Stocks making the biggest moves premarket: FedEx, Costco, Boeing and more
Check out the companies making headlines before the bell:
FedEx (FDX) – FedEx remains on watch this morning after announcing a 6.9% increase in shipping rates and plans to cut another $4 billion in annual costs. FedEx fell 3.2% in the premarket.
Costco (COST) – Costco lost 3.3% in the premarket despite reporting better-than-expected profit and sales for its latest quarter. The company reported operating margins that were slightly below consensus. Costco said it has no immediate plans to raise membership prices, but said it would happen at some point.
Boeing (BA) – Boeing will pay $200 million to settle SEC charges that it made misleading claims about the safety risks of its 737 MAX jet after two of the planes were involved in fatal crashes. Former CEO Dennis Muilenburg will pay $1 million as part of the settlement, with both parties neither admitting nor denying wrongdoing. Boeing lost 1.8% in the premarket.
Raytheon Technologies (RTX) – Raytheon won a $985 million Pentagon contract to develop hypersonic attack cruise missile prototypes, beating out rivals Boeing and Lockheed Martin (LMT).
CalAmp (CAMP) – The “internet of things” software company’s stock rallied 3.5% in premarket action after it reported a smaller-than-expected quarterly loss with revenue that topped analyst forecasts. CalAmp saw record software and subscription services revenue during the quarter.
Ally Financial (ALLY) – The financial services company’s stock fell 2.7% in the premarket after Wells Fargo downgraded it to “equal weight” from “overweight”. Wells said Ally will feel pressure from Fed rate hikes and an accelerating decline in used vehicle prices, which impacts yields from leases.
Qualcomm (QCOM) – Qualcomm said its future automotive business pipeline increased to $30 billion in orders, up by more than $10 billion since July. The increase came primarily from orders for its Snapdragon Digital Chassis computer chip. Qualcomm, however, fell 2% in premarket action.
fuboTV (FUBO) – The sports-focused streaming service was upgraded to “outperform” from “neutral” at Wedbush, which sees the stock at a compelling entry point. Wedbush expressed confidence that fuboTV can successfully raise capital and cut its cash burn rate. The stock gained 2% in the premarket.
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