The companies are making news before the bell rings.
FedEx plummeted in premarket trading after issuing a profit warning due to declining package delivery volumes. The news has added to fears of a slowing global economy and has weighed on shares of other logistics companies.
The packaging and paper products company was cut to "underperform" from "hold" at Jeffries, which pointed to decelerating orders and an inventoryglut in the industry. Packaging Corporation of America was cut to "underperform" from "hold" by Jeffries. The FedEx profit warning is having an effect on sentiment. International Paper, Packaging Corp., and WestRock all lost value before the market opened.
A hacker claims to have gained access to the ride-sharing company's computer system. There was a 4% decline in the pre market.
The drug maker gained 1.6% in premarket trading after the EU approved its Covid-19 cocktail.
Supply chain issues are still affecting the company's ability to deliver products to customers in a timely manner, according to the CFO of GE. The cash flow is under pressure.
After announcing plans to separate into two publicly traded companies,NCR plunged in pre market action. One company will focus on digital commerce and the other on ATMs.
Storage Express was acquired by Extra Space Storage for $590 million. Extra Space Storage increased in the pre market.
Morgan Stanley upgraded the aluminum producer to "overweight" from "equal-weight" before the market opened. Despite strong balance sheets and cheap valuations, Morgan Stanley is cautious about the mining sector.
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