Check out the companies that make news before the bell:
General Electric (GE): GE reached an agreement to combine its aircraft rental unit, GE Capital Aviation Services, with AerCap (AER) of Ireland. Earlier this week it was reported that the two sides were in talks. Separately, GE’s board recommends a reverse stock split of 1 by 8 to align its outstanding stock levels with comparable market capitalization firms. GE rose 2.2% ahead of the market, while AerCap jumped 4.1%.
Eli Lilly (LLY) – The drug maker said its combined Covid-19 antibody therapy reduced the risk of hospitalization and death by 87% in a final phase study. It was the second study of the therapy: the first had used a higher dose of medication and had reduced hospitalization and death by 70%.
Campbell Soup (CPB): The food maker saw adjusted revenue and revenue forecasts for its second fiscal quarter. Campbell projects full-year adjusted earnings of $ 3.03 to $ 3.11 per share, compared to a consensus estimate of $ 3.05.
Express (EXPR): The clothing retailer lost 66 cents a share for the last quarter, lower than the loss of 83 cents expected by analysts. Revenue was higher than expected, despite a larger-than-expected drop in sales at the same store, and shares soared 30% in pre-market trading.
Roblox (RBLX) – Roblox goes public today on the New York Stock Exchange through a direct listing, after the stock market set a reference price of $ 45 per share for the shares of the video game platform.
Coherent (COHR): Coherent announced a revised merger agreement with Lumentum (LITE) whereby shareholders receive $ 175 per share in cash and $ 1,0109 of Lumentum shares for each share they now hold. The revised offer for the manufacturer of lasers and laser technology came after the optoelectronic component manufacturer II-VI (IIVI) came in with an offer for Coherent that had exceeded the original agreement Coherent had signed with Lumentum in February. Coherence increased 2.2% before the market.
GameStop (GME): GameStop rose another 15.2% in pre-market trading, following a 5-day winning streak that saw its shares more than double. Other shares called “memes” also rose in pre-market share, with AMC Entertainment (AMC) up 7.7% and Koss Corp. (KOSS) 11.2%.
Levi Strauss (LEVI) – Levi Strauss President Stephen Neal will step down on March 26 at the mandatory retirement age of 72. He will be replaced as chairman of the clothing manufacturer’s board by Robert Eckert, a current board member and former Mattel CEO. Shares of Levi Strauss fell 1% ahead of the market.
MongoDB (MDB) – MongoDB reported lower-than-expected losses and better-than-expected revenue for its last quarter, although the database company also forecast results for the year complete that they did not meet analysts ’forecasts. Shares gained 1.6% in premarketing shares.
Pfizer (PFE), BioNTech (BNTX) – Drug manufacturers have reached an agreement with the European Union to supply an additional 4 million doses of their Covid-19 vaccine to EU member states. Doses will be delivered before the end of March. BioNTech shares added 2.1% in premarket trading.
Toll Brothers (TOL) – Shares of the luxury home builder rose 2% in pre-market trading after announcing a 54% increase in the quarterly dividend to 17 cents per share from the previous 11 cents.
H&R Block (HRB) – H&R Block posted a broader quarterly loss and lower-than-expected revenue, prompting a delay in the start of the tax filing season. However, the tax preparation company still expects to reach year-round financial targets and the shares gained 1.2% ahead of the market.
Biohaven Pharmaceuticals (BHVN) – The FDA published a letter to Biohaven stating that a direct video to the consumer makes false or misleading claims about the treatment of migraine from Biohaven, Nurtec ODT. The video includes an interview with Khloe Kardashian, who identified her as a paid Biohaven spokesperson.
Apple (AAPL): Apple cut iPhone production orders by 20% for the first half of this year, according to Japanese news service Nikkei. The cuts are said to focus on Apple’s iPhone 12 Mini model.
Conagra Brands (CAG) – Conagra is in talks to sell the Hebrew national hot dog brand to Brazilian JBS, people familiar with the matter told the Wall Street Journal. A deal could be valued at about $ 700 million.