Check out the companies that make headlines before the bell:
CarMax (KMX): The car retailer surpassed estimates by 7 cents with quarterly earnings of $ 1.56 per share and revenue that also exceeded analysts’ forecasts amid what the company called a stock market. “difficult” used vehicles. CarMax added 1.1% to the pre-market.
FedEx (FDX): FedEx rebounded 3.4% in pre-market trading after reporting that its adjusted quarterly earnings of $ 6.87 per share exceeded estimates by 1 cent. Shipment volumes declined, but were offset by rising shipping rates and fuel surcharges. FedEx also issued an optimistic guide for fiscal year 2023.
Seagen (SGEN) – Seagen shares rose 3.5% in pre-market share after the Wall Street Journal reported that Merck (MRK) is pushing forward a possible deal to acquire the biotech company. Shares had risen last week after the newspaper’s initial report that Merck was in talks with Seagen about a possible transaction.
Zendesk (ZEN) – Zendesk shot up 56.5% in the pre-market according to reports that the software company is close to a purchase agreement with a group of privately held companies. The Wall Street Journal reported that Hellman & Friedman and Permira are among those involved. The potential buy comes after Zendesk announced last week that it had ended its efforts to sell.
Microsoft (MSFT): Microsoft gained 1.2% in the pre-market after Citi named it “first choice,” noting its attractive valuation and the company’s ability to sustain growth.
Bausch Health (BHC) – Bausch Health announced that President Joseph Papa has resigned from the board and was not due to any dispute or disagreement with the health product manufacturer. Investor John Paulson will become president. Bausch Health increased 3.6% in pre-market trading.
BlackBerry (BB): BlackBerry reported an adjusted quarterly loss of 5 cents per share, coinciding with analysts ’forecasts, while the software company’s revenue exceeded estimates. BlackBerry’s results were helped by the growth of cybersecurity and automotive products. Its shares rose 1% in the pre-market.
LendingTree (TREE): LendingTree fell 7.9% in pre-market trading after the online lender lowered its target for the current quarter. LendingTree pointed to recession fears, higher interest rates and inflationary factors for the review.
Wolfspeed (WOLF) – The semiconductor developer was upgraded to “buy” from “neutral” at Goldman Sachs, which said the risk-reward profile of the shares is now much more attractive given a recent setback and that there has a significant upward turnaround in earnings. Wolfspeed rebounded 4.1% in pre-market trading.