Check out the companies making headlines before the bell:
General Mills (GIS) – General Mills reported adjusted quarterly earnings of $1.12 per share, 11 cents above estimates, with revenue that also topped Wall Street forecasts. The stock rose 1.6% in the premarket, even as the food producer forecast full-year profit below Street estimates amid rising costs and shifting consumer preferences toward cheaper brands.
Carnival (CCL) – The cruise line operator’s shares slid 7.8% in premarket trading after Morgan Stanley cut the price target to $7 per share from $13. Morgan Stanley said the price could potentially go to zero in the face of another demand shock, given Carnival’s debt levels. Rival cruise line stocks fell in sympathy, with Royal Caribbean (RCL) down 4% and Norwegian Cruise Line (NCLH) falling 4.6%.
Bed Bath & Beyond (BBBY) – The housewares retailer announced the departure of CEO Mark Tritton, saying it was time for a leadership change. Independent director Sue Gove will serve as interim CEO while the search for a permanent replacement is conducted. Separately, the company reported a wider-than-expected quarterly loss. Bed Bath & Beyond plummeted 10.1% in premarket action.
McCormick (MKC) – The spice maker’s stock slumped 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 a negative impact from factors like higher costs, supply chain issues and unfavorable foreign currency trends.
Pinterest (PINS) – Pinterest co-founder Ben Silbermann stepped down as CEO and will transition to the newly created post of executive chairman. He’ll be replaced by Bill Ready, who had been 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 accuses the electric car maker of exaggerating its financial results. Nio said the report is without merit and contains numerous errors. Nio slumped 7% in premarket trading.
Upstart Holdings (UPST) – The cloud-based lending company’s shares tumbled 9.6% in the premarket after Morgan Stanley downgraded it to “underweight” from “equal-weight.” Morgan Stanley cites a number of factors, including deteriorating underwriting performance.
Tesla (TSLA) – Tesla is closing a Silicon Valley office and laying off 200 workers, according to people familiar with the matter who spoke to the Wall Street Journal. Tesla is in the midst of an ongoing effort to reduce headcount and cut costs. Its stock lost 1.6% in premarket action.
Walt Disney (DIS) – Walt Disney extended the contract of CEO Bob Chapek for three years, saying he has weathered many difficulties during his tenure and emerged in a position of strength.