Check out the companies making headlines before the bell:
Adobe (ADBE) — Adobe shares fell 3.7% in pre-market trading after the software company issued weaker-than-expected financial guidance for the current quarter and full year. Adobe is facing headwinds from the war in Ukraine and unfavorable foreign exchange rates, even though its latest quarter beat Wall Street estimates for earnings and revenue.
JD.com (JD) — JD.com is exploring a potential expansion of food delivery, CEO Shane Ligon said in an interview with Bloomberg. That would put the Chinese e-commerce giant in direct competition with Alibaba and Meituan, who dominate this business in China. JD.com jumped 8.9% in the primary market.
US Steel (X) – US Steel is up 7.7% in premarket after issuing better-than-expected guidance for the current quarter. The results of steel producers are supported by higher demand and higher steel prices.
Rocco (ROKU) — Roku shares rose 3.4% in pre-market activity after it announced a partnership with the retail giant. Walmart (WMT). Roku device users will be able to purchase items with their remote controls while streaming TV shows.
Ali Baba (Alibaba) – Alibaba’s stock jumped 9.2 percent in pre-sales trade after Reuters reported that China’s central bank had approved Alibaba’s Ant Group’s request to form a financial holding company. This raises hopes for a possible initial public offering (IPO) for Ant Group.
two cents (CNC) — Centene rose 1.9% in the primary market after the health insurer raised its earnings forecast and added $3 billion to its stock buyback program. It also plans to reduce its real estate footprint.
bush health (BHC) — Bausch Health has suspended plans to bring its Solta medical unit to the public, citing a number of factors including challenging market conditions. Solta sells aesthetic technology for treatments such as skin smoothing and body sculpting. Bosch added 3% in pre-market trading.
Explode, Explode (SNAP) — The social media company’s stock added 2% in the primary market after news that Snap is testing a paid subscription model that will give users access to exclusive and pre-release features.
American Express (AXP) — The financial services giant has been upgraded to “outperform” from “neutral” at Baird, which said “unrelenting panic selling” provided an attractive buying opportunity. American Express gained 1.5% in pre-market activity.
Utz . Brands (UTZ) — The snack maker’s stock jumped 5.4% in the primary market after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman cites Utz’s strong position in the fast-growing salty snack category, among other factors.
“Certified music scholar. Freelance analyst. Social mediaholic. Hipster-friendly web nerd. Zombie buff.”