News Update – Pre-Markets
Check out the companies making headlines before the bell:
Manchester United (MANU) – The soccer team operator reported a quarterly loss that was 5.9% narower than what it lost a year ago amid a 15.9% increase in revenue. Manchester United is not providing full-year revenue or earnings guidance for fiscal 2022 due to uncertainty surrounding the Covid-19 pandemic.
Invesco (IVZ) – The investment management firm is in talks to merge with State Street’s (STT) asset management unit, according to people familiar with the matter who spoke to the Wall Street Journal. Those sources said a deal is not imminent and might not happen at all. Invesco shares surged 6.5% in the premarket, while State Street edged up 0.6%.
Take-Two Interactive (TTWO) – The video game maker’s stocks fell 1.3% in premarket action after BMO Capital downgraded the stock to “market perform” from “outperform.” BMO’s earnings estimates for Take-Two had been on the high end of Street forecasts, but it said it is now less confident following a series of video game release delays.
Coupang (CPNG) – Softbank’s Vision Fund sold 57 million shares of the South Korean online retailer for about $1.69 billion, according to an SEC filing.
Accolade (ACCD) – The provider of workplace benefits management solutions rose 2% in the premarket after Baird upgraded the stock to “outperform” from “neutral.” Baird cited a track record of strong execution and its increasing confidence following recent conversations with management.
Unum (UNM) – Unum is launching a new digital verification tool designed to help companies manage vaccine mandates. The insurer’s product allows workers to report vaccination status and upload documentation as well as helping companies manage exemptions.
Eli Lilly (LLY) – The drugmaker won FDA approval for expansion of the emergency use authorization for its Covid-19 treatment. The treatment can now be used in patients who could have a high risk of infection after being exposed to someone with Covid.
General Motors (GM) – GM plans to extend downtime at seven North American factories as the worldwide semiconductor shortage continues to crimp production.
U.S. Steel (X) – U.S. Steel is planning to build a new U.S. steel mill, with construction beginning next year and production planned to kick off in 2024. The move comes amid booming demand for steel as well as prices that have roughly quadrupled since the summer of 2020. Shares fell 2.1% in the premarket.
Zumiez (ZUMZ) – Zumiez shares rose 1% in premarket trading after the streetwear and sports apparel company announced a $150 million stock buyback program.
Diamondback Energy (FANG) – The energy producer announced an accelerated capital return plan and approved a $2 billion stock buyback. Diamondback’s stock rallied 5.2% in premarket trading.
