Check out the companies making headlines before the bell:
Winnebago (WGO) – The recreational vehicle maker’s stock rose 3.4% after beating top and bottom-line estimates for its most recent quarter. Winnebago earned an adjusted $4.13 per share compared to a consensus estimate of $2.96, helped by higher prices and an increase in its gross profit margins.
La-Z-Boy (LZB) – La-Z-Boy gained 8.2% in premarket trading after it released better-than-expected quarterly results that included record sales for the furniture maker. The company also said it is focusing its efforts on reducing its backlog and speeding up lead times.
Revlon (REV) – Revlon shares are up 32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy protection last week. Revlon is up 91% on Friday and another 62% yesterday.
Korn Ferry (KFY) – The consulting firm reported adjusted quarterly earnings of $1.75 per share, beating consensus estimates by 20 cents, with earnings also beating Wall Street forecasts. Results were boosted by a 30% year-over-year increase in fee income. Korn Ferry also announced a 25% dividend increase, and its stock is up 3.1% in premarket trading.
Airbnb (ABNB) – Airbnb fell 2.4% premarket after JMP Securities downgraded it to “Market Perform” from “Market Outperform” and said the post-pandemic surge in travel demand is already reflected in Airbnb’s valuation .
Dow Inc. (DOW) – Shares of the chemical company fell 4.2% premarket after Credit Suisse downgraded its stock to underperform from “neutral.” Credit Suisse said several pandemic-related factors that boosted Dow and its peers may be about to reverse.
PulteGroup (PHM) – PulteGroup slipped 3.2% in premarket trading after RBC Capital Markets downgraded the construction company’s stock to “sector perform” from “outperform.” RBC also cut earnings estimates on expectations that the housing market will continue to deteriorate as mortgage rates continue to rise.
Equity Residential (EQR) – Equity Residential has been upgraded from sector perform to outperform on RBC Capital Markets. RBC believes the residential REIT will benefit from its focus on affluent tenants.
New Relic (NEWR) — The data analytics platform company’s stock rose 3.4% in the premarket after Jana Partners announced a 5.4% stake. In an SEC filing, Jana said she believes the stock is undervalued and represents an attractive investment opportunity.