Stocks making the biggest moves in the premarket: General Mills, Steelcase, Lucid and more
Take a look at some of the biggest movers in the premarket:
General Mills (GIS) – General Mills reported better-than-expected profit and revenue for its latest quarter, and it raised its full-year forecast. The food producer was helped by higher prices which were only partially offset by increased input costs. The stock slid 1.3% in premarket action.
Steelcase (SCS) – Steelcase gained 3% in the premarket after the office furniture maker reported better-than-expected quarterly earnings and issued an upbeat profit forecast. Steelcase's quarterly revenue fell short of Wall Street forecasts as did its revenue forecast, however, but its backlog of orders is 3% higher than it was a year ago.
Lucid (LCID) – Lucid rallied 5.% in premarket trading after the electric vehicle maker raised more than $1.5 billion in a series of stock sales.
Rocket Lab (RKLB) – Rocket Lab fell 1.3% in premarket action after announcing a delay in its first rocket launch from the United States. Rocket Lab cited both poor weather conditions as well as regulatory delays stemming from the processing of documentation by NASA and the Federal Aviation Administration. As a result, Rocket Lab cut its revenue forecast for the fourth quarter.
The Trade Desk (TTD) – The Trade Desk rose 1.7% in premarket trading after the digital advertising firm's stock was rated "overweight" in new coverage at Piper Sandler.
Generac (GNRC) – The power equipment maker's stock slid 1.5% in the premarket after Baird downgraded it to "neutral" from "outperform," saying Generac's end markets have not yet reached a bottom and inventory levels are still in the process of returning to normal.
Stitch Fix (SFIX) – The stock was downgraded to "neutral" from "underweight" at J.P. Morgan Securities, even after an 82% year-to-date decline. The firm says the online clothing styler is struggling with its transition to "Fix + Freestyle" business model. Stitch Fix shares lost 1.6% in premarket trading.
Beam Therapeutics (BEAM) – The biotech company's shares rose 2.2% in the premarket after Beam was upgraded to "outperform" from "market perform" at BMO Capital. BMO expects positive announcements from Beam's partner Verve Therapeutics (VERV) to help drive the stock higher.