The biggest movers on the front of the market: CarMax, McCormick, fuboTV

Texas News Today

Before the bell rings, know about the companies that make headlines:

CarMax (KMX) — Revenue exceeded analysts’ expectations, but the auto retailer forecast $18.2 in quarterly earnings per share. Equivalent used car sales rose 6.2%, down from the 7.3% estimated by analysts surveyed by Street Account. CarMax fell 7.1% in the premarket.

McCormick (MKC) — Spicemakers reported adjusted quarterly earnings of 80 cents per share, 8 cents above estimates and margins slightly above Wall Street’s forecast. However, we have also lowered our full-year earnings forecast to address rising inflation and logistics challenges.

fuboTV (FUBO) – Fubo Gaming Unit, a sports-focused video streaming service, has partnered with payments platform Paysafe (PSFE) for interactive betting operations. Paysafe grew 1.1% and fuboTV 1.4% in the pre-market.

Merck (MRK) – Merck has signed an agreement to acquire pharmaceutical company Acceleron Pharma (XLRN) for $180, or $11.5 billion per share. Earlier this month it was reported that Acceleron was being approached for a sales deal, and earlier this week it was reported that Merck had been named as a suitor.

Virgin Galactic (SPCE) — Virgin Galactic’s stock price rose 8.9% in front of the market after the FAA completed its July 11 flight crash investigation and allowed the company to resume launches. The investigation revealed that the July flight deviated from the scheduled route and that Virgin did not necessarily notify the FAA of the deviation.

Diageo (DEO) – Diageo said the new fiscal year started well as the world’s largest spirits producers showed stronger North American operations and a faster-than-expected recovery in the European market. Diageo rose 2.3% in pre-market trading.

AstraZeneca (AZN) – Pharmaceutical company COVID-19 vaccine has shown 74% efficacy in US clinical trials and 83.5% efficacy in people over 65 years of age. The company plans to apply for US approval later this year.

Altria (MO), Philip Morris International (PM) – Tobacco producers have been ordered by the International Trade Commission to stop importing and selling IQOS heat-not-burn tobacco equipment. The order originated in a patent proceeding filed by rival tobacco producer RJ Reynolds, which is now under administrative examination.

Lordstown Motors (RIDE) – Lordstown is entering into a deal to sell Foxconn Technology to an Ohio car factory in Taiwan for a private sum, according to people familiar with the issue who spoke to Bloomberg. The electric truck maker bought the plant from General Motors (GM) within two years. Lordstown rose 5.6% in the premarket.

Herman Miller (MLHR) — Herman Miller’s adjusted quarterly earnings per share of 49 cents fell short of Wall Street’s forecast, but the office furniture maker’s sales were well above expectations and earnings per share this quarter. The forecast is also bright. Herman Miller added 2.2% to the pre-market action.

Perigo (PRGO) — After a pharmaceutical company settled a tax dispute with Ireland for approximately $399 million, Perigo’s stock gained 14.3% in premarket transactions and no interest or penalties were applied.

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