Here are the companies that are making headlines before the bell:
Advanced Micro Devices (AMD) – AMD slid 5.3% in the premarket after cutting its sales forecast. The chipmaker said it is being hit by a larger than expected slump in the personal computer market.
Levi Strauss (LEVI) – Levi Strauss took a 5.3% premarket hit after cutting its full-year sales and profit outlook. The apparel maker is seeing an impact from higher costs, supply chain issues and a stronger U.S. dollar.
CVS Health (CVS) – CVS shares fell 5% in premarket trading, following a downgrade of one of its Aetna Medicare Advantage plans in annual ratings issued by the Centers for Medicare and Medicaid Services.
Lyft (LYFT) – Lyft fell 2.6% in the premarket after RBC downgraded the ride-hailing service’s stock to “sector perform” from “outperform.” RBC said its driver supply analysis points to a less bullish outlook for Lyft and that competitor Uber (UBER) enjoys “structural advantages” over Lyft.
Ambac (AMBC) – The municipal bond insurer will receive $1.84 billion to settle lawsuits against Bank of America (BAC). The suits stemmed from bond insurance policies that Ambac had provided to Bank of America’s Countrywide Credit unit prior to the 2008 financial crisis. Ambac surged 21.1% in the premarket.
Credit Suisse (CS) – Credit Suisse rallied 5.6% in the premarket after the bank said it would buy back up to $3 billion in debt as it seeks to reassure investors of its financial health.
Tilray (TLRY) – The cannabis producer jumped 5.4% in premarket trading even as it reported a larger than expected loss as well as slightly lower than expected revenue for its latest quarter. Tilray did reaffirm its full-year forecast and said it had achieved nearly all of its cost-saving goal. Tilray, Aurora Cannabis (ACB), Canopy Growth Corp (CGC) and Cronos Group (CRON) were among cannabis stocks that rallied Thursday after President Joe Biden announced pardons for those convicted of federal marijuana possession charges.