Stocks making the biggest moves premarket: Constellation Brands, Flutter Entertainment, Neogen & more
Check out the companies making headlines before the bell: Neogen Corp – The food safety company jumped 11% after raising its fiscal year guidance. Neogen sees revenue ranging between $885 million and $890 million, versus its earlier call for $880 million and $885 million and the FactSet consensus forecast for $883.2 million. Penguin Solutions – The builder of artificial intelligence factory platforms advanced more than 4% after fourth quarter results surpassed expectations. Adjusted earnings came in at $1 per share on revenue of $566.7 million. Analysts polled by FactSet sought 77 cents per share and $521 million in revenue. Constellation Brands — Shares fell 5% even after the company reported better-than-expected results for its fiscal second quarter. The beer distributor earned an $3.74 per share on revenue of $2.63 billion. Analysts expected a profit of $3.56 per share on revenue of $2.54 billion. That said, beer operating margins decreased by 160 basis points year on year. Depletions, a key demand metric for the company, fell slightly from the year-earlier period as well. Flutter Entertainment — The FanDuel parent rose nearly 3% after an upgrade by Citi to buy from neutral. “We believe recent share price weakness on Brazil and September US sports results concerns are overblown,” Citi analysts said. Micron — Shares dropped 2.6% Wednesday morning, amid broader weakness in the semiconductor group. The memory stock is coming off its third session of losses after a union representing workers at the company’s Taoyuan operations in Taiwan said it had secured authorization from its members to strike work over a dispute over Micron’s bonus scheme. — CNBC’s Darla Mercado, Sarah Min and Fred Imbert contributed reporting
