Stocks making the biggest moves premarket: General Mills, Stitch Fix, Beyond Meat and others
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Check out the companies making headlines before the bell:
General Mills (GIS) – General Mills shares gained 1.8% in the premarket after the food producer reported a better-than-expected quarterly profit and raised its full-year sales forecast. The company expects to benefit from higher prices and strong demand for cereal, snacks and pet food.
Stitch Fix (SFIX) – Stitch Fix slid 5.9% in premarket trading after reporting a wider-than-expected quarterly loss and issuing a weak forecast. The online clothing styling company expects sales to fall over the short term as the number of active customers declines. Canaccord Genuity downgraded the stock to «hold» from «buy», noting a tough macroeconomic environment complicates the company's efforts to effect a turnaround.
Beyond Meat (BYND) – Beyond Meat suspended Chief Operating Officer Doug Ramsey after he was involved in a physical altercation over the weekend which resulted in third-degree battery and terroristic threatening charges. The maker of plant-based meat alternatives said Jonathan Nelson, senior vice president of manufacturing operations, will take over Ramsey's duties on an interim basis. Beyond Meat fell 1.1% in premarket trading on top of a 6% slide Tuesday, its sixth consecutive down day.
Defense stocks – Shares of defense contractors are rising in the premarket after Russian President Vladimir Putin mobilized more troops to Ukraine in what's seen as a major escalation of the Ukraine war. Among stocks on the move: Lockheed Martin (LMT), up 2%, Northrop Grumman (NOC), up 1.3%, Raytheon Technologies (RTX), up 1.2%, and L3Harris Technologies (LHX), up 1.5%.
Estee Lauder (EL) – Estee Lauder gained 1.7% in off-hours trading after Goldman Sachs raised its
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