Check out the companies making headlines before the bell:
Nike (NKE) – Nike slumped 10% in the premarket after it reported a 44% increase in inventories for its latest quarter, and said it would offer more discounts heading into the holiday season. The athletic footwear and apparel maker reported better-than-expected profit and revenue for its latest quarter.
Micron Technology (MU) – Micron gained 1.5% in the premarket after it beat estimates with its latest quarterly earnings, even as sales fell below forecasts. The chipmaker also issued a weaker-than-expected revenue outlook and said sales are being impacted by waning demand for consumer electronics.
Amylyx Pharmaceuticals (AMLX) – Amylyx surged 9.3% in the premarket after the FDA approved its new ALS drug. The treatment slows the progression of the disease, extends survival, and is the first ALS drug to gain FDA approval in five years.
Rent-A-Center (RCII) – Rent-A-Center tumbled 18.1% in the premarket after the rent-to-own company cut its current-quarter earnings guidance. The company said current economic conditions have impacted retail traffic and customer payment patterns.
Blue Apron (APRN) – The meal kit company’s shares initially fell in premarket action following news that Chief Financial Officer Randy Greben will step down on October 17 to take a position with another company. However, it subsequently erased those losses and rose 2.7%.
Generac (GNRC) – Generac added 1.6% in premarket trading after Cowen began coverage on the power equipment maker with an outperform rating. Cowen said a housing market slowdown and economic uncertainty are already priced into the stock.
Voya Financial (VOYA) – The financial services company’s stock was upgraded to overweight from neutral at Piper Sandler, citing a number of factors including attractive valuation and a product portfolio that benefits from inflation. Voya added 1.2% in premarket action.