Check out the companies making headlines before the bell:
CarMax (KMX) – The auto retailer missed estimates by 18 cents with quarterly earnings of $1.72 per share, although revenue topped analyst projections. Comparable pre-owned car sales rose 6.2%, less than the 7.3% estimate of analysts surveyed by StreetAccount. CarMax tumbled 7.1% in the premarket.
McCormick (MKC) – The spice maker reported adjusted quarterly earnings of 80 cents per share, beating estimates by 8 cents, with revenue slightly above Wall Street forecasts. However, it also cut its full-year earnings forecast as it deals with higher inflation and logistics challenges.
fuboTV (FUBO) – The sports-centered video streaming service’s Fubo Gaming unit is partnering with payments platform Paysafe (PSFE) for its interactive wagering operation. Paysafe rose 1.1% in the premarket while fuboTV added 1.4%.
Merck (MRK) – Merck struck a deal to buy drugmaker Acceleron Pharma (XLRN) for $180 per share in cash or $11.5 billion. It had been reported earlier this month that Acceleron was close to a sale agreement, and reports earlier this week had named Merck as the suitor.
Virgin Galactic (SPCE) – Virgin Galactic shares soared 8.9% in the premarket after the FAA concluded a probe of a July 11th flight mishap and allowed the company to resume launches. The investigation determined that the July flight had deviated from its assigned path and that Virgin had not communicated the deviation to the FAA as required.
Diageo (DEO) – Diageo said its new fiscal year is off to a strong start, with the world’s largest spirits producer pointing to a strong North American business and a faster-than-expected recovery in European markets. Diageo rose 2.3% in premarket trading.
AstraZeneca (AZN) – The drugmaker’s Covid-19 vaccine showed 74% efficacy in a U.S. clinical trial, and 83.5% efficacy in people 65 years and older. The company expects to file for U.S. approval later this year.
Altria (MO), Philip Morris International (PM) – The tobacco producers were ordered by the International Trade Commission to halt the import and sales of their IQOS heated tobacco device. The order stems from a patent case brought by rival tobacco producer R.J. Reynolds, with the case now moving to an administrative review.
Lordstown Motors (RIDE) – Lordstown is near a deal to sell its Ohio car factory to Taiwan’s Foxconn Technology for an undisclosed amount, according to people familiar with the matter who spoke to Bloomberg. The electric truck maker had bought the plant from General Motors (GM) less than two years ago. Lordstown rallied 5.6% in the premarket.
Herman Miller (MLHR) – Herman Miller fell a penny shy of Wall Street forecasts with adjusted quarterly earnings of 49 cents per share, but the office furniture maker’s sales came in well above estimates and it also gave an upbeat current-quarter earnings forecast. Herman Miller added 2.2% in premarket action.
Perrigo (PRGO) – Perrigo shares surged 14.3% in premarket trading after the drugmaker resolved a tax dispute with Ireland for about $399 million, with no interest or penalties applied.
These are the stocks posting the largest moves before the bell.