Check out the companies making headlines before the bell:
FedEx (FDX) – FedEx remains under observation this morning after announcing a 6.9% increase in shipping rates and expects to cut another $ 4 billion in annual costs. FedEx fell 3.2% in the premarket.
Costco (COST) – Costco lost 3.3% in the premarket despite posting better-than-expected profits and sales for the last quarter. The company reported slightly lower operating margins than consensus. Costco said it has no immediate plans to raise subscription prices, but said it would happen at some point.
Boeing (BA) – Boeing will pay $ 200 million to settle allegations to the SEC of making misleading claims about the safety risks of its 737 MAX jet after two of the planes were involved in fatal crashes. Former CEO Dennis Muilenburg will pay $ 1 million as part of the deal, with neither side admitting or denying the irregularities. Boeing lost 1.8% in the premarket.
Raytheon Technologies (RTX) – Raytheon has won a $ 985 million Pentagon contract to develop prototype hypersonic attack cruise missiles, beating rivals Boeing and Lockheed Martin (LMT).
CalAmp (CAMP) – Shares of software company “Internet of Things” were up 3.5% in pre-market stock after reporting a lower-than-expected quarterly loss with revenue exceeding analysts’ forecasts. CalAmp posted record revenue for software and subscription services during the quarter.
Ally Financial (ALLY) – The stock of the financial services firm fell 2.7% in the premarket after Wells Fargo downgraded it to “equal weight” from “overweight”. Wells said Ally will suffer from pressure from Fed rate hikes and an accelerated decline in used vehicle prices, which impact lease yields.
Qualcomm (QCOM) – Qualcomm said its future automotive business pipeline has increased to $ 30 billion in orders, up more than $ 10 billion since July. The increase came mainly from orders for its Snapdragon Digital Chassis computer chip. Qualcomm, however, dropped 2% in the pre-market stage.
fuboTV (FUBO) – The sports-focused streaming service has been updated to “surpass” from “neutral” to Wedbush, who sees the title at a compelling entry point. Wedbush expressed confidence that fuboTV can successfully raise capital and reduce the rate of money consumption. The stock gained 2% in the premarket.