A pedestrian walks past a Bed Bath and Beyond store in San Francisco, California.
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Check out the companies making headlines before the bell.
Verizon – Verizon’s shares fell 1.51% after the company reported mixed results for the fourth quarter of 2022. While earnings were in line with analysts’ predictions, expected earnings fell short of a consensus estimate from Refinitiv. .
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Bed Bath & Beyond – Meme stock gained 5.78%, building on its dramatic start to the year despite the retailer warning of a possible bankruptcy. Year-to-date, shares of Bed Bath & Beyond are up 17.1%.
Lyft – Ride-sharing stock rose 3.4% on an upgrade from KeyBanc, with Lyft expected to feel the positive impact of cost-cutting measures including layoffs and a stabilization in demand.
Johnson & Johnson – Shares of the drugmaker rose less than 1% premarket after the company reported mixed quarterly results. Johnson & Johnson beat earnings estimates by 10 cents a share, excluding special items, according to Refinitiv. It also missed revenue estimates. Full-year earnings guidance came in slightly ahead of estimates, while revenue guidance was about in line with estimates.
Blackstone – Shares rose 1.3% after JPMorgan upgraded Blackstone from neutral to overweight and said the investment management firm was a “best-in-class” firm poised for a soft landing.
Lululemon – The athleisure retailer fell 2.07% after Bernstein downgraded its stock, warned that the apparel stock would be shelved and noted the company is near a turning point in its growth.
Lockheed Martin – Lockheed Martin shares gained 1.52% after the company released its latest quarterly results. The defense company’s revenue came in at $18.99 billion, beating a Refinitiv forecast of $18.27 billion. Lockheed’s earnings per share also beat expectations.
AMD — Chip stocks fell more than 2% premarket after Bernstein downgraded the chipmaker to “Market Perform” from “Outperform.” The Wall Street firm said the downgrade was due to falling demand for computers and new parts in an inflationary environment.
– CNBC’s Alex Harring, Yun Li, Tanaya Macheel and Sarah Min contributed coverage