By Check out the companies making headlines before the bell.
Dollar General — Dollar General shares fell 2% after JPMorgan downgraded the discounter to underweight from a neutral as the company’s core shopper grapples with persistent inflationary pressures and dwindling savings.
Pinterest — Shares climbed more than 3% during premarket trading after management said at the company’s first investor day that it expects year-over-year revenue growth to accelerate following a slowdown in 2022 and 2023. Both Citi and D.A. Davidson upgraded Pinterest to buy and increased their price targets in reaction Wednesday.
General Mills — The Cheerios and Yoplait maker rose 1% during premarket trading after reporting fiscal first-quarter results that were slightly above Wall Street expectations and reiterating its outlook for fiscal 2024.
Instacart — Shares of the grocery delivery company were down nearly 4% one day after its stock market debut. The stock opened at $42 on its first day of trading, after pricing its initial public offering at $30 a share late Monday.
Coty — The cosmetics maker gained nearly 6% during premarket trading after raising its full-year outlook for 2024, citing momentum in fragrances at its prestige brands, including Burberry, Calvin Klein and Gucci. It expects like-for-like sales to grow between 8% and 10% next year, compared to prior guidance of 6% to 8%.
Bausch Health — The pharmaceutical stock gained more than 5% before the market open after Jefferies upgraded it to buy and raised its price target to $16. The investment bank cited strong third-quarter earnings, increased clarity on the Bausch + Lomb spinoff and cited likely legal victories as catalysts.
Goldman Sachs — Shares edged up fractionally premarket on reports the investment bank plans to sell lending platform GreenSky as part of a broader pullback from consumer lending. The deal would be worth about $500 million, according to Bloomberg.
— CNBC’s Yun Li, Tanaya Macheel, Pia Singh and Samantha Subin contributed reporting.
