Check out the companies making headlines before the bell:
Home Depot (HD) – Shares of the home improvement retailer rose 1% premarket after its quarterly profit and revenue beat Wall Street forecasts. Home Depot earned $3.21 per share, 3 cents above estimates, and same-store sales also beat estimates. Home Depot also announced a 15% increase in the dividend.
Macy’s (M) – Macy’s beat estimates by 45 cents with adjusted quarterly earnings of $2.45 per share, and the retailer’s revenue also beat estimates. Macy’s also authorized a new $2 billion share buyback program and announced a 5% dividend increase. The stock rose 7.9% in premarket shares.
Tempur Sealy (TPX) – The mattress company’s stock fell 5% pre-market after its adjusted quarterly profit of 88 cents per share missed estimates by 8 cents and revenue fell short of forecasts of Street. Tempur Sealy’s results were impacted by costs which rose faster than sales.
Medtronic (MDT) – Shares of the medical device maker had a mixed quarter. Revenue missed forecasts and its adjusted quarterly profit topped estimates by a penny at $1.37 a share. Medtronic said it is seeing an improvement in procedure volumes and its latest quarter was driven by strong demand for its cardiac devices. The stock initially fell 1.2% premarket, but later erased that loss.
Houghton Mifflin (HMHC) – The publishing company has agreed to be purchased by private equity firm Veritas Capital for $21 per share in cash, or around $2.8 billion. The stock jumped 14.9% in premarket trading.
SoFi Technologies (SOFI) – The fintech company has announced a deal to buy banking software maker Technisys for approximately $1.1 billion in stock, saying the addition will generate up to $800 million in revenue further through 2025. SoFi fell 2.7% in premarket stock.
Tegna (TGNA) – The TV operator’s shares jumped 7.4% in the pre-market after reaching a $24-per-share buyout deal with private equity firms Standard General and Apollo Global Management (APO).
McDonald’s (MCD) – Investor Carl Icahn has launched a proxy fight for two seats on the restaurant chain’s board of directors, as part of his push for more ethical treatment of pigs by McDonald’s suppliers. McDonald’s fell 1% premarket.
Krispy Kreme (DNUT) – The donut chain fell within a dime of forecast with adjusted quarterly earnings of 8 cents per share, although revenue beat Wall Street forecasts. Krispy Kreme was able to offset wage and commodity inflation with price increases. Krispy Kreme added 1.2% in premarket trading.
DraftKings (DKNG) – The sports betting company’s stock fell 5.5% pre-market after Wells Fargo downgraded it to “equal weight” from “overweight” and cut the price target at $19 per share versus $41. Wells Fargo is concerned about the company’s path to profitability given the pace of increased spending. DraftKings has fallen for the past three sessions, including a 21.6% drop on Friday after its quarterly report.