Check out the companies making headlines before the bell:
CarMax (KMX) — The auto retailer’s stock plummeted 12.7% premarket after its quarterly earnings and sales fell well short of estimates. CarMax earned 24 cents a share, compared to a consensus estimate of 70 cents, and its comparable used car sales were down 22.4%, compared to FactSet’s consensus forecast of 16.9%.
Micron Technology (MU) – Shares of Micron fell 2.9% in premarket trading after the chipmaker reported a bigger-than-expected quarterly loss and earnings that fell short of Wall Street forecasts. Micron’s results were hurt by declining demand for electronics, and the company said it would lay off about 10% of its workforce.
Under Armor (UAA) – The sportswear manufacturer has named Marriott’s chief executive, Stephanie Linnartz, as its new CEO, effective February 27. Linnartz is currently President of Marriott International Operations and has been with the hotel operator for 25 years.
Tyson Foods (TSN) – Tyson is expected to lose hundreds of employees as it consolidates corporate offices in Arkansas over the next year, according to people familiar with the matter who spoke to The Wall Street Journal. The beef and poultry producer is closing two offices in Illinois and one in South Dakota. Tyson is down 1% premarket.
MillerKnoll (MLKN) – MillerKnoll is up 2.9% in premarket trading after reporting better-than-expected earnings and sales for its most recent quarter. The furniture manufacturer was able to compensate for a drop in orders of 13% with higher prices.
TuSimple (TSP) – TuSimple plans to cut 25% of its workforce, a move that will affect about 350 of the self-driving truck startup’s employees. According to previous reports, the company could cut up to 700 employees as it refocuses on research and development of self-driving truck technology. TuSimple gained 3.5% in the pre-market.
Global Business Travel Group (GBTG) – The spin-off from American Express has outperformed in new coverage from Evercore ISI, which expects the business travel platform to benefit from its industry leadership position and a rebound in the business travel recovery. Global Business Travel Group was up 1.6% in premarket trading.
Mirati Therapeutics (MRTX) — The drugmaker’s stock rose 9.4% premarket after the FDA gave its colorectal cancer treatment a “breakthrough therapy” designation. This designation speeds the approval process for treatments that offer a significant improvement over existing therapies.