FedEx, Costco, Boeing and more

News Update – Pre-Markets

Check out the companies that make headlines before the bell:

FedEx (FDX) – FedEx remains on guard this morning after announcing a 6.9% increase in shipping costs and plans to cut another $4 billion in annual costs. FedEx fell 3.2% in the pre-market.

Costco (COST) – Costco lost 3.3% in the pre-market despite better-than-expected earnings and sales for the last quarter. The company reported operating margins slightly below consensus. Costco said it has no immediate plans to increase membership prices, but said it would at some point.

Boeing (BA) – Boeing will pay $200 million to settle SEC charges it made misleading claims about the safety risks of its 737 MAX jet after two of the planes were involved in deadly crashes. Former CEO Dennis Muilenburg will pay $1 million as part of the settlement, with neither party admitting or denying wrongdoing. Boeing lost 1.8% in the premarket.

Raytheon Technologies (RTX) – Raytheon won a $985 million Pentagon contract to develop prototypes for hypersonic attack cruise missiles, beating out rivals Boeing and Lockheed Martin (LMT).

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

Ally Financial (ALLY) – The financial services firm’s share of the pre-market fell 2.7% after Wells Fargo lowered it to “equal weight” from “overweight.” Wells said Ally will feel pressure from Fed rate hikes and an accelerating decline in used car prices, impacting lease yields.

Qualcomm (QCOM) – Qualcomm said the auto industry’s future pipeline has increased to $30 billion in orders, up more than $10 billion since July. The increase came mainly from orders for its Snapdragon Digital Chassis computer chip. However, Qualcomm fell 2% in premarket action.

fuboTV (FUBO) – The sports-focused streaming service has been upgraded to “outperform” from “neutral” on Wedbush, putting the stock at an attractive entry point. Wedbush expressed confidence that fuboTV can successfully raise capital and lower the cash burn rate. The stock gained 2% in the premarket.

Add a Comment

Your email address will not be published.