Take a look at the companies making headlines before the bell:
Winnebago (WGO) – The RV maker saw its shares rise 3.4% after beating headline and general estimates for its latest quarter. Winnebago earned an adjusted $4.13 per share, compared with a consensus estimate of $2.96, helped by higher prices and a jump in its gross profit margins.
La-Z-Boy (LZB): La-Z-Boy rallied 8.2% in premarket trading after posting better-than-expected quarterly results that included record sales for the furniture maker. The company also said it is focusing its efforts on reducing its backlog and shortening delivery times.
Revlon (REV) – Revlon shares rose 32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy protection last week. Revlon soared 91% on Friday and jumped another 62% yesterday.
Korn Ferry (KFY) – The consultancy reported an adjusted quarterly profit of $1.75 per share, beating consensus estimates by 20 cents, with revenue also beating Wall Street forecasts. Results were boosted by a 30% increase in fee income compared to the prior year. Korn Ferry also announced a 25% dividend increase and its shares were up 3.1% in premarket trading.
Airbnb (ABNB) – Airbnb fell 2.4% premarket after JMP Securities downgraded it to “market return” from “outperform market,” saying the post-pandemic jump in travel demand It is already reflected in the Airbnb rating.
Dow Inc. (DOW) – Shares of the chemical maker fell 4.2% in premarket action after Credit Suisse downgraded the stock to “underperforming” from “neutral.” Credit Suisse said several pandemic-related factors that buoyed Dow and its peers could be in the process of reversing.
PulteGroup (PHM): PulteGroup fell 3.2% in premarket trading after RBC Capital Markets downgraded the homebuilder’s stock to “sector performance” from “outperform”. RBC also cut earnings estimates on expectations that the housing market will deteriorate further as mortgage rates continue to rise.
Equity Residential (EQR): Equity Residential has been upgraded to “outperformance” from “sector performance” on RBC Capital Markets. RBC believes residential property REITs will benefit from its focus on wealthy tenants.
New Relic (NEWR) – Data analytics platform firm shares rose 3.4% premarket after Jana Partners disclosed a 5.4% stake. In an SEC filing, Jana said she believes the stock is undervalued and represents an attractive investment opportunity.