Check out the companies making headlines before the bell:
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported quarterly earnings of $1.93 per share, missing the $2.10 consensus estimate, with revenue and comparable-store sales also below analyst forecasts. Darden said the omicron variant significantly impacted guest demand, staffing levels and costs in January, but the environment subsequently improved. Darden fell 1.7% in the premarket.
KB Home (KBH) – KB Home missed estimates by 9 cents with quarterly earnings of $1.47 per share, and the home builder’s revenue also missed Wall Street forecasts. KB Home said it was dealing with supply and labor issues that hampered its ability to complete home construction. KB Home shares lost 3.6% in premarket trading.
Spotify Technology (SPOT) – Spotify shares jumped 3.7% in the premarket after it reached an agreement with Alphabet’s (GOOGL) Google that lets subscribers sign up for the service directly through the Google Play store. Dating services operator Match Group (MTCH) – another company that has sparred with Google over app store fees – rallied 3.4% following the Spotify news.
Nikola (NKLA) – Nikola soared 15.1% in premarket action after announcing electric truck production began at its Coolidge, Arizona, factory last week, meeting a goal that had been articulated during its most recent quarterly earnings report last month.
GameStop (GME) – GameStop remains on watch after the videogame retailer’s stock surged 14.5% Wednesday, marking a seventh straight day of gains after Chairman Ryan Cohen bought 100,000 more shares and raised his stake to 11.9%. GameStop slid 5.2% in premarket trading.
FactSet (FDS) – The financial information provider reported an adjusted quarterly profit of $3.27 per share, compared with a consensus estimate of $2.98. Revenue also topped Wall Street predictions and FactSet issued an upbeat forecast.
Trip.com (TCOM) – Trip.com jumped 6.2% in the premarket after the China-based travel services provider reported an unexpected profit for its latest quarter and revenue that exceeded analyst forecasts.
H.B. Fuller (FUL) – The industrial adhesives and specialty chemicals maker rallied 5.7% in the premarket after reporting better-than-expected profit and revenue for the quarter, and raising its full-year forecast. Fuller said it implemented price increases to deal with higher raw materials and logistics costs and is prepared to do so again, if necessary.
Steelcase (SCS) – The office furniture maker reported an unexpected loss for its latest quarter, although revenue exceeded analyst estimates. Steelcase said its results were impacted by supply chain disruptions and inflationary pressures. It also issued a weaker-than-expected forecast, and its shares fell 5.4% in premarket trading.
Logitech (LOGI) – The maker of keyboards, mice and other computer peripherals added 3.5% in the premarket after Bank of America Securities began coverage with a “buy” rating. BofA said the stock is at an attractive entry point given Logitech’s growth prospects and strong record of execution.
