FedEx, Costco, Boeing and more

FedEx, Costco, Boeing and more

Take a look at the companies making headlines before the bell:

FedEx (FDX) – FedEx remains vigilant 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 premarket.

Costco (COST): Costco lost 3.3% in the premarket despite reporting better-than-expected earnings and sales in 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 aircraft after two of the planes were involved in fatal crashes. Former CEO Dennis Muilenburg will pay $1 million as part of the settlement, and neither side will admit or deny 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 rivals Boeing and Lockheed Martin (LMT).

CalAmp (CAMP) – Shares of the “internet of things” software company rose 3.5% premarket after reporting a smaller-than-expected quarterly loss on revenue that beat analysts’ forecasts. CalAmp posted record software and subscription services revenue during the quarter.

Ally Financial (ALLY): Shares of the financial services company fell 2.7% premarket after Wells Fargo downgraded them to “equal weight” from “overweight.” Wells said Ally will feel pressure from the Fed’s rate hikes and an accelerating drop in used-vehicle prices, weighing on lease yields.

Qualcomm (QCOM) – Qualcomm said its portfolio of future automotive businesses has grown to $30 billion in orders, more than $10 billion since July. The increase came primarily from orders for its Snapdragon Digital Chassis computer chip. Qualcomm, however, fell 2% in the premarket share.

fuboTV (FUBO) – The sports-focused streaming service has been upgraded to “outperform” from “neutral” on Wedbush, which sees the stock as an attractive entry point. Wedbush expressed confidence that fuboTV can successfully raise capital and reduce its cash burn rate. The stock gained 2% before trading.

Leave a Comment

Your email address will not be published.