Take a look at the businesses making headlines before the bell:
Rite Aid (RAD) – Rite Aid jumped 8.4% within the premarket after reporting a smaller-than-expected loss and revenue that beat Wall Street forecasts, helped by accelerated sales growth at its retail operations. Nonetheless, the pharmacy operator lowered its full-year guidance resulting from various issues, including seasonal markdowns.
Nike (NKE) – Nike surged 11.6% within the premarket after the athletic footwear and apparel maker reported better-than-expected quarterly results and raised its revenue forecast. Discounting through the quarter helped Nike to filter excess inventory.
FedEx (FDX) – FedEx rallied 4.5% in premarket trading following its quarterly results, which saw profit beat consensus but sales fell in need of analyst estimates. Investors were encouraged by the profit beat and by the delivery service’s vow to proceed aggressive cost cuts.
Six Flags (SIX) – Six Flags gained 5.5% in premarket motion on news that activist shareholder Land & Buildings Investment Management has gathered a 3% stake within the theme park operator. Land & Buildings has suggested changes to management, including selling or spinning off the corporate’s real estate holdings.
Hertz (HTZ) – Hertz shares fell 2.6% within the premarket after the National Highway Traffic Safety Administration said it was investigating whether the automotive rental company rented out vehicles with open recall issues yet to be repaired. NHTSA is in search of additional information from Hertz, which said it would cooperate with the request.
BlackBerry (BB) – BlackBerry gained 1% in premarket trading after its quarterly revenue beat estimates on strong demand for the corporate’s automotive and security software. BlackBerry also reported a smaller-than-expected quarterly loss.
Starbucks (SBUX) – Starbucks was downgraded by Jefferies to carry from buy at Jefferies, which said the coffee chain could also be impacted by a pullback in consumer discretionary spending. Starbucks lost 1% within the premarket.