FedEx (FDX)

FedEx tanked 20.3% in the premarket after issuing a profit
warning due to declining package delivery volumes around the world. The news
has raised the fears of a slowing global economy, pulling the shares of other
logistics companies like United Parcel down 6.8% and XPO Logistics down by
4.2%.

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NCR (NCR)

NCR slumped 15.8% in the premarket after announcing plans
to separate into two different publicly traded companies. One company will
focus on the flagship ATM business and the other on digital commerce.

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Uber Technologies (UBER)

Uber lost 4% in the premarket after the company said it was
investing in a cybersecurity incident after a hacker claimed access was gained
to the ride-sharing company’s computer systems.

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International Paper (IP)

Shares of the packaging and paper products company fell
4.6% in premarket action after Jefferies downgraded the stock to underperform
from hold. The firm cited decelerating orders and an inventory glut in the
industry. For similar reasons, Jefferies downgraded Packaging Corporation of
America (PKG) to “underperform” from “hold” and cut earnings estimates for
WestRock (WRK). Sentiment around the packaging companies is also being hit by
the FedEx profit warning. Packaging Corp. shed 4.3% and WestRock fell 2.3%.

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General Electric (GE)

The stock fell 4.5% in premarket trading after Chief
Financial Officer Carolina Dybeck Happe said at an investment conference that
supply chain issues are still affecting the company’s ability to deliver
products to customers on time. As a result, the company’s cash flow remains
under pressure.

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AstraZeneca (AZN)

AstraZeneca added 1.6% in premarket action after the drug
maker received EU approval for its Covid-19 antibody cocktail.

Extra Space Storage (EXR)

Shares of the self-storage properties operator rose 2.9% in
premarket action after it announced a deal worth $590 million to acquire rival
Storage Express.

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Alcoa (AA)

The stock added 1.1% in premarket trading after Morgan
Stanley upgraded the aluminum producer to “overweight” from “equal-weight”.
Morgan Stanley is concerned about the mining sector despite strong balance
sheets and cheap valuations but sees “deep value” opportunities in Alcoa and
some others.