Premarket Movers: Neogen Surges on Guidance Hike; Constellation Brands Dips Despite Beat

Neogen Corp. shares jumped 11% after the food safety company raised its fiscal year revenue guidance. The company now expects revenue between $885 million and $890 million, up from a prior range of $880 million to $885 million and above the FactSet consensus of $883.2 million.

Penguin Solutions advanced over 4% after fourth-quarter results topped estimates. The AI factory platform builder posted adjusted earnings of $1 per share on revenue of $566.7 million, compared to analyst expectations of 77 cents per share and $521 million in revenue.

Constellation Brands slipped 5% despite reporting fiscal second-quarter results that beat estimates. The beer distributor earned $3.74 per share on revenue of $2.63 billion, exceeding forecasts of $3.56 per share and $2.54 billion in revenue. However, beer operating margins contracted by 160 basis points year-over-year, and depletions—a key demand metric—dipped slightly from the prior year.

Flutter Entertainment, parent of FanDuel, rose nearly 3% following a Citi upgrade to Buy from Neutral. Analysts at Citi argued that recent share price weakness driven by concerns over Brazil and September U.S. sports results is overblown.

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