Bed Bath & Beyond, Verizon, Lululemon and more
A pedestrian walks past a Bed Bath and Beyond store in San Francisco, California.
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Check out the companies making headlines before the bell.
Verizon — Verizon stock fell 1.51% after the company posted mixed results for the fourth quarter of 2022. While earnings met analysts’ forecasts, forward earnings fell short of a Refinitiv consensus estimate. .
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Bed Bath & Beyond — Meme shares rose 5.78%, building on a dramatic start to the year, even as the retailer warns of a potential bankruptcy. Year to date, Bed Bath & Beyond stock is up 17.1%.
Lyft — Aggregate shares rose 3.4% after an upgrade from KeyBanc, which Lyft should feel positive effects from cost-cutting measures, including layoffs and stabilizing demand.
Johnson & Johnson — Shares of the drugmaker ticked up less than 1% premarket after the company reported mixed quarterly financial results. Johnson & Johnson beat earnings estimates by 10 cents a share, excluding items, according to Refinitiv. It also missed revenue estimates. The full-year outlook for earnings was slightly higher than estimates, while the revenue forecast was roughly in line with estimates.
Black stone — Shares rose 1.3% after JPMorgan upgraded Blackstone to overweight from neutral, saying the investment management company is a “best in class” business poised for a soft landing.
Lululemon — The athleisure retailer fell 2.07% after Bernstein downgraded the stock, warning that a reset is coming for the apparel stock and noting the company is facing an inflection point in growth.
Lockheed Martin — Lockheed Martin shares rose 1.52% after the company posted its latest quarterly results. The defense company’s revenue came in at $18.99 billion, topping a Refinitiv forecast of $18.27 billion. Lockheed’s earnings per share also beat expectations.
AMD — The chip stock fell more than 2% in the premarket after Bernstein downgraded the chipmaker to market perform from outperform. The Wall Street firm said the downgrade is due to the sliding computer and demand for new parts in the inflationary environment.
— CNBC’s Alex Harring, Yun Li, Tanaya Macheel and Sarah Min contributed reporting
