Before the bell rings, know about the companies that make headlines:
General Mills (GIS) – General Mills reported adjusted quarterly earnings of $1.12 per share, 11 cents above estimates, with revenue also topping Wall Street forecasts. The stock rose 1.6% in the premarket, even as the food maker forecast full-year profit below Street estimates, amid rising costs and shifting consumer preferences toward cheaper brands.
CARNIVAL (CCL) — Shares of the cruise line operator fell 7.8% in premarket trading after Morgan Stanley lowered its price target to $7 per share from $13. Morgan Stanley said the price could potentially drop to zero due to another demand shock, given Carnival’s debt levels. Rival Cruise Line’s Shares Fall With Sympathy Royal Caribbean (RCL) down 4% and Norwegian Cruise Line (NCLH) is falling 4.6%.
bed Bath and Beyond (BBBY) — The housewares retailer announced the departure of CEO Mark Tritton, saying it’s time for a leadership change. Independent director Sue Gove will serve as interim CEO while a permanent replacement is being sought. Separately, the company reported higher-than-expected quarterly losses. Bed Bath & Beyond fell 10.1% in premarket action.
McCormick (MKC) – The spice maker’s stock fell 7.3% in premarket trading after the company reported lower-than-expected quarterly results and cut its full-year outlook. McCormick said it is seeing negative impacts from factors such as higher costs, supply chain issues and unfavorable foreign exchange trends.
Pinterest (Pin) — Pinterest co-founder Ben Silberman stepped down as CEO and will transition to the newly created position of executive chairman. He will be replaced by Bill Ready, who was the president of commerce at Google. The image-sharing company’s stock rose 2.5% in the premarket.
NIO (NIO) – NIO is denying a report by short-seller Grizzly Research that accused the electric carmaker of exaggerating its financial results. Nio said that the report has no merit and contains many errors. Nio fell 7% in premarket trading.
Upstart Holdings (UPST) — Shares of the cloud-based lending company fell 9.6% in the premarket after Morgan Stanley downgraded it from “equal-weight” to “underweight.” Morgan Stanley cites several factors, including a decline in underwriting performance.
Tesla (TSLA) — Tesla is closing a Silicon Valley office and laying off 200 employees, according to people familiar with the matter who spoke to the Wall Street Journal. Tesla is constantly striving to reduce the number of employees and reduce costs. Its stock lost 1.6% in premarket action.
Walt Disney (DIS) — Walt Disney has extended CEO Bob Chapek’s contract by three years, saying he has faced many difficulties during his tenure and emerged in a position of strength.