The Pinterest app on a mobile phone.
Andrew Harrer | Bloomberg | Getty Images
Check out the companies making headlines before the bell.
Dollar General
— Dollar General shares dropped by 2% after JPMorgan downgraded the discounter to underweight from neutral. The downgrade comes as the company’s core shopper deals with rising inflationary pressures and dwindling savings.
Pinterest
— Shares of Pinterest surged over 3% during premarket trading. The company’s management announced at its first investor day that it anticipates accelerating year-over-year revenue growth following a slowdown in 2022 and 2023. Both Citi and D.A. Davidson upgraded Pinterest to a buy rating and raised their price targets in response.
General Mills
— The maker of Cheerios and Yoplait saw a 1% rise in premarket trading following the release of fiscal first-quarter results that slightly exceeded Wall Street expectations. The company also reiterated its outlook for fiscal 2024.
Instacart
— Shares of the grocery delivery company dropped nearly 4% on its second day of trading. Instacart’s stock opened at $42, above its initial public offering price of $30 per share set on Monday.
Coty
— The cosmetics company experienced an almost 6% increase in premarket trading after raising its full-year outlook for 2024. Coty attributes the growth to strong sales of fragrances in its prestige brands like Burberry, Calvin Klein, and Gucci. It now expects like-for-like sales to grow between 8% and 10% next year, up from its previous guidance of 6% to 8%.
Bausch Health
— The pharmaceutical stock jumped more than 5% before the market opened. This comes after Jefferies upgraded Bausch Health to a buy rating and raised its price target to $16. The investment bank cited strong third-quarter earnings and the upcoming Bausch + Lomb spinoff as catalysts for the upgrade.
Goldman Sachs
— Shares of Goldman Sachs rose marginally premarket as reports emerged that the investment bank is planning to sell lending platform GreenSky. The sale is part of Goldman Sachs’ broader pullback from consumer lending and could be valued at approximately $500 million, according to Bloomberg.
— Reporting by CNBC’s Yun Li, Tanaya Macheel, Pia Singh, and Samantha Subin.
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