Weber, Microsoft, Canadian National Railway and more
Check out the companies making headlines before the bell:
Weber (WEBR) – The grill maker’s stock jumped 3.8% in the premarket, following its first quarterly report since going public in August. Weber’s sales rose 19% from a year earlier, and the company projected full-year sales largely above current Wall Street forecasts.
Wynn Resorts (WYNN), Las Vegas Sands (LVS) – Macau-related casino stocks tumbled in premarket trading as regulators begin a 45-day period of considering tighter regulations on Macau’s gaming industry. Officials say they want “sustained and healthy development” in the world’s biggest gambling hub, but investors are worried over the impact of potential changes. Wynn fell 4.9% in the premarket while Las Vegas Sands slid 3.9%.
Microsoft (MSFT) – Microsoft announced an 11% dividend hike, raising its quarterly payout to 62 cents per share from 56 cents, as well as announcing a $60 billion stock buyback program. Microsoft added 1.3% in the premarket.
Canadian National Railway (CNI) – Canadian National will not improve its offer to buy Kansas City Southern (KSU), according to people familiar with the situation who spoke to CNBC’s David Faber. That would clear the way for Canadian Pacific Railway (CP) to buy Kansas City Southern, after Kansas City Southern’s board declared Canadian Pacific’s latest offer as “superior.”
Regeneron Pharmaceuticals (REGN) – The drugmaker announced that the U.S. government would buy an additional 1.4 million doses of Regeneron’s Covid-19 antibody cocktail. That will bring the total number of doses purchased by the government to nearly 3 million. Regeneron rose 1.8% in premarket trading.
Yum China (YUMC) – Yum China warned that the spread of the Covid-19 delta variant would result in a 50% to 60% hit to its third-quarter profit. The restaurant operator said it had to close or limit service at more than 500 restaurants in August due to the delta variant outbreak in China. Yum China shares tumbled 4.8% in premarket action.
Citrix Systems (CTXS) – Citrix is working with advisers to consider a possible sale of the company, according to people familiar with the matter who spoke to Bloomberg. The maker of workplace software will gauge potential interest in the company over the next few weeks and could decide to remain independent. Citrix rallied 4.4% in the premarket.
Crocs (CROX) – Crocs added 1.1% in premarket trading following Tuesday’s 8.5% gain. That came after the shoe maker’s Investor Day where it projected better-than-expected full-year revenue and announced an accelerated share repurchase program.
Skillsoft (SKIL) – The provider of corporate digital learning programs jumped 4.5% in the premarket after reporting better-than-expected revenue and bookings for its latest quarter as well as raising its full-year guidance.
Just Eat Takeaway (GRUB) – The food delivery service’s stock slid 3.2% in premarket trading after Amazon (AMZN) and Deliveroo announced a partnership that will offer free food delivery in the U.K. to Amazon Prime members.
Sage Therapeutics (SAGE) – The drug maker’s shares rallied 5.7% in the premarket after the FDA granted fast-track status to the company’s experimental treatment for Huntington’s disease. Sage expects to start a phase 2 trial for the treatment before the end of 2021.
SoFi Technologies (SOFI) – The fintech company’s stock added 2.8% in premarket action after Mizuho began coverage with a “buy” rating and a $28 price target compared with Tuesday’s close of $14.50. Mizuho said SoFi is becoming a “full-fledged, super-app neo-bank” with next-generation capabilities.
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