Global Courant
A woman walks past a FedEx Ground vehicle parked in the Midtown neighborhood of New York, December 4, 2015.
John Taggart | Bloomberg | Getty Images
Check out the companies making headlines in premarket trading.
FedEx — Shares fell 2.9% after the shipping giant reported quarterly results. The company posted a profit hit at an adjusted $4.94 per share against Refinitiv’s consensus estimate of $4.89 per share. However, revenue fell short of expectations at $21.93 billion. FedEx executives also gave broadly flat revenue guidance, saying Chief Financial Officer Mike Lenz would retire on July 31.
Coin base, Riot Platforms — Crypto exchange shares rose nearly 3% in premarket trading, seemingly aided by the 7.8% rise bitcoin, while crypto mining company Riot added 3.4%. Coinbase has faced multiple headwinds lately, from an ongoing feud with the US Securities and Exchange Commission to BlackRock’s launch of its own bitcoin exchange-traded fund.
MicroStrategy — The cloud services company with exposure to bitcoin added 2.9% in premarket trading, following other names higher. Shares are up more than 121% so far in 2023 and 8.7% in the last month.
Tesla — Shares of the electric vehicle giant rose 1.2%, even after Barclays downgraded to an equal weight of overweight. The bank warned investors it might be prudent to “move to the sidelines” after the recent rally. Tesla shares are up more than 52% in the past month.
Winnebago Industries — The motorhome manufacturer fell 4.7% after quarterly results. The company reported an adjusted $2.13 per share against estimates of $1.78, according to FactSet. However, the company also reported a 38.2% drop in sales to $900.8 million, which executives largely attributed to a more challenging RV market and steeper discounts.
Spotify — Shares of the music streaming service were up about 2% in premarket trading after Wolfe Research upgraded Spotify to outperform peer-performing. Price increases and growth in advertising should help Spotify grow its revenue, according to Wolfe.
Rivian — The electric vehicle maker climbed 1.6% premarket. The day before, the company announced that its customers would have access to Tesla’s network of charging stations starting next year.
Exact Sciences — Shares rose 6% on news of research agreements with The Broad Institute of MIT and Harvard to exclusively use the company’s residual molecular disease diagnostic testing platform.
— CNBC’s Jesse Pound contributed reporting.
