CarMax, FedEx, Seagen, and more

Check out the companies making headlines before the bell:

Carmax (KMX) — The auto retailer beat estimates by nearly 7 cents with quarterly earnings of $1.56 per share, and revenue also beat analysts’ expectations amid what the company called a “challenging” used car market. CarMax added 1.1% in Premarket.

FedEx (FDX) — FedEx is up 3.4% in premarket trading after reporting its quarterly adjusted earnings of $6.87 per share that beat estimates by 1 percent. Shipment volumes decreased but were offset by increased freight rates and fuel surcharges. FedEx also released optimistic guidance for fiscal year 2023.

sign (SGEN) — Seagen shares jump 3.5% in pre-market activity after The Wall Street Journal reported that merck (MRK) is moving forward with a potential acquisition of the biotech company. The stock jumped last week after the newspaper’s initial report that Merck was in talks with Seagen about a potential deal.

Zendisk (ZEN) — Zendesk stock is up 56.5% in the Primarket market on reports that the software company is close to a buyout deal with a consortium of private equity firms. The Wall Street Journal reported that Hellman, Friedman and Permira were among those involved. The potential purchase comes after Zendesk announced last week that it had ended attempts to sell itself.

Microsoft (MSFT) — Microsoft gained 1.2% in the primary market after Citi called it a “best choice,” citing its attractive valuation and the company’s ability to maintain growth.

bush health (BHC) – Bausch Health has announced that Chairman Joseph Papa has resigned from the Board of Directors and was not due to any dispute or disagreement with the healthcare product maker. Investor John Paulson will become chairman of the board. Bausch Health stock jumped 3.6% in pre-market trading.

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Black Berry (BB) — BlackBerry reported an adjusted quarterly loss of 5 cents per share, matching analyst expectations, while the software company’s revenue beat estimates. Growth in automotive and cyber security products has helped BlackBerry’s results. Its stock rose 1% in the primary market.

LendingTree (tree) — LendingTree fell 7.9% in pre-market trading after the online lender cut its guidance for the current quarter. LendingTree cited recession fears, higher interest rates and inflationary factors for review.

Wolfspeed (Wolf) — The semiconductor developer has been upgraded to “buy” from “neutral” at Goldman Sachs, who said the stock’s risk-reward profile is now more attractive given the recent decline and that there is a significant earnings reversal ahead. Wolfspeed is up 4.1% in pre-market trading.

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