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 callbacks 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 Falorni said the stock offered an idiosyncratic opportunity for investors, since the sale of its stake in hair-care 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 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 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.
