Check out the companies making headlines before the market opens. PVH – Shares of the parent company of Calvin Klein and Tommy Hilfiger fell more than 21% due to weak first-quarter and full-year revenue guidance. The retailer beat quarterly forecasts for revenue and profit but warned of tougher macroeconomic conditions, with Europe particularly weak. Humana, UnitedHealth — Health insurance managed care stocks fell after the Centers for Medicare and Medicaid Services announced rates would increase 3.7% in 2025 as previously proposed. Some investors had expected a larger rate hike. Humana fell 9.6% and CVS Health fell 5.3%. UnitedHealth Group fell 4%. Estée Lauder – shares rose more than 2% after Citi upgraded the stock to buy from neutral. The Wall Street bank said Estée Lauder is approaching an inflection point as channel inventories and its financial position normalize. Blackstone — Blackstone shares fell 1% after UBS downgraded the alternative asset manager to neutral, saying the stock could come under pressure from a slow recovery in the housing market. Shares of Trump’s media and technology company, Truth Social Holdings, fell more than 2%. On Monday, the company disclosed that its 2023 revenue would be less than $5 million, sending its shares further down by more than 21%. GRAPHIC – Shares of the medical scrub maker fell 4.5% after Bank of America downgraded the stock to underperform. The surge in demand triggered by the pandemic has subsided, and health care workers are facing a tougher macroeconomic environment. GE Aerospace – Shares of General Electric rose 0.6% after the company completed the divestment of its energy business from its aerospace business. GE Vernova will begin trading on the New York Stock Exchange under the ticker symbol GEV, while General Electric (later to become GE Aerospace) will retain the ticker symbol GE. ChampionX — Shares of the oilfield equipment maker rose 10% on news that SLB would be acquired for $7.7 billion in an all-stock deal. The transaction is expected to close by the end of 2024. —CNBC’s Sarah Min, Hakyung Kim and Jesse Pound contributed reporting.
