Find out which companies are making the headlines before the bell:
American Airlines (AAL) – CEO Doug Parker has announced he will step down from this post on March 31 and remain chairman. He will be replaced as CEO by the current president of American Airlines, Robert Isom. The American grew by 3% in pre-marketing.
AutoZone (AZO) – The auto parts retailer reported quarterly profit of $ 25.69 per share, beating the consensus estimate of $ 20.87. Revenue also exceeded estimates, as same store sales jumped 13.6%. Analysts polled by StreetAccount had predicted an increase in store sales of 5%.
Designer Brands (DBI) – The shoe retailer broke estimates by 30 cents with adjusted quarterly profit of 86 cents a share, but earnings were lower than Wall Street forecasts. Comparable store sales jumped 40.8%, but that is less than the 44.5% expected by analysts. Nonetheless, stocks were up 3.7% pre-market.
GlaxoSmithKline (GSK) – Glaxo said early-stage studies have shown its antibody therapy for Covid-19 – developed in partnership with U.S. company Vir Biotechnology (VIR) – to be effective against the omicron variant. Vir jumped 7.4% in pre-market trading, while Glaxo added 0.6%.
Tesla (TSLA) – Tesla is replacing faulty cameras on some of its models, according to internal documents seen by CNBC. Cameras can cause a driver to see blank or choppy video on a car’s main screen. Separately, UBS released a report that no rivals will come close to Tesla in 2022, although it has maintained a “neutral” rating on the stock. Tesla gained 3.5% in pre-market action.
Constellation Brands (STZ) – Beer brewer Corona has agreed to build a new brewery in southeast Mexico, according to a Wall Street Journal article. The deal – due to be announced as early as this week – comes two years after the government forced Constellation to shut down a near-completed factory near the US-Mexico border.
Coupa Software (COUP) – The enterprise software company gained adjusted 31 cents per share for its most recent quarter, well above the consensus estimate of 2 cents, with revenue also beating expectations. However, its loss widened from a year ago with an increase in operating expenses, and the shares fell 11% in pre-market trading.
Mimecast (MIME) – The cybersecurity firm has agreed to be bought out by private equity firm Permira for $ 80 per share in cash, or roughly $ 5.8 billion. Mimecast jumped 6% in pre-release.
MongoDB (MDB) – MongoDB jumped 20.3% in pre-market action after the database platform company reported a lower-than-expected quarterly loss and beat revenue guidance from Street. MongoDB also raised its financial outlook for the year due to increased business demand for online connectivity.
Intel (INTC) – Shares of the chipmaker jumped 8.8% in pre-market trading after announcing it would go public with its Mobileye self-driving car unit, forecasting an initial public offering in mid-2022. The Wall Street Journal previously reported on the plans, saying an IPO could value Mobileye at over $ 50 billion.
Acadia Pharmaceuticals (ACAD) – Acadia shot up 15.5% pre-market after reporting positive results in an advanced-stage trial of its experimental treatment for Rett syndrome, a genetic disorder that primarily affects brain development in girls.
Jack In The Box (JACK) – Jack In The Box has been upgraded to “buy” from “keep” at Deutsche Bank, which has stated that the acquisition by Mexican food chain restaurateur Del Taco (TACO ) made sense. Jack In The Box shares fell more than 4% on Monday after the deal was announced. Jack In The Box gained 1.6% in pre-market trading.
Bumble (BMBL) – Shares of the dating services operator rose 7.1% pre-market after JP Morgan Securities upgraded the stock from “neutral” to “overweight” following a meeting with management. The company said it is now more confident in the growth trajectory and prospects for user engagement with the Bumble app.