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 Medicare will limit coverage for Aduhelm, Biogen’s Alzheimer’s treatment. Coverage is provided only to patients participating in clinical trials.

Spirit Airlines (SAVE) – Spirit said it will begin talks with JetBlue (JBLU) over its rival’s $3.6 billion takeover bid. Spirit had approved the acquisition by Frontier Airlines parent Frontier Group (ULCC) earlier this year, but said the JetBlue offering could lead to a “superior proposal”. Spirit was up 1.4% in premarket trading, while JetBlue added 1% and Frontier was up 2.5%.

Robinhood Markets (HOOD) – Shares of the operator of the financial services and stock trading platform fell 4.1% in the premarket after Goldman Sachs lowered it from “sell” to “neutral.” Goldman believes the consensus estimates for Robinhood are too high and sees a high bar for the company to turn profitable by 2023.

WD-40 (WDFC) – WD-40 rose 9.5% in the premarket after better-than-expected quarterly results and revenues. The lubricant maker earned $1.41 a share for the quarter, 40 cents above estimates, though it lowered its expectations for the full year slightly due to inflation concerns.

Designer Brands (DBI) – The footwear and accessories retailer raised its full-year earnings outlook and recovered its quarterly dividend after a two-year hiatus. The optimistic forecast comes ahead of the company’s annual investor day. Shares of Designer Brands rose 4.6% in the premarket.

Kroger (KR) – The supermarket operator’s shares added 2.6% in premarket action after Bank of America Securities upgraded it from “buy” to “neutral.” BofA said increased food inflation will be one of several earnings upside drivers.

CrowdStrike (CRWD) – CrowdStrike rose 3.7% in premarket action after the cloud computing company was cleared to protect critical assets from the US Department of Defense.

Workday (WDAY) — The finance and human resources software company signed a new $1 billion credit agreement with lenders, replacing a previous credit pact.

PriceSmart (PSMT) – PriceSmart beat estimates by 3 cents with quarterly earnings of $1.03 a share and discount store sales were slightly above Wall Street’s forecasts. Merchandise sales topped $1 billion for the first time, and membership levels also set a record.

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