Winnebago, La-Z-Boy, Revlon and others
Check the companies that make headlines before the bell:
Winnebago (WGO) – The manufacturer of recreational vehicles saw the stock jump 3.4% after beating the top and bottom line estimates for the last quarter. Winnebago earned an adjusted $ 4.13 per share, compared to a consensus estimate of $ 2.96, helped by higher prices and a jump in gross profit margins.
La-Z-Boy (LZB) – La-Z-Boy rose 8.2% in pre-market trading after posting better-than-expected quarterly results that included record sales for the furniture maker. The company also said that it is focusing its efforts on reducing backlogs and shortening lead times.
Revlon (REV) ̵[ads1]1; Revlon shares rose 32% in pre-market trading, continuing a rally that began after the cosmetics manufacturer applied for Chapter 11 bankruptcy protection last week. Revlon rose 91% on Friday and jumped another 62% yesterday.
Korn Ferry (KFY) – The consulting firm reported an adjusted quarterly earnings of $ 1.75 per share, beating consensus estimates by 20 cents, with revenues also topping Wall Street forecasts. The results were amplified by a 30% increase in fee income compared with the previous year. Korn Ferry also announced a dividend increase of 25%, and the share rose 3.1% in pre-market trading.
Airbnb (ABNB) – Airbnb fell 2.4% in the advance market after JMP Securities downgraded it to “market performance” from “market performance”, saying the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.
Dow Inc. (DOW) – The chemical manufacturer’s shares fell 4.2% in pre-market measures after Credit Suisse downgraded the stock to “underperform” from “neutral.” Credit Suisse said that several pandemic-related factors such as strengthening the Dow and its peers may be about to reverse.
PulteGroup (PHM) – PulteGroup fell 3.2% in pre-market trading after RBC Capital Markets downgraded the homebuilder’s shares to «sector performance» from «outperform». RBC also cut earnings estimates with the expectation that the housing market will deteriorate further as mortgage rates continue to rise.
Equity Residential (EQR) – Equity Residential was upgraded to “out-of-competition” from “sector performance” at RBC Capital Markets. RBC feels that the REIT residential property will benefit from its focus on wealthy tenants.
New Relic (NEWR) – The data analytics platform company’s shares jumped 3.4% in the advance market after Jana Partners revealed a 5.4% stake. In an SEC filing, Jana said it believes the stock is undervalued and represents an attractive investment opportunity.
