Check out the companies making headlines before the bell:
General Mills (GIS) – General Mills shares gained 1.8% premarket after the food producer reported better-than-expected quarterly profit and raised its full-year sales forecast. The company expects to benefit from higher prices and strong demand for cereals, snacks and pet food.
Stitch Fix (SFIX) – Stitch Fix fell 5.9% in premarket trading after reporting a bigger-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to fall in the short term as the number of active customers declines. Canaccord Genuity downgraded the stock from “hold” to “buy,” noting that a difficult macroeconomic environment is complicating the company’s efforts to effect a turnaround.
Beyond Meat (BYND) – Beyond Meat has suspended chief operating officer Doug Ramsey after he was involved in a physical altercation over the weekend that resulted in third-degree grievous bodily harm and threatening terrorism charges. The plant-based meat substitute maker said Jonathan Nelson, senior vice president of manufacturing operations, will take over Ramsey’s duties on an interim basis. Beyond Meat fell 1.1% in premarket trading on top of a 6% decline on Tuesday, its sixth straight day of decline.
Defense stocks – Stocks of defense contractors are rising in the pre-market after Russian President Vladimir Putin mobilized more troops to Ukraine in what is seen as a major escalation in the war in Ukraine. Among the moving stocks: Lockheed Martin (LMT), up 2%, Northrop Grumman (NOC), up 1.3%, Raytheon Technologies (RTX), up 1.2%, and L3Harris Technologies ( LHX), up 1.5%.
Estee Lauder (EL) – Estee Lauder gained 1.7% in after-hours trading after Goldman Sachs raised its rating on the cosmetics maker’s stock to “buy” from “neutral,” and raised its price target to $303 from $298. Goldman cited recent share price weakness for the move and said uncertainty surrounding the impact of China’s “zero-Covid” policy was already being reflected in the stock price.
Coty (COTY) – Coty jumped 3.9% in premarket after the cosmetics maker announced its strategy to double sales of skincare products by fiscal year 2025. The news comes ahead of the company event for investors this morning.
Aurora Cannabis (ACB) – Aurora Cannabis reported a break-even quarter, on an adjusted basis, surprising analysts who were forecasting a quarterly loss. The Canada-based cannabis producer saw its overall revenue slightly below expectations, but saw a 35.4% increase in international medical cannabis revenue over the previous year. Aurora Cannabis lost 2.1% in premarket action.