Biogen, Spirit, Robinhood and more

Check out the companies making headlines before the bell:

Biogen (BIIB) – Biogen fell 1% in premarket trading after the government announced that Medicare will cut coverage for Aduhelm, Biogen’s treatment for Alzheimer’s disease. Insurance coverage only applies to patients participating in clinical trials.

Spirit Airlines (SAVE) – Spirit announced it is in talks with JetBlue (JBLU) over its competitor’s $3.6 billion takeover bid. Spirit earlier this year agreed to be acquired by Frontier Airlines parent company Frontier Group (ULCC), but said the JetBlue deal could result in a “superior offer”. Spirit is up 1.4% in premarket trading, while JetBlue is up 1% and Frontier is up 2.5%.

Robinhood Markets (HOOD) — The financial services and stock trading platform operator’s stock fell 4.1% in the premarket after Goldman Sachs downgraded it to “sell” from “neutral.” Goldman thinks consensus estimates for Robinhood are too high and sees a high bar for the company to reach profitability in 2023.

WD-40 (WDFC) – WD-40 was up 9.5% in premarket after better-than-expected quarterly earnings and sales. The lubricants maker earned $1.41 per share for the quarter, 40 cents above estimates, despite slightly lowering its full-year guidance due to inflationary challenges.

Designer Brands (DBI) – The footwear and accessories retailer has raised its full-year earnings outlook and reinstated its quarterly dividend after a two-year hiatus. The upbeat guidance comes ahead of the company’s annual Investor Day. Designer Brands’ stock is up 4.6% premarket.

Kroger (KR) — Shares of the supermarket operator rose 2.6% premarket after Bank of America Securities upgraded it to “buy” from “neutral.” BofA said increased food inflation will be among several positive earnings drivers.

CrowdStrike (CRWD) – CrowdStrike is up 3.7% in premarket measures after the cloud computing company received critical asset protection approval from the U.S. Department of Defense.

Workday (WDAY) – The financial and human resources software company has signed a new $1 billion loan agreement with lenders, replacing a previous loan agreement.

PriceSmart (PSMT) — PriceSmart beat estimates by 3 cents with quarterly earnings of $1.03 per share, and the discounter’s sales came in slightly ahead of Wall Street forecasts. Merchandise sales surpassed $1 billion for the first time ever, and membership also set a record.

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