A sign is displayed outside a Google office on April 26, 2022 in San Francisco, California. Google’s parent company, Alphabet, will release its first quarter results today after the closing bell.
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Check out the companies making headlines before the bell:
netflix – Streaming stock jumped more than 6% after Netflix released its latest quarterly results. While Netflix missed earnings expectations, it added more subscribers than analysts expected. The company also announced that co-CEO Reed Hastings will step down.
Alphabet – Google’s parent company saw its shares rise 3.6% after CEO Sundar Pichai announced the company would be laying off 12,000 employees and explained in a note that the company “hired for a different economic reality of the one we are facing today”.
Eli Lily – The pharmaceutical company’s shares fell more than 1% in premarket after the US Food and Drug Administration rejected the drugmaker’s experimental Alzheimer’s disease treatment because it failed to provide enough data. ‘trial.
Ralph Lauren – The stock rose more than 1% after Barclays put Ralph Lauren overweight, saying investors are buying a “best-in-class” clothing brand with continued uplift. In addition, Barclays increased its shares by HPVwhich owns the overweight Tommy Hilfiger and Calvin Klein brands.
Regeneron Pharmaceuticals — The pharmaceutical giant gained 1% in premarket after being upgraded to overweight from neutral by JPMorgan. The Wall Street firm said its drug that treats age-related macular degeneration is “best in class therapy” and could serve as the next big catalyst for Regeneron.
pager – Shares jumped more than 4% after Morgan Stanley upgraded PagerDuty from an equal weight to an overweight, saying the cloud computing company is working to improve profitability.
Selling power – The stock fell more than 1% after Cowen downgraded it to market performance after outperforming, saying it foresees “high levels of disruption risk” given a tougher macro backdrop which could affect customer spending.
Nordström – The retailer’s shares fell 7% in premarket trading after Nordstrom reported that its holiday sales fell 3.5% year-over-year. In a statement, CEO Erik Nordstrom described the retail environment as “highly promotional.” The company also downgraded its earnings outlook.
Macy’s – Retail stocks such as Macy’s fell following disappointing holiday sales from Nordstrom. Macy’s shares fell more than 2%, meanwhile Kohls decreased by 4%. Dillard’s decreased by 1.3%.
Costco – Shares rose about 1% after Costco announced it would reauthorize a stock buyback program of up to $4 billion through January 2027.
– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.
Correction: Nordstrom released disappointing holiday sales numbers, not its latest quarterly numbers.