 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $2.66
  • Projected revenue: $1.88 billion

Cramer said he expects both Lennar and KB Home to be soft due to soaring mortgage rates.

Thursday: Costco, FedEx, Qualcomm

Costco

  • Q4 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $4.17
  • Projected revenue: $70.8 billion

Cramer said he hopes the stock goes down so that the Investing Club can buy more.

FedEx

While the company could reveal more information on its latest quarter, its trajectory likely won’t change since it already reported disappointing results in its preliminary announcement, Cramer said.

Qualcomm

  • Automotive Investor Day at 3 p.m. ET

Cramer said that the company will show off the “new Qualcomm” during the event.

Disclaimer: Cramer’s Charitable Trust owns shares of Costco, Salesforce, Nvidia and Qualcomm.

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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Business

Bed Bath & Beyond, Carnival, Upstart and more

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A security guard stands next to a Bed Bath & Beyond sign at the entrance to a New York City store location.

Scott Mlyn | CNBC

Check out the companies making headlines in midday trading.

Bed Bath & Beyond — Shares of the retailer plummeted about 21% after the company missed revenue estimates and posted a wider-than-expected loss in the recent quarter. Bed Bath & Beyond also announced it is replacing CEO Mark Tritton.

Carnival — Shares of the cruise line operator fell more than 14% after Morgan Stanley cut its price target on the stock roughly in half and said it could potentially go to zero in the face of another demand shock, given Carnival’s debt levels. The call dragged other cruise stocks lower. Royal Caribbean and Norwegian Cruise Line Holdings each dropped more than 10%.

Upstart — Shares of the AI lending platform dropped roughly 10% after Morgan Stanley downgraded the stock to underweight from equal weight. The Wall Street firm said rising interest rates and a troublesome macroenvironment is hurting Upstart’s growth trajectory.

Bath & Body Works — The retailer’s stock fell nearly 8% after JPMorgan downgraded shares to neutral from overweight. The firm lowered its second quarter and full-year earnings estimates for Bath & Body Works after reducing second quarter average unit retail estimates by 4% year over year.

Teradyne — Shares of the semiconductor testing company slid 6% following a downgrade to neutral from buy from Bank of America. The firm said Teradyne’s exposure to Apple could ding the stock in the near term, given uncertainty around iPhone demand.

Tesla — Shares declined about 4% following a Wall Street Journal report that said Tesla is closing its San Mateo, California office and laying off 200 workers. CNBC confirmed the report.

General Mills — The stock jumped 5.7% after General Mills reported an earnings beat on the top and bottom lines. Still, the cereal company’s full-year profit estimates were weaker than expected, because of a consumer shift to cheaper brands.

O’Reilly Automotive — The auto parts company traded up more than 1% following an upgrade to buy from neutral from D.A. Davidson. The firm said O’Reilly is their “preferred way” to play the auto parts theme compared to AutoZone and Advance Auto Parts. Auto parts companies, which typically sell non-discretionary products, are expected to weather downturns better than other retailers.

McDonald’s — Shares climbed 1.5% following an upgrade to overweight by Atlantic Equities. The firm said hamburger chain will hold out as consumer spending slows.

Goldman Sachs — Shares rose 1.3% after Bank of America upgraded Goldman Sachs to a buy from a neutral rating and said the bank will thrive even in an economic slowdown.

— CNBC’s Yun Li, Tanaya Macheel and Samantha Subin contributed reporting

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Business

U.S. stocks push higher as Powell sees path back to 2% inflation while sustaining strong labor market

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U.S. stock indexes pushed higher after a wobbly start Wednesday, leaving Wall Street potentially on to gain ground after back-to-back losses, as investors tune in to remarks by central bankers while fretting that soaring inflation is damaging the world’s biggest economy.

How are stock indexes trading?
  • The Dow Jones Industrial Average
    DJIA,
    +0.12%
     was up 196 points, or 0.6%, at 31,143.
  • The S&P 500
    SPX,
    -0.23%
     traded up 15 points, or 0.4%, at 3,836.
  • The Nasdaq Composite
    COMP,
    -0.43%
    gained 42 points, or 0.4%, to 11,223.

On Tuesday, the Dow fell 491.27 points, or 1.6%. The S&P 500 fell 2% and the Nasdaq Composite dropped 3%. All three booked their worst daily percentage declines since June 16, according to Dow Jones Market Data.

What’s driving markets?

Federal Reserve Chair Jerome Powell said Wednesday at a European Central Bank forum on central banking that he sees a path back to 2% inflation while sustaining strong labor market, but warned there was “no guarantee that we can do that.”

Investors were also listening to remarks from European Central Bank President Christine Lagarde, Bank of England Gov. Andrew Bailey and Augustin Carstens, head of Bank for International Settlements, to speak at speak at the same conference.

On U.S. economic data, the first-quarter GDP was revised to show an 1.6% decline, compared with the prior 1.5% drop.

Equities were limping toward the end of a miserable first half of the year. The S&P 500 is down 19.6% so far in 2022, hit by concerns that inflation rates at multidecade highs are badly damaging household sentiment and that the Federal Reserve’s response to surging prices may tip the economy into recession.

Read: What’s next for the stock market after the worst 1st half since 1970? Here’s the history.

On Tuesday, the Conference Board’s consumer-confidence index dropped in June to a 16-month low of 98.7, with consumers’ outlook on the state of the economy at the most cautious in nearly 10 years. The news helped turn early gains for Wall Steet into heavy losses, with the Nasdaq Composite shedding 3%, leaving the tech-heavy index nursing a loss of 28% for the year to date.

“Last week, U.S. equity markets rallied on the back of the arcane logic that a U.S. recession would mean a lower terminal Fed funds rates and thus, was bullish for stocks… That premise was boosted by weak Michigan Consumer Sentiment data,” said Jeffrey Halley, senior market analyst at OANDA, in a note to clients.

See: Wall Street’s favorite stock sector has potential upside of 43% as we enter the second half of 2022

On Tuesday, “even weaker U.S. Conference Board Consumer Confidence data provoked the opposite reaction, with U.S. stocks plummeting,” he added.

Wall Steet’s dive left Asian and European bourses floundering. Hong Kong’s Hang Seng
HSI,
-1.88%
fell 2% and the Nikkei 225
NIK,
-0.91%
in Japan slipped 0.9%. China’s Shanghai Composite
SHCOMP,
-1.40%
shed 1.4% after President Xi Jinping reiterated that the regime’s strict COVID-19 policy was “correct and effective.”

The comments added to worries that supply constraints in China could exacerbate global inflationary pressures. And such concerns were illustrated in Spain on Wednesday, where data showed prices rising by 10.2% in June, their fastest pace in 37 years. Europe’s Stoxx 600
SXXP,
-0.41%
fell 0.8%.

Oil prices crept higher, with WTI crude
CL.1,
+1.61%,
up 1.5% to $113.41 a barrel.

The yield on the U.S. 10-year Treasury note
TMUBMUSD10Y,
3.135%
eased 1.3 basis points to 3.167%.

Companies in focus
  • Shares of Pinterest Inc.
    PINS,
    -2.36%
    rose 0.2% after the social-media company said co-founder Ben Silbermann is stepping down as chief executive and is being replaced by an e-commerce executive from Google.
  • Bed Bath & Beyond Inc.
    BBBY,
    -22.21%
    shares fell 18.7% after it announced disappointing fiscal first-quarter results and the ouster of its chief executive, Mark Tritton.
  • General Mills Inc.
    GIS,
    +5.31%
    shares rose 4.7% after beating quarterly expectations. The company posted fourth-quarter net income of $822.8 million, or $1.35 per share, nearly double $416.8 million, or 68 cents per share, last year. Adjusted EPS of $1.12, ahead of the FactSet consensus for $1.01 per share. 
Other assets
  • The ICE U.S. Dollar Index
    DXY,
    +0.30%
     edged down 0.01%.
  • Bitcoin
    BTCUSD,
    -1.04%
     fell 4.6% to trade near $20,120.
  • August gold futures
    GCQ22,
    -0.12%
    gained $6.30, or 0.4%, to settle at $1,827.90 an ounce.

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Business

Tech giants lost over $1 trillion in value in last three trading days

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OMAHA, NEBRASKA – APRIL 30: Apple CEO Tim Cook walks through the convention floor at the Berkshire Hathaway annual shareholder’s meeting on April 30, 2022 in Omaha, Nebraska. This is the first time the annual shareholders event has been held since 2019 due to the COVID-19 pandemic. (Photo by Scott Olson/Getty Images)

Scott Olson | Getty Images News | Getty Images

The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.

Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy. Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples such as Campbell Soup, General Mills and J.M. Smucker.

Market cap lost during last three trading sessions.

CNBC

Apple, the world’s most valuable public company, has shed $220 billion in value since the close of trading on Wednesday, the day Fed Chairman Jerome Powell declared that inflation was running too high and that there were no plans for a rate hike more than half of a percentage point.

Markets first moved up on Powell’s comments, but the optimism sputtered out in the following days. Stocks went lower on Thursday, fell again on Friday and then still lower on Monday. The S&P 500 U.S. stock index fell below the $4,000 mark on Monday, having declined by 7% since Wednesday’s close, while the Invesco Nasdaq 100 ETF is off by nearly 10% during the same period.

Here are the other big losses over the last three trading days:

  • Microsoft has lost around $189 billion in value.
  • Tesla’s markdown registers at $199 billion, months after seeing its valuation fall below $1 trillion.
  • Amazon’s market capitalization has declined by $173 billion.
  • Alphabet, Google’s umbrella company, is worth $123 billion less than it was last week.
  • Graphics card maker Nvidia’s loss stands at $85 billion.
  • And Facebook parent Meta Platforms has lost $70 billion in value.

WATCH: ‘We like Big Tech stocks like Amazon and Apple right now,’ says Needham’s Laura Martin

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Business

General Mills, Winnebago, GameStop and others

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Check out the companies making headlines before the bell:

General Mills (GIS) – General Mills gained 1.6% in the premarket after reporting better-than-expected quarterly earnings and raising its full-year outlook. The food maker earned an adjusted 84 cents per share, 6 cents above estimates, with revenue essentially in line with analyst forecasts. General Mills said demand for food at home continues to be elevated.

Winnebago (WGO) – The recreational vehicle maker reported adjusted quarterly earnings of $3.14 per share, beating the $2.94 consensus estimate, and revenue also topped Street forecasts. Results were helped by strong consumer demand and higher prices. However, Winnebago shares lost 2.4% in premarket action.

GameStop (GME) – GameStop soared 12.4% in premarket trading after an SEC filing showed that Chairman Ryan Cohen had bought 100,000 additional shares, raising his stake in the videogame retailer to 11.9%.

Adobe (ADBE) – Adobe beat estimates by 3 cents with adjusted quarterly earnings of $3.37 per share. The software maker’s revenue was slightly above estimates. However, Adobe cut its forecast for a key subscription revenue measure, expecting a $75 million hit for existing business in Russia and Belarus. Adobe slid 2.7% in the premarket.

Tilray (TLRY), Canopy Growth (CGC), Aurora Cannabis (ACB), Sundial Growers (SNDL) – U.S.-listed marijuana stocks jumped in the premarket following news of two takeover deals in the industry. Cresco Labs is buying Columbia Care for $2 billion in stock, while Aurora Cannabis is acquiring Thrive Cannabis parent TerraFarma for C$38 billion in cash and stock plus certain incentives. Tilray jumped 10.9% in the premarket, with Canopy Growth up 4%, Aurora Cannabis rallying 7.6% and Sundial surging 8.6%.

Okta (OKTA) – Okta said a preliminary investigation found no evidence of ongoing malicious activity, following news of a hacker breach. The digital authentication company said up to 366 customers may have been impacted by the breach, but noted hackers gained only limited access. Okta dropped 3.6% in premarket action.

Nielsen Holdings (NLSN) – Private equity firms Brookfield Asset Management and Elliott Investment Management are considering raising their offer for Nielsen, according to people familiar with the matter who spoke to Bloomberg. Nielsen had rejected a prior offer of $25.40 per share, saying it undervalued the company.

Poshmark (POSH) – Poshmark slid 9.4% in the premarket after the operator of a new and used clothing marketplace gave weaker-than-expected guidance for the current quarter. Poshmark reported better-than-expected revenue for its most recent quarter, along with a slightly smaller-than-expected loss.

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Business

Sell stocks of unprofitable companies

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CNBC’s Jim Cramer on Friday previewed next week’s earnings schedule and said that investors should use it as a chance to offload unprofitable companies from their portfolios.

The “Mad Money” host said that the market could be in for some pain next week after this week’s rallies, as investors digested the news of the Federal Reserve’s quarter-percentage-point interest rate hike, the ongoing Russia-Ukraine War and Covid outbreaks in Asia and Europe.

While investors shouldn’t sell off everything, next week could be a golden opportunity for investors to shuffle holdings around, Cramer said.

“If you still own the stocks of unprofitable companies that don’t even have any good cash flow and sell at high price multiples to sales, I’m begging you to use this chance, start by today, to do some selling and reposition yourself into more tangible companies with much cheaper stocks,” he said.

All earnings and revenue estimates are courtesy of FactSet.

Monday: Nike

Nike

  • Q3 2022 earnings release at 4:15 p.m; conference call at 5 p.m. ET
  • Projected EPS: 71 cents
  • Projected revenue: $10.6 billion

“I don’t expect Nike will actually have good numbers, but that’s now the conventional wisdom, which leaves open the possibility of an upside surprise,” Cramer said.

Tuesday: Nvidia, Adobe

Nvidia

  • Investor Day at 1 p.m. ET

“[Chief executive Jensen Huang’s] speech will define where tech is, where it’s going, and what are the boundaries that must be smashed,” Cramer said. “And he’ll smash them.”

Adobe

  • Q1 2022 earnings release after the close; conference call at 5 p.m. ET
  • Projected EPS: $3.34
  • Projected revenue: $4.24 billion

Cramer said that he believes Adobe will have better results than Wall Street is expecting, “but the standards have gotten ridiculously high for this fabulous company.”

Wednesday: General Mills, KB Home, Ollie’s Bargain Outlet Holdings

General Mills

  • Q3 2022 earnings release before the bell; conference call at 9 a.m. ET
  • Projected EPS: 78 cents
  • Projected revenue: $4.56 billion

“The food stocks are a diminishing group. … They’re hurt by inflation in every part of their manufacturing chain. A lot less defensive than they used to be,” Cramer said of General Mills and other food companies.

KB Home

  • Q1 2022 earnings release after the close; conference call at 5 p.m. ET
  • Projected EPS: $1.54
  • Projected revenue: $1.5 billion

Cramer said he expects that the company “blows away the numbers and even gets some recognition for doing so.”

Ollie’s Bargain Outlet Holdings

  • Q4 2021 earnings release after the close; conference call at 4:30 p.m. ET
  • Projected EPS: 66 cents
  • Projected revenue: $513 million

Cramer said that a problem Ollie’s could face is limited inventory if other retailers don’t have any unsold products for Ollie’s to take off their hands due to consumers willing to pay full-price for everything.

Thursday: Darden Restaurants

Darden Restaurants

  • Q3 2022 earnings release before the bell; conference call at 8:30 a.m. ET
  • Projected EPS: $2.11
  • Projected revenue: $2.52 billion

Listening to Darden’s call will show where consumers are choosing to spend their money after staying in during the pandemic, Cramer said.

Friday: University of Michigan Consumer Sentiment Index

The University of Michigan Consumer Sentiment Index reports numbers for March Friday after the preliminary index dropped to 59.7 earlier this month, the lowest level in nearly 11 years, according to Reuters. Cramer said if the consumer sentiment index number turns out to be “gloomy,” that means bad news for gardening and outdoor living companies like Home Depot and Lowe’s.

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Business

Citrix Systems, Boeing, Nike, Kellogg and more

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Pedestrians cross a street in front of a Rite Aid store in Oakland, California.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Rite Aid — Shares of Rite Aid rallied more than 16% after it reported a quarterly profit of 15 cents per share, smashing analysts’ expectations for a quarterly loss of 32 cents per share. The drugstore chain also announced a store-closure program it expects will help save about $25 million annually.

Citrix Systems — Citrix shares surged 12.8% after Bloomberg reported that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker, which has been exploring options including a potential sale since September.

Braze — The software company’s shares soared by more than 16% following a quarterly report that included a lower-than-expected loss and better-than-expected revenue. It was Braze’s first earnings report since going public last month.

Micron — Shares of the semiconductor company surged more than 9% after it beat estimates on the top and bottom lines for its fiscal first quarter. Second-quarter guidance also impressed analysts and helped Mircon earn an upgrade from Bank of America.

Nike — Shares jumped 6.5% after the athletic apparel brand posted a better-than-expected quarterly report despite supply chain issues. The company reported quarterly earnings of 83 cents per share, 20 cents a share above the Refinitiv consensus estimate. Revenue also came in above forecasts.

General Mills — The consumer-food giant’s shares fell nearly 4% after the company reported quarterly earnings of 99 cents per share, which missed estimates by 6 cents. General Mills beat revenue estimates for the quarter and raised its full-year sales forecast. On the downside, it said it’s dealing with higher input costs and supply chain disruptions.

Boeing — The aircraft maker’s shares rose 5% after UPS placed an order for 19 of the company’s 767 freighters. Also on Tuesday, RBC named Boeing a top stock pick for 2022, saying it sees free cash flow improving.

Pfizer, Moderna — Vaccine stocks traded lower after the Centers for Disease Control and Prevention director said initial Covid-19 shots “may not be enough” to prevent infection and noted that the omicron variant has more than 50 different mutations. Shares of both Pfizer and Moderna fell more than 3%.

Kellogg — The maker of cereal and other foods saw its shares slip by about 2.3% after it announced union employees have ratified a previously announced tentative agreement for a master contract at its four U.S. cereal plants. The contract covers about 1,400 union-represented employees at plants in Battle Creek, Mich., Omaha, Neb., Lancaster, Pa., and Memphis, Tenn.

SolarEdge — On a strong day for solar stocks, SolarEdge outperformed and rose more than 7% after Cowen named it a top stock pick for 2022. The investment firm said in a note to clients that SolarEdge can benefit from both the residential and commercial rooftop solar markets.

 — CNBC’s Jesse Pound and Hannah Miao contributed reporting

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Business

Nike, Micron Technology, Braze and more

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Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike jumped 3.5% in the premarket after it reported quarterly earnings of 83 cents per share, 20 cents a share above estimates. Revenue was slightly above forecasts, but the athletic footwear and apparel maker said sales were hurt by a slowdown in production and transportation of its goods.

Micron Technology (MU) – Micron beat estimates by 5 cents a share, with quarterly profit of $2.16 per share. The chip maker’s revenue also came in above consensus. Micron gave an upbeat forecast, amid continued strong demand for its chips. Its shares leaped 8.2% in premarket action.

Braze (BRZE) – Braze reported a lower-than-expected loss and better-than-expected revenue in the cloud computing company’s first report since going public in mid-November. The stock surged 11.9% in the premarket.

Citrix Systems (CTXS) – Citrix shares surged 7.8% in premarket trading following a Bloomberg report that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker.

General Mills (GIS) – General Mills missed earnings estimates by 6 cents a share, with quarterly profit of 99 cents per share. The food producer’s revenue was above Wall Street forecasts. The company raised its full-year sales forecast, as at-home dining demand remains elevated, but said it is still dealing with higher input costs and supply chain disruptions. Its shares fell 1.9% in the premarket.

Rite Aid (RAD) – The drugstore chain earned a profit of 15 cents per share, compared to expectations of a 32 cents per share quarterly loss. Rite Aid also announced a store closure program, initially targeting 63 stores with an expected annual savings of about $25 million. The stock rallied 4% in premarket trading.

FactSet (FDS) – The financial information provider earned $3.25 per share for its latest quarter, 25 cents a share above estimates. Revenue came in above consensus as well, boosted by higher sales of analytics and research solutions.

Moderna (MRNA) – Moderna CEO Stephane Bancel told a Swiss newspaper that work on a booster to protect against the Covid-19 omicron variant could begin within a few weeks, adding that only minor adjustments would be needed. Moderna had said earlier this week that a booster dose of its current vaccine increases protection against the omicron variant by 37-fold.

Nikola (NKLA) – The electric vehicle company will pay a $125 million civil penalty to settle Securities and Exchange Commission charges that it had allegedly defrauded investors. Nikola said the settlement resolves all outstanding issues and investigations. Its shares added 3.1% in the premarket.

SolarEdge Technologies (SEDG) – The solar equipment maker’s stock rose 2.5% in premarket trading after it was named a “top pick” at Cowen. The firm said investor enthusiasm remains high for both solar and fuel cell technology, despite a move by California to dampen solar incentives.

Nvidia (NVDA) – The graphics chipmaker’s stock added 3% in the premarket after it was named a “top pick” at UBS, which notes Nvidia’s “wide moats” in its markets.

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Business

Intel, GameStop, ViacomCBS & more

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Take a look at some of the biggest movers in the premarket:

Intel (INTC) – Intel said it would spend $20 billion to build two new plants at existing facilities in Arizona, in an effort to grab more market shares and fill gaps created by a worldwide chip shortage. Intel aims to start production at the new plants by 2024. Intel shares rose 4% in premarket trading, while shares of competitor Taiwan Semiconductor (TSM) fell 2.1% following Intel’s announcement.

GameStop (GME) – GameStop reported quarterly earnings of $1.34 per share, missing forecasts by a penny a share. Revenue also came in below consensus. The videogame retailer did not address the Reddit-fueled trading frenzy in its stock during its earnings conference call, but in a Securities and Exchange Commission filing said it was considering the idea of raising money by selling shares to fund its ongoing transformation. The stock tumbled 12% in premarket trading.

ViacomCBS (VIAC) – The media company’s shares fell another 7% in the premarket after sinking 9.1% Tuesday on news of a $3 billion stock offering.

General Mills (GIS) – The food producer fell 2 cents a share shy of Wall Street forecasts, with quarterly earnings of 82 cents per share. Revenue exceeded estimates and General Mills said expects demand for food at home to remain elevated relative to pre-pandemic levels. Its shares were down 1.9% in the premarket.

Winnebago (WGO) – The company’s shares gained 3.7% in premarket action after the recreational vehicle maker reported quarterly profit of $2.12 per share, compared to a $1.42 a share consensus estimate. Revenue topped analysts’ forecasts and Winnebago saw a nearly 6 percentage point expansion in gross margins during the quarter.

Adobe (ADBE) – Adobe beat estimates by 35 cents a share, with quarterly profit of $3.14 per share. The software company’s revenue came in above estimates as well and Adobe issued strong current-quarter and full-year earnings guidance on strength in its flagship Creative Cloud suite and other cloud-based offerings. Adobe rose 1.2% in premarket action.

Amazon.com (AMZN) – Amazon named Adam Selipsky as CEO of its Amazon Web Services unit, effective when current chief Andy Jassy replaces Jeff Bezos as Amazon CEO later this year. Selipsky had been an executive at Amazon Web Services to become CEO of Tableau Software, which has since been acquired by Salesforce.com (CRM). Amazon rose 1% in premarket trading.

Bank of New York Mellon (BK) – The bank’s shares climbed 1.3% in the premarket following a double upgrade from Bank of America Securities to “buy” from “underperform.” BofA said its call is based on attractive valuation as well as an improving profit outlook.

Exxon Mobil (XOM) – Exxon Mobil’s debt ratings were downgraded by rating agency Moody’s to Aa2 from Aa1, pointing to the energy giant’s aim to maintain its dividend. Moody’s said that policy will slow debt reduction at Exxon Mobil.

AMC Entertainment (AMC) – AMC shares fell another 2.1% in premarket trading following Walt Disney’s (DIS) announcement that it would delay the release of its “Black Widow” movie by two months, and offer it simultaneously in theaters and on its Disney+ service for a fee. The movie theater operator’s shares had plummeted 14.7% yesterday and 10.3% on Monday.

Steelcase (SCS) – Steelcase earned 6 cents per share for its latest quarter, compared to a consensus estimate of a 1 cent per share loss. The office furniture maker’s revenue came in above forecasts as well. The company gave a weaker-than-expected forecast, however, as demand for office products continues to be weak. Its shares lost 3.4% in the premarket.

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