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Sanmina Corp. said Thursday that it will appoint Chief Financial Officer Bob Eulau as chief executive officer, effective Oct. 2. He will replace current CEO Jure Sola, who will assume the role of executive chairman on Oct. 2. Sola has been CEO since 1991, and Eulau has been CFO since September 2009. “Bob and I have collaborated for the last eight years and he has been instrumental in the successful transformation of Sanmina, making this a perfect time for him to become Sanmina’s next chief executive officer,” Sola said. The electronics contract manufacturer’s stock, which was still inactive in premarket trade, has gained 4.4% year to date through Wednesday, while the S&P 500 has climbed 8.7%.

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Fred’s Inc. said Thursday that June sales were lower than expected, and are expected to hurt fiscal second-quarter results to the point that the drug store chain no longer expects improvement from the sequential first quarter. Total sales for the month fell 5.3% from a year ago to $197.5 million, while same-store sales declined 1.6%. company said combined pharmacy same-store sales increased 3.5%, but front store sales continued to face headwinds in consumer consumables categories, and with cooler than average temperatures hurting summer seasonal sales. “Our lower than anticipated June sales and the headwinds we are facing will impact our second quarter results, and we no longer expect sequential improvement from the first quarter,” said Chief Executive Michael Bloom. The stock, which was still inactive in premarket trade, has plunged 60% year to date through Wednesday, while the SPDR S&P Retail ETF has lost 8.5% and the S&P 500 has gained 8.7%.

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Costco Wholesale Corp. shares are up 2.5% in Thursday premarket trading after the company reported June sales of $12.17 billion, up 7% from $11.33 billion the year before. Same-store sales for the five weeks ending July 2 were up 6% in total, and 6.5% in the U.S. For the 44 weeks ending July 2, sales were $104.28 billion, up 6% from $98.51 billion year over year. Costco’s stock is down 1.3% for the year so far while the S&P 500 index is up 8.7% for the period.

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American International Group Inc. said it has named Peter Zaffino as its new chief operating officer, effective August 1. Zaffino comes to the role from Marsh LLC, a unit of insurance brokerage Marsh & McLennan Cos. Inc. , where he was chief executive. Zaffino has also done stints at Guy Carpenter & Co. and at a GE Capital portfolio company. He will have a base salary of $1.25 million, a short-term annual bonus target of $3 million and an annual long-term incentive award of $4.25 million. The executive will also receive a signing-on bonus of $15 million, partly in the form of stock options. AIG shares were slightly lower premarket, but are down 3.8% in 2017, while the S&P 500 has gained 8.7%.

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Shares of Egalet Corp. plunged 27% toward a record low in premarket trade Thursday, after the developer of pain treatment drugs announced a public offering of common stock. The company said late Wednesday the size of the offering was subject to market conditions. The company had 25.6 million shares outstanding as of May 10. Egalet said it plans to use the proceeds of the offering to support commercial sales and marketing with respect to Arymo ER (morphine sulfate) extended-release tablets for oral use, Sprix (ketorolac tromethamine) nasal spray and Oxaydo (oxycodone HCI) tables and for general corporate purposes. The stock was trading at $1.85, below the previous record close of $2.14 on June 1. The stock has plummeted 67% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has climbed 11% and the S&P 500 has gained 8.7%.

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L Brands Inc. shares fell 3.9% in Thursday premarket trading after it announced June sales of $1.21 billion, a 6% decline from a year ago. L Brands portfolio includes Victoria’s Secret and Bath & Body Works. Same-store sales for the five weeks ending July 1 fell 9%. The company said exiting the swim and apparel categories hurt total company and Victoria’s Secret same-store sales by 7 percentage points and 10 percentage points respectively. Sales of $4.42 billion for the 22 weeks ending July 1 were a 6% decline from the $4.73 billion the year prior. Same-store sales for the period fell 9%. L Brands shares are down 21% for the last year while the S&P 500 index is up nearly 16% for the period.

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Shares of Tesla Inc. dropped 2.5% in premarket trade Thursday, extending the previous session’s sharp selloff, after the electric car maker’s Model S failed to receive a top safety award from the Insurance Institute for Highway Safety (IIHS). After tumbling 7.2% on Wednesday, the stock was on track to open Thursday 17% below its June 23 record close of $383.45. The IIHS said the Model S didn’t qualify for any award because it only earned an “acceptable” rating in the small overlap front test. “The main problem with the performance of the Model S was that the safety belt let the dummy’s torso move too far forward, allowing the dummy’s head to strike the steering wheel hard through the airbag,” IIHS’s report said. Although Tesla made changes to the safety belt in vehicles built after January, when IIHS tested the modified Model S, the same problem occurred. The cars that did receive “Top Safety Pick+” awards were Ford Motor Co.’s Lincoln Continental, Daimler AG’s Mercedes-Benz E-Class and Toyota Motor Corp.’s Avalon. Other cars that failed to receive any award were General Motors Co.’s Chevrolet Impala and the Ford Taurus. Tesla’s stock has rallied 53% year to date through Wednesday, while the S&P 500 has gained 8.7%.

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The EU antitrust watchdog has opened formal probes into General Electric Co. , Merck KGaA , Sigma-Aldrich and Canon Inc. , alleging they broke merger rules in recent acquisitions. The EU competition commission said General Electric, and Merck and Sigma-Aldrich all provided incorrect or misleading information, while Canon went through with a merger before notification and clearance. “We can only do our job well if we can rely on cooperation from the companies concerned — they must obtain our approval before they implement their transactions and the information they supply us must be correct and complete,” said Competition Commissioner Margrethe Vestager, in a statement. The three mergers include Merck’s takeover of Sigma-Aldrich, General Electric’s planned acquisition of LM Wind and Canon’s deal to buy Toshiba Medical Systems Corporation. The EU commission said the probes won’t impact the approval process. Shares of Merck were down 1.3% in Germany, while GE was slightly higher in U.S. premarket action. Canon shares were closed for trade at the time of the release and Sigma-Aldrich is owned by Merck.

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The third try was a charm Wednesday, as Elon Musk’s SpaceX successfully launched a Falcon 9 rocket carrying a communications satellite after two planned launches earlier this week were scrubbed in the final seconds. The satellite, called Intelsat 35e, from satellite communications provider Intelsat SA , weighs more than 13,000 pounds, making it one of the heaviest payloads SpaceX has launched. The rocket took off from Cape Canaveral, Fla., but won’t land and be reused, since the heavier payload will require it to use all its fuel for the launch itself. It was the third successful launch for the Southern California-based company in three weeks, and its 10th mission this year.

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