PFE, LULU, SCHW and more
A customer enters a Lululemon store in Corte Madera, California on June 2, 2023.
Justin Sullivan | Getty Images
Check out the companies making headlines before the bell.
Pfizer, Moderna, BioNTech – Shares of Pfizer fell 1.3% after the company cut its full-year revenue forecast by $9 billion, noting slowing demand for its Covid treatment and vaccine. After lowering its forecast, Jefferies upgraded Pfizer shares on Monday, citing an attractive buying opportunity. Vaccine makers Moderna and BioNTech also fell ahead of the launch, losing 4.1% and 5%, respectively. Novavax Lost 2.4%.
Colgate Palmolive – The consumer staples stock rose more than 1% in premarket trading after Stifel upgraded Colgate-Palmolive to buy-off-wait. The investment firm pointed to the strength of Hill’s pet food line and toothpaste as reasons for a bullish outlook on the stock.
Varonis systems – Shares rose 4.3% after Morgan Stanley raised its price target and upgraded the security software provider, saying growth in generative artificial intelligence will help boost company growth.
Manchester United – The stock fell 8.8% after news that British billionaire Jim Ratcliffe is in talks to buy a minority stake in Manchester United. The deal would increase the soccer club’s value to more than $3.3 billion. according to the Wall Street Journal.
Rite aid – Shares plunged more than 5% premarket and trading was halted after the pharmacy chain filed for Chapter 11 bankruptcy protection in New Jersey on Sunday, amid declining sales, rising debt and lawsuits related to its alleged involvement in the the country’s opioid epidemic. The company said it reached an agreement with creditors on a restructuring plan and appointed Jeffrey Stein as the new CEO to steer the company through that plan.
Lululemon – Shares rose more than 5% in premarket trading on Monday. The sports company will be added to the S&P 500 on Wednesday, according to S&P Dow Jones Indices. Lululemon will replace Activision Blizzard after Microsoft’s acquisition closes.
TAL Education Group — The stock rose 3.5% after an upgrade to buy from UBS. The company cited the stock’s attractive valuation and the rapid and profitable growth of TAL’s non-academic tutoring business as catalysts.
Charles Schwab — Shares fell slightly after the broker posted mixed quarterly results. The company’s earnings per share came in at 77 cents, beating the LSEG estimate of 74 cents. However, sales were slightly below expectations at $4.61 billion.
—CNBC’s Hakyung Kim, Jesse Pound, Tanaya Macheel, Michelle Fox Theobald and Lisa Han contributed reporting.
