Business

Nike, Micron, Emilix and others

Check out the companies that make headlines before the call:

Nike (NKE) – Nike fell 10% in premarket after reporting a 44% increase in inventory in the latest quarter and saying it will offer more discounts ahead of the holiday season. The sports shoe and apparel maker reported higher-than-expected earnings and revenue for the latest quarter.

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Micron Technology (MU) – Micron added 1.5% in premarket trading after beating estimates with its latest quarterly earnings, even as sales fell below forecasts. The chip maker also posted a weaker-than-expected earnings outlook and said sales were being affected by lower demand for consumer electronics.

Amylyx Pharmaceuticals (AMLX) – Amylyx rose 9.3% in premarket after the FDA approved its new ALS drug. The treatment slows disease progression, prolongs survival, and is the first ALS drug to receive FDA approval in five years.

Rent-A-Center (RCII) – Rent-A-Center fell 18.1% in premarket trading after the rental-to-own company cut its current-quarter earnings guidance. The company said current economic conditions have affected retail traffic and customer payment patterns.

Blue Apron (APRN) – Shares of the meal kit company initially fell in premarket trading after news that chief financial officer Randy Greben would step down on Oct. 17 to take a position at another company. However, it subsequently made up for these losses and rose by 2.7%.

Generac (GNRC) – Shares of Generac added 1.6% in premarket trading after Cowen began covering the power equipment maker with a “superior” rating. Cowen said the slowdown in the housing market and economic uncertainty are already factored into the share price.

Voya Financial (VOYA) – Shares of the financial services company were upgraded from neutral to positive in Piper Sandler, citing a number of factors, including an attractive valuation and a product portfolio that benefits from inflation. Voya added 1.2% in premarket trading.


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