Check out the companies making headlines before the bell:
Twitter (TWTR) – Twitter is up 8.2% in premarket trade after Elon Musk, CEO of Tesla (TSLA) – currently Twitter’s largest shareholder – offered to take the company private for $54.20 per share in cash. The proposed deal would value Twitter at more than $43 billion.
Goldman Sachs (GS) – Goldman shares rose 2.2% premarket after the investment bank reported better-than-expected earnings and revenue for the first quarter. Goldman noted that a “rapidly evolving market environment” had a significant impact on client activity during the quarter.
Morgan Stanley (MS) – Morgan Stanley earned $2.02 per share in the first quarter, beating the consensus estimate of $1.68, with revenue also beating estimates. The bank said the upbeat results came despite market volatility and economic uncertainty, and the stock is up 2.3% premarket.
Wells Fargo (WFC) – Wells Fargo reported adjusted quarterly earnings of 88 cents per share, 8 cents above estimates, but revenue came in slightly below analysts’ forecasts. The bank said rising interest rates would help it, but aggressive Fed action and the war in Ukraine are adding to downside risks to economic growth. The stock fell 3.2% premarket.
UnitedHealth Group (UNH) – The health insurer reported adjusted quarterly earnings of $5.49 per share, 11 cents above estimates, with earnings also beating Wall Street forecasts. The results were helped by growth in the company’s Medicare Advantage business, and it also raised its full-year outlook.
Rite Aid (RAD) — The drugstore lost an adjusted $1.63 a share last quarter, more than the 57 cents loss Wall Street analysts were expecting, even as sales beat estimates. Rite Aid also forecast a lower-than-analyst-expected loss for fiscal 2023 and outlined a cost-cutting program. Shares rose as much as 5.5% in premarket trading before retreating.
UPS (UPS) – UPS rose 1% after Loop Capital upgraded it from hold to buy.
Western Digital (WDC), Seagate Technology (STX) – Susquehanna Financial has downgraded both hard drive manufacturers, upgrading Western Digital to neutral from positive and Seagate to negative from neutral on expectations of weaker demand in 2023 Western Digital fell 3% in premarket trading, while Seagate lost 3.3%.
Rent The Runway (RENT) – The fashion rental company’s stock was volatile in premarket trading after it reported a smaller-than-expected loss and revenue and profit margins that beat Street’s forecasts. The stock initially fell in after-hours trading as investors focused on a less-than-expected guidance for the current quarter, then rallied before retracing gains.