Check out the companies that make the headlines before the bell:
Micron Technology (MU)-Micron reported an adjusted quarterly earnings per share of US$2.42, which was 9 cents higher than expected. The chip maker’s revenue also exceeded Wall Street’s forecast. However, due to computer manufacturing customers facing shortages of other parts, their current quarterly forecasts were lower than market expectations, and the stock fell 3.6% before the market.
Eli Lilly (LLY)-After Citigroup upgraded it from “neutral” to “buy,” the drugmaker’s stock rose 2.2% in premarket trading. Citi pointed to the valuation after the share price fell by more than 15%, and after a recent meeting with management, Lilly’s earnings prospects are higher than market consensus.
Netflix (NFLX)-Netflix’s pre-market share price rose 1% after announcing the acquisition of video game maker Night School Studio to diversify its revenue sources. Night School Studio is famous for its supernatural-themed video game “Oxenfree”.
Sober Group (LCID)-Lucid plans to deliver its first electric luxury sedan in late October after starting production at the Arizona plant on Tuesday. Lucid said that compared to competitors’ similar cars, its vehicles will have a longer mileage Tesla (TSLA). The stock soared 7.3% in pre-market trading.
Dollar tree (DLTR)-Dollar Tree rose 3.7% before the market after discount retailers increased their stock repurchase authorization by US$1.05 billion to US$2.5 billion.
Asmer (ASML)-ASML raised its annual sales forecast. The semiconductor manufacturing equipment manufacturer said that as demand for its products surges, it will achieve an annual growth rate of 11% by 2030. The stock rose 1% before the market.
AbbVie (ABBV)-AbbVie’s once-daily oral migraine treatment has been approved by the FDA. The drug, called Qulipta, is one of the therapies that AbbVie bought Allergan for $63 billion last year.
Sherwin-Williams (SHW)-Sherwin-Williams cut its third-quarter performance guidance, the paint manufacturer pointed to shortages of raw materials and rising input costs. The company said that it does not expect the supply of raw materials in the fourth quarter to improve or decline as previously predicted. Sherwin’s shares fell 2% in pre-market trading.
Confirm holding (AFRM)-This financial services company said it will provide debit cards and allow customers to perform cryptocurrency transactions directly from savings accounts. Affirm shares rose 3.6% before the market.
California Maine Foods Corporation (CALM)-California, Maine, rose 4.4% in premarket trading after reporting a lower-than-expected loss in the most recent quarter. Due to rising egg prices, the egg producer’s income exceeded Wall Street’s forecast.
Warby Parker (WRBY)-This eyewear manufacturer made its debut on Wall Street today, and went public at a reference price of $40 per share through a direct listing. This brings the company’s initial valuation close to $5 billion.