Stocks moving most significantly premarket: General Mills, FedEx & Adobe

September 23, 2021: -Shares of General Mills added 1.7% in the premarket after the food company reported more than the expected earnings quarterly. General Mills posted adjusted earnings of 99 cents per share compared with the analyst consensus of 89 cents for each share, according to StreetAccount. Quarterly revenue was on the top of the projections.

Adobe shares decreased 3.7% in early morning trading despite the software company’s quarterly financial results beating Wall Street expectations. The company reports earnings of $3.11 per share on revenue of $3.94 billion. Analysts expect that the earnings of $3.01 per share on revenue of $3.89 billion, according to Definitive.

FedEx shares dropped 6.1% in premarket trading after the company’s quarterly earnings missed expectations. The transport company reports an earning of $4.37 a share, 54 cents below the Refinitiv analyst consensus.

After reporting a surprise profit in the fiscal fourth quarter, Stitch Fix shares surged 12.8% in early morning trading. The online shopping and styling service reported earnings of 19 cents per share versus an expected loss of 13 cents for each share, according to Refinitiv. Stitch Fix also topped revenue projections and informed 18% year-over-year growth inactive clients.

Hyatt Hotels shares fell down 1.2% in the premarket after the hotel corporation announced a public offering of 7 million Class A common shares to fund a portion of its anticipated acquisition of Apple Leisure Group.

Disney shares went up to 0.9% in the premarket after Credit Suisse said the selloff in Disney the day prior was an overreaction, and the stock could rebound over 27%. On Tuesday, shares of the media and entertainment giant retreated more than 4% after CEO Bob Chapek warned of headwinds on subscription video streaming growth in the fourth quarter and projected lower-than-expected fourth-quarter subscriber growth.

SoFi has increased 3.4% after Jefferies initiated the personal finance app with a buy rating, saying the stock can increase over 60% in the next 12 months. “We believe that ‘Flywheel,’ SoFi’s synergistic business model, will continue to drive significant user growth, product adoption, and margin expansion,” Jefferies said.