Beyond Meat Inc COO Suspension
Beyond Meat Inc, also known as BYND — After Doug Ramsey was involved in a violent incident over the weekend that culminated in him being charged with third-degree violence and terroristic threatening, Beyond Meat suspended him from his position as Chief Operating Officer. The allegations against him were as follows: According to the company that produces meat substitutes made from plants, Jonathan Nelson, senior vice president of manufacturing operations, would temporarily take over the responsibilities that Ramsey was responsible for. Beyond Meat’s stock dropped another 1.1% in premarket trade, adding to the 6% drop it experienced on Tuesday, the company’s sixth consecutive day of losses.
General Mills (GIS) – After the food manufacturer posted a quarterly profit higher than expected and improved its sales target for the whole year, shares of General Mills increased by 1.8% in the premarket trading session. The company anticipates a profit from increased prices and robust demand for cereal, snacks, and pet food.
Stitch Fix (SFIX) — Shares of Stitch Fix dropped by 5.9% in premarket trading after the company announced a quarterly loss that was more than anticipated and issued a dismal projection. As a result of the decreasing number of active consumers, the online garment styling company expects a reduction in sales within the next several months. The stock was downgraded from “buy” to “hold” by Canaccord Genuity, which noted that the challenging macroeconomic climate makes it more difficult for the company to achieve its turnaround goal.
Defense stocks: Shares of defense contractors are increasing in the premarket after Russian President Vladimir Putin ordered more troops to be sent to Ukraine. This move, which is seen as a significant escalation of the conflict in Ukraine, has prompted investors to buy more shares of defense contractors. Lockheed Martin (LMT) rose by 2%, Northrop Grumman (NOC) increased by 1.3%, Raytheon Technologies (RTX) rose by 1.2%, and L3Harris Technologies (LHX) rose by 1.5%.
Estee Lauder (EL) – Estee Lauder’s stock price increased by 1.7% during after-hours trading after Goldman Sachs upgraded its rating on the cosmetics manufacturer’s shares to “buy” from “neutral” and raised its price target to $303 from $298. The move came after Goldman Sachs raised its price target to $303 from $298. Goldman attributed the decision to the recent decline in the stock price and stated that the uncertainty around the impact of China’s “zero-Covid” policy is already reflected in the cost of the stock.
Coty, Inc. (NYSE: COTY) The cosmetics manufacturer Coty surged 3.9% in the premarket after announcing its aim to more than double sales of skincare products by the end of the fiscal year 2025. The event that the corporation is holding for investors this morning comes just before the news announcement.
Aurora Cannabis (ACB) declared a breakeven quarter on an adjusted basis, which surprised industry analysts who had projected a loss for the period. The cannabis manufacturer in Canada reported an overall income that was just a little bit lower than expected. Still, it reported a 35.4% rise in revenue from the sale of medicinal cannabis abroad compared to the previous year. In the premarket action, Aurora Cannabis had a loss of 2.1%.
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