Check out the companies making headlines before the bell:
FedEx (FDX) – FedEx earned an adjusted $4.59 per share for its latest quarter, missing estimates by 5 cents, though the delivery service's revenue beat analyst forecasts. FedEx's bottom line was impacted by worker shortages stemming from the Covid-19 omicron variant outbreak during the quarter. FedEx lost 3.1% in the premarket.
GameStop (GME) – GameStop reported an unexpected quarterly loss, even as the videogame retailer's revenue topped estimates. GameStop CEO Matt Furlong said the omicron variant and supply chain issues had a significant impact on results during the holiday season. GameStop slid 7.6% in the premarket.
U.S. Steel (X) – U.S. Steel shares fell 3.6% in premarket trading after the company issued weaker-than-expected guidance for the current quarter. The company cited increasing raw materials costs, among other factors.
Moderna (MRNA) – Moderna is seeking FDA approval for a second booster shot of its Covid-19 vaccine for adults aged 18 and older. The submission comes a day after Pfizer (PFE) and partner BioNTech (BNTX) asked the FDA to approve a second booster for people 65 years and older. Moderna gained 1% in premarket action.
Joann (JOAN) – The crafts retailer's shares tumbled 8.3% in the premarket after it missed quarterly sales expectations and noted a $60 million increase in ocean freight costs for 2021. Joann said the freight increase was among a number of significant supply chain headwinds and disruptions.
Wingstop (WING) – The restaurant chain's stock slid 4.7% in premarket trading after a double downgrade by Piper Sandler to "underweight" from "overweight." Piper said it will be more difficult for Wingstop to keep a premium valuation during a restaurant industry expansion cycle as higher expenses hit earnings.
Rent The Runway (RENT) – The fashion rental company's stock rallied 4.2% in premarket action after Jefferies began coverage with a "buy" rating. The firm said Rent The Runway's extensive offerings and high barrier to entry are among the factors that will drive top-line growth of as much as 50%.
SolarEdge Technologies (SEDG) – The solar equipment and software producer's 2 million shares offering was priced at $295 per share, compared with Thursday's close of $314.60. SolarEdge slid 3.4% in the premarket.