Check out the companies making headlines before the bell. QXO — The building products distributor added 4.8% after announcing it would acquire rival Beacon Roofing Supply in a deal worth $11 billion. The deal is expected to close by the end of April. Shares of Beacon were trading 2% higher. PDD Holdings — The Temu parent company tumbled 6% after reporting lower-than-expected earnings in the fourth quarter. PDD posted adjusted earnings of 18.53 yuan per share on revenue of 110.6 billion yuan, or $15.2 billion. Analysts polled by FactSet expected earnings of 19.85 yuan per share on revenue of 113.6 billion yuan. Five Below — Shares climbed 7.8% after the discount retailer posted a fourth-quarter earnings and revenue beat. In its last quarter Five Below reported earnings of $3.48 per share on revenue of $1.39 billion, while analysts polled by LSEG had expected earnings of $3.37 per share and revenue at $1.38 billion. Tesla — Shares of the electric vehicle maker dropped 2.7% after Tesla recalled 46,096 Cybertruck vehicles in the U.S. to fix an exterior trim panel that could detach while driving and become a road hazard. This latest recall adds to a series of call-backs for the pickup truck since 2024. Cava — The Mediterranean fast-casual chain popped 2.5% following an upgrade to overweight from neutral at JPMorgan. Analyst John Ivankoe called the stock a “buy now and own for the long term.” Microchip Technology — The semiconductor manufacturer slipped 4.9% after announcing a $1.35 billion convertible stock offering plan. Microchip said it would use part of the net proceeds to repay existing debt and pay the cost of capped call transactions, a type of derivative instrument. Coty — The beauty and cosmetics maker popped 3.4% after Citi upgraded shares to buy from neutral. Analyst Filippo Falomi said that the stock offered an idiosyncratic opportunity for investors, since the sale of its stake in haircare brand Wella by year’s end didn’t seem to be fully reflected in Coty’s current valuation. Boston Beer — Shares ticked 2.2% higher following Citi’s upgrade to buy from neutral. Citi said 2025 could bring a return to volume growth for the Twisted Tea and Truly parent. Carvana — Shares of the used car platform added 2.6% on the back of an upgrade at Piper Sandler to overweight from neutral. The firm said Carvana is “insulated” from tariff threats and is now in a position to grow. Freeport-McMoRan — Shares gained 1.6% after JPMorgan upgraded the American mining company to overweight from neutral, saying that the “tariff risk is likely to maintain premium pricing for the company’s U.S.-based footprint for the foreseeable future.” The company’s $52 price target implies roughly 30% upside from Wednesday’s close. Stellantis — The automaker slipped 4% following a downgrade to neutral from overweight at Piper Sandler. Analyst Alexander Potter said that there was now too much uncertainty for him to continue recommending Stellantis. ProAssurance — The insurer rallied nearly 50% on news it will be acquire by The Doctors Company, a malpractice insurer, for $25 per share. The cash deal, expected to close in the first half of 2026, values ProAssurance at about $1.3 billion. Rivian — Shares shed 2.5% after Piper Sandler downgraded the electric vehicle maker to neutral from overweight. The firm said that while Rivian had a “favorable multi-year outlook,” there were a lack of catalysts for the stock in 2025. Darden Restaurants — Shares of the Olive Garden parent fell nearly 2% on mixed quarterly results. The company earned $2.80, excluding certain items, beating an LSEG forecast of $2.79 per share. Revenue of $3.16 billion, however, was just short of a consensus estimate of $3.21 billion. Comparable restaurant sales also increased less than expected. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Sarah Min and Pia Singh contributed reporting.
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