Premarket Movers: Neogen Jumps on Raised Guidance, Caribou Biosciences Sinks
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US stock futures pointed lower before Wednesday's open. Dow futures fell 0.58%, with S&P 500 futures off 0.32% and Nasdaq 100 futures down 0.7% as of 7:17 a.m. ET. Rebounding Treasury yields and firmer oil kept investors cautious ahead of Federal Reserve minutes later in the session.
Caribou Biosciences sank 35.7% before the bell. The gene-editing company plans to discontinue its two cell therapy programs as part of a review of strategic alternatives.
Neogen jumped 11% after raising its guidance for the fiscal year.
Constellation Brands fell 5% even though results topped expectations. Beer operating margins narrowed and depletions declined, taking some of the shine off the earnings beat.
Penguin Solutions climbed 4.7% after reporting better-than-expected fourth-quarter results and raising its full-year revenue forecast.
Chip names lead the retreat
Chip stocks were among the morning's biggest drags. Micron fell in premarket trading, while Advanced Micro Devices, Broadcom and Marvell each slipped between 1.3% and 2.1%.
Flutter Entertainment gained close to 3% after Citi upgraded the betting operator to buy from neutral.
Precigen fell 7.3% and LiveWire Group dropped 6.1% among the morning's steeper decliners. Harmony Gold slid 4.8%.
Constellation Energy fell 2.15% premarket, handing back part of Tuesday's gains. Quanta Services also edged lower alongside other grid-related names.
SpaceX fell 2.3% following reports that the company is preparing to raise debt. Investors now turn to the Federal Reserve minutes due later Wednesday for the next read on the rate path.
