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Find out which companies are making the headlines before the bell:
CarMax (KMX) – The auto retailer missed estimates by 18 cents with quarterly profit of $ 1.72 per share, although earnings exceeded analysts’ expectations. Comparable used car sales rose 6.2%, down from the 7.3% estimate of analysts polled by StreetAccount. CarMax fell 7.1% in pre-marketing.
McCormick (MKC) – The spice maker reported adjusted quarterly earnings of 80 cents per share, beating estimates of 8 cents, with earnings slightly above Wall Street expectations. However, it also cut its profit forecast for the full year as it faces higher inflation and logistical challenges.
fuboTV (FUBO) – The sports-focused video streaming service’s Fubo Gaming unit is partnering with the Paysafe payment platform (PSFE) for its interactive betting operation. Paysafe grew 1.1% in pre-release while fuboTV grew 1.4%.
Merck (MRK) – Merck has reached a deal to buy drugmaker Acceleron Pharma (XLRN) for $ 180 per share in cash or $ 11.5 billion. It was reported earlier this month that Acceleron was close to a sale deal, and reports earlier this week had named Merck as a suitor.
Virgin Galactic (SPCE) – Shares of Virgin Galactic climbed 8.9% in pre-market after the FAA concluded an investigation into a theft incident on July 11 and allowed the company to resume launches. The investigation determined that the July flight had deviated from its assigned course and that Virgin had not communicated the deviation to the FAA as required.
Diageo (DEO) – Diageo said its new fiscal year has started well, with the world’s largest spirits producer reporting strong North American business and a faster-than-expected recovery in European markets. Diageo is up 2.3% in pre-market.
AstraZeneca (AZN) – The drugmaker’s Covid-19 vaccine has shown 74% efficacy in a US clinical trial and 83.5% efficacy in people 65 years of age and older. The company plans to file for approval in the United States later this year.
Altria (MO), Philip Morris International (PM) – The International Trade Commission has ordered tobacco growers to halt the import and sale of their IQOS heated tobacco machine. The order stems from a patent case brought by rival tobacco producer RJ Reynolds, the case is now under administrative review.
Lordstown Motors (RIDE) – Lordstown is close to making a deal to sell its Ohio auto plant to Taiwan’s Foxconn Technology for an undisclosed amount, according to people familiar with the matter who spoke to Bloomberg. The electric truck maker bought the plant from General Motors (GM) less than two years ago. Lordstown was up 5.6% in pre-market.
Herman Miller (MLHR) – Herman Miller was down one penny from Wall Street forecast with adjusted quarterly profit of 49 cents per share, but the office furniture maker’s sales were well above estimates and also gave optimistic earnings forecasts for the current quarter. Herman Miller added 2.2% in the pre-market share.
Perrigo (PRGO) – Shares of Perrigo jumped 14.3% in pre-market trading after the drugmaker resolved a tax dispute with Ireland for around $ 399 million, with no interest or penalties applied.
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