Before the doorbell rings, check out the companies that are making the headlines:
CarMax (KMX) – The car dealer's stock rose 5.1% in pre-market trading after CarMax beat estimates for revenue and earnings for the last quarter and posted comparable dealer sales in excess of analyst forecasts.
Tesla (TSLA) – Tesla shares rose 3.4% premarket after CEO Elon Musk said he has now sold enough shares to hit his target of selling 10% of its shares. However, over that time, Musk has actually increased his stakes in Tesla due to the exercise of options.
BlackBerry (BB) – BlackBerry reported a balanced quarter on an adjusted basis, compared to analyst forecasts of 7 cents per share. The communications software maker also saw revenue exceed estimates, aided by strong demand for cybersecurity products, but the latest quarterly forecasts for these products lag behind some analyst estimates.
Caterpillar (CAT) – Caterpillar gained 1.6% in the premarket after Bernstein upgraded the heavy equipment manufacturer's share from “market performance” to “outperformance”. Bernstein said concerns about a machine upgrade cycle ending in 2022 are exaggerated.
CalAmp (CAMP) – CalAmp lost an adjusted 8 cents per share in the most recent quarter, surprising analysts who expected earnings of 8 cents per share. The wireless data communications products and software maker also saw sales decline below forecasts, with component scarcity being a major contributor to its results. CalAmp lost 15.7% in the pre-IPO measures.
Alibaba (BABA) – Alibaba shares fell 4% early on the market after Atlantic Equities downgraded Chinese e-commerce company's shares from "overweight" to "neutral". The company cites concerns that Alibaba shopping platforms Tmall and Taobao will not see any improvement in their performance in the near future.
Darden Restaurants (DRI) – Darden Restaurants was upgraded to "Buy" from "Hold" by Stifel Financial, reflecting the optimistic quarterly results of parent company Olive Garden last week. The stock had fallen after that report, but Stifel believes this was driven by the announcement that CEO Gene Lee will be retiring in May. Darden gained 1.1% in pre-trading.
Williams-Sonoma (WSM) – Williams-Sonoma has been upgraded from Hold to Buy with Loop Capital, which believes the household products retailer has a “Premier” brand and that the pandemic's tailwind is well established will continue into 2022.
Coinbase Global (COIN) – The cryptocurrency infrastructure company was named a “Top Pick” for 2022 by Oppenheimer, indicating an accelerated rise into the mainstream for digital assets.