Winnebago, La-Z-Boy, Revlon and others
Check out the companies making headlines before the bell:
Winnebago (WGO) – The recreational vehicle maker saw its stock jump 3.4% after it beat top and bottom-line 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 efforts to reduce its backlog and shorten lead times.
Revlon (REV) – Revlon shares surged 32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy protection last week. Revlon soared 91% Friday and jumped another 62% yesterday.
Korn Ferry (KFY) – The consulting firm reported an adjusted quarterly profit of $1.75 per share, beating consensus estimates by 20 cents, with revenue also topping Wall Street forecasts. Results were boosted by a 30% jump in fee revenue compared with a year earlier. Korn Ferry also announced a 25% dividend increase, and its stock rallied 3.1% in premarket trading.
Airbnb (ABNB) – Airbnb fell 2.4% in the premarket after JMP Securities downgraded it to “market perform” from “market outperform,” saying that the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.
Dow Inc. (DOW) – The chemical maker’s shares fell 4.2% in premarket action after Credit Suisse downgraded the stock to “underperform” from “neutral.” Credit Suisse said several pandemic-related factors that boosted Dow and its peers could be in the process of reversing.
PulteGroup (PHM) – PulteGroup slid 3.2% in premarket trading after RBC Capital Markets downgraded the home builder’s stock to “sector perform” from “outperform.” RBC also cut earnings estimates on the expectation that the housing market will further deteriorate as mortgage rates continue to rise.
Equity Residential (EQR) – Equity Residential was upgraded to “outperform” from “sector perform” at RBC Capital Markets. RBC feels the residential property REIT will benefit from its focus on affluent renters.
New Relic (NEWR) – The data analysis platform company’s stock jumped 3.4% in the premarket after Jana Partners disclosed a 5.4% stake. In an SEC filing, Jana said it believes the stock is undervalued and represents an attractive investment opportunity.