CarMax, FedEx, Seagen and more

Check out the companies making headlines before the bell:

CarMax (KMX) – The auto dealership beat estimates by 7 cents with quarterly earnings of $1.56 per share and revenue that also beat analysts’ forecasts amid what the company called a “challenging” used car market. CarMax grew by 1.1% in the premarket.

FedEx (FDX) – FedEx gained 3.4% in premarket trading after adjusted quarterly earnings of $6.87 per share beat estimates by 1 cent. Shipment volumes declined but were offset by increased shipping rates and fuel surcharges. FedEx also issued positive guidance for fiscal 2023.

Seagen (SGEN) – Shares of Seagen rose 3.5% premarket after the Wall Street Journal reported that Merck (MRK) is moving forward with a potential deal to acquire the biotech company. The stock had skyrocketed last week after the newspaper’s initial report that Merck was in talks with Seagen about a possible transaction.

Zendesk (ZEN) – Zendesk is up 56.5% premarket after reports that the software company is close to an acquisition deal with a group of private equity firms. The Wall Street Journal reported Hellman & Friedman and Permira were among those involved. The potential acquisition comes after Zendesk announced last week that it had ended efforts to sell itself.

Microsoft (MSFT) – Microsoft gained 1.2% premarket after Citi called it a “top pick,” indicating its attractive valuation and the company’s ability to sustain growth.

Bausch Health (BHC) – Bausch Health announced that Chairman Joseph Papa has resigned from its board of directors, and it has not been due to disputes or disagreements with the healthcare products maker. Investor John Paulson becomes chairman. Bausch Health is up 3.6% in premarket trading.

BlackBerry (BB) – BlackBerry reported an adjusted quarterly loss of 5 cents a share, in line with analysts’ forecasts, while the software company’s earnings beat estimates. BlackBerry’s results were helped by growth in cybersecurity and auto products. The stock is up 1% premarket.

LendingTree (TREE) – LendingTree fell 7.9% in premarket trading after the online lender lowered its guidance for the current quarter. LendingTree pointed to recession fears, higher interest rates and inflationary factors for the revision.

Wolfspeed (WOLF) – The semiconductor developer has been upgraded from neutral to buy at Goldman Sachs, saying the stock’s risk-reward profile is now much more attractive amid a recent pullback and that there is a significant upside move in earnings ahead. Wolfspeed is up 4.1% in premarket trading. CarMax, FedEx, Seagen and more

Drew Weisholtz

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