Tag Archives: Rite Aid Corp

Business

Accenture, Darden Restaurants, FactSet and more

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Check out the companies making headlines before the bell:

Accenture (ACN) – The consulting firm’s shares fell 3.3% in the premarket after its quarterly revenue beat forecasts but earnings were impacted by the cost of its Russia exit. Accenture raised its full-year revenue forecast but cut the top end of its projected earnings range due to a greater-than-expected negative impact from foreign exchange.

Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported better-than-expected profit and revenue for its latest quarter. It also increased its quarterly dividend by 10% and authorized a new $1 billion share repurchase program. Darden added 3.4% in premarket trading.

FactSet (FDS) – The financial information provider beat top and bottom-line estimates for its latest quarter. It also backed its prior full-year guidance, with growth projected at the upper end of its projected range.

Rite Aid (RAD) – Rite Aid shares jumped 4.3% in premarket action after reporting better-than-expected revenue and a smaller-than-expected quarterly loss.

KB Home (KBH) – KB Home reported quarterly earnings of $2.32 per share, beating the $2.03 consensus estimate, and the home builder’s revenue also came in above analyst forecasts. However, it said rising interest rates and higher prices were beginning to have a negative impact on sales growth. KB Home jumped 3% in premarket trading.

Occidental Petroleum (OXY) – Berkshire Hathaway (BRK.B) bought an additional 9.6 million shares of Occidental Petroleum, raising its stake in the energy producer to 16.3%. Occidental rallied 2.9% in premarket action.

Steelcase (SCS) – Steelcase shares rose 3.1% in premarket trading after the office furniture maker reported better-than-expected quarterly results. Higher prices and increased demand helped offset rising costs stemming in part from supply chain difficulties.

WeWork (WE) – The office-sharing company’s stock rose 3.3% in the premarket after Credit Suisse initiated coverage of the stock with an “outperform” rating. Credit Suisse feels WeWork is among the companies that will benefit from the increase in hybrid work and co-working, as well as demographic trends.

Snowflake (SNOW) – The cloud computing company’s stock was upgraded to “overweight” from “neutral” at J.P. Morgan Securities, which pointed to an attractive valuation as well as extremely high satisfaction levels among Snowflake customers. Snowflake surged 6.1% in premarket trading.

Revlon (REV) – Revlon slid 5.7% in the premarket, signaling a possible end to the three-day win streak that followed its Chapter 11 bankruptcy filing last week. The cosmetics maker’s shares have surged more than fourfold over the past 3 sessions.

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Business

Conagra, Levi Strauss, Rite Aid and others

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Check out the companies making headlines before the bell:

Conagra (CAG) – The food producer’s stock tumbled 5.5% in the premarket after issuing a weaker-than-expected forecast for the fiscal year ending in May. Conagra’s results are being hit by higher transportation and raw materials costs.

Levi Strauss (LEVI) – Levi Strauss beat estimates by 4 cents with an adjusted quarterly profit of 46 cents per share, and the apparel maker’s revenue also topped Wall Street forecasts. The company saw strong demand for its jeans, tops and jackets while successfully raising prices and cutting down promotions. Levi Strauss rose 3% in premarket trading.

HP Inc. (HPQ) – HP is surging 15.2% in premarket trading following news that Warren Buffett’s Berkshire Hathaway took an 11.4% stake in the maker of personal computers and printers.

Rite Aid (RAD) – The stock tumbled 18.3% in premarket action after Deutsche Bank downgraded the drugstore operator to “sell” from “hold.” Deutsche Bank said Covid hastened the decline of the retail pharmacy segment, and there’s a possibility that Rite Aid may not be able to generate enough earnings to continue as an operating company.

Wayfair (W) – Wayfair slid 4.1% in the premarket after Wells Fargo downgraded the stock to “underweight” from “equal weight.” Wells Fargo said the high-end furniture retailer will be hurt by waning demand, overly optimistic consensus estimates and other headwinds.

Rent the Runway (RENT) – Rent the Runway stock jumped 3.9% in the premarket after the fashion rental company announced a price hike for its subscribers.

CDK Global (CDK) – The provider of automotive retail technology agreed to be bought by Brookfield Business Partners for $54.87 per share in cash. The price represents a 12% premium over CDK’s Wednesday closing price.

SoFi Technologies (SOFI) – The online personal finance company’s shares slid 5.1% in the premarket after cutting its full-year outlook. The cut follows the White House announcing a student loan payment moratorium will be extended.

JD.com (JD) – JD.com announced that founder Richard Liu has left the chief executive officer position and President Xu Lei will take over as the Chinese e-commerce company’s CEO. Liu will remain as chairman. JD.com fell 1.1% in the premarket.

Teladoc Health (TDOC) – The provider of virtual doctor visits saw its stock gain 1.5% in premarket action after Guggenheim initiated coverage with a “buy” rating. Guggenheim said health care access is moving more toward digital interactions and that Teladoc has a broader service portfolio than other providers.

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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

Rite Aid, Coherent, RH, Nike & more

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

Rite Aid (RAD) – Rite Aid expects to report a loss for its just-concluded fiscal year, compared to analysts’ forecasts of a $125 million profit. The drugstore chain was hit by a 37% drop in sales of cold, cough and flu-related products, as people suffered from these maladies far less due to pandemic-related lockdowns. Rite Aid shares plunged 18.6% in premarket action.

Walgreens (WBA) – The drugstore operator’s stock fell 2% in the premarket, possibly in sympathy with Rite Aid. Deutsche Bank also labeled the stock a “catalyst call buy idea,” noting short-term issues but saying the Covid vaccine could provide a positive opportunity for Walgreens in both the near and longer-term.

Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported quarterly earnings of 98 cents per share, well above the consensus estimate of 69 cents a share. Revenue beat estimates as well, and although same-restaurant sales tumbled 26.7% from a year ago, that was a smaller drop than the 31.2% anticipated by analysts polled by FactSet. Darden shares rose 4.2% in premarket trading.

Coherent (COHR) – Coherent accepted a takeover proposal by optical components maker II-VI (IIVI), ending a long bidding battle between II-VI and optical fiber company Lumentum (LITE). Coherent – a provider of lasers and related technology – approved the bid of $220 per share in cash and 0.91 II-VI shares for each Coherent share, and will pay Lumentum a breakup fee of $217.6 million. II-VI tumbled 8% while Lumentum jumped 7.2% in the premarket.

RH (RH) – RH reported quarterly earnings of $5.07 per share, beating the consensus estimate of $4.76 a share. The Restoration Hardware parent also saw revenue beat analysts’ forecasts. RH reported strong demand for its high-end furniture and other luxury products, and expects current-quarter revenue to grow by at least 50%. RH shares surged 8.4% in premarket action.

KB Home (KBH) – KB Home beat estimates by 10 cents a share, with quarterly profit of $1.02 per share. The home builder’s revenue missed analysts’ projections despite a 23% rise in net orders and a 4% increase in deliveries. KB Home shares dropped 1.9% in premarket trading.

AstraZeneca (AZN) – The drugmaker said an updated analysis of its Covid-19 vaccine’s U.S. trial showed 76% efficacy, compared to 79% in a report earlier this week. The earlier report had not included more recent infections and came under some scrutiny from an independent data monitoring board.

Nike (NKE) – Nike is the target of criticism on Chinese social media for a statement in which the athletic footwear and apparel maker said it was “concerned” about reports of forced labor in Xinjiang. Nike also said it does not source products from the region. The shares fell 4.5% in premarket trading.

H.B. Fuller (FUL) – H.B. Fuller reported quarterly profit of 66 cents per share, 19 cents a share above estimates. Revenue also topped Wall Street forecasts. The maker of adhesives, sealants and other industrial products saw particular strength in health and hygiene-related products, although it saw weakness in construction adhesives. Fuller shares surged 6.2% in premarket action.

Royal Philips (PHG) – The health technology company struck a deal to sell its Domestic Appliances unit to investment firm Hillhouse Capital for about $4.4 billion. The transaction includes the right for Hillhouse to use the Philips brand name for 15 years, with the possibility of renewal. Philips shares added 1.6% in the premarket.

Advanced Micro Devices (AMD) – The chip maker’s stock rose 1% in premarket trading after Northland Capital Markets upgraded the stock to “outperform” from “market perform.” Northland called Intel’s (INTC) move to re-enter the foundry business as a “strategic faux pas” and said AMD stood to benefit as a result.

ViacomCBS (VIAC) – The media company’s stock remains on watch after a more than 30% tumble over the past two sessions. That followed the company’s announcement that it would raise $3 billion through stock sales. It fell another 1.1% in the premarket.

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