Check out the companies making headlines before the bell:
Cal-Maine Foods (CALM) – The nation’s largest egg producer earned 2 cents per share for its latest quarter, well short of the 30-cent consensus estimate. Sales were better-than-expected, but the bottom line was hit by higher costs for packaging and labor. Cal-Maine shares tumbled 7.1% in the premarket.
Tesla (TSLA) – Tesla rose 1.4% in premarket trading, following news that CEO Elon Musk completed the exercising of all his stock options for next year. That signals the end of recent stock sales by Musk to cover tax bills generated by the exercise of those options.
Alibaba (BABA) – The China-based e-commerce giant is considering the sale of its 30% stake in social media advertising company Weibo (WB) to state-owned Shanghai Media Group, according to a Bloomberg report. Alibaba fell 1% in premarket action, while Weibo edged lower by 0.3%.
Victoria’s Secret (VSCO) – The intimate apparel retailer announced a $250 million accelerated share repurchase program.
Akamai Technologies (AKAM) – Akamai rose 1.2% in the premarket after D.A. Davidson rated the internet content delivery company a “buy” in new coverage. The firm set a price target of $143 per share, compared with Tuesday’s close of $118.45.
Didi Global (DIDI) – Didi was down 2.4% in premarket trading after Reuters reported the Chinese ride-hailing company will use the “listing by introduction” method to list in Hong Kong, as it moves to delist in New York. That method would issue no new shares and raise no capital.
BioNTech (BNTX) – The drug maker’s shares fell 3% in the premarket, potentially extending the stock’s losing streak to 7 days. BioNTech has fallen 16% over the past 6 sessions. Rival vaccine maker Moderna (MRNA) is in a similar slump, falling for the past six sessions and falling 18% over that stretch. Moderna dropped 1.6% in premarket action.
FuelCell Energy (FCEL) – The fuel cell technology company lost 7 cents per share for its latest quarter, wider than the 4-cent loss predicted by analysts. Revenue also fell below analyst forecasts, and the stock slumped 4.6% in premarket trading.