Stocks making the biggest moves premarket: WMT, CSCO, F, KO, CMCSA, JACK & more
Walmart – The retail giant reported adjusted quarterly profit of $1.14 per share, 2 cents share above estimates. Revenue also beat forecasts. US comparable-store sales were up 2.1 percent, beating consensus estimates.
Cisco Systems – Cisco reported adjusted quarterly profit of 66 cents per share, a penny a share ahead of estimates. The network equipment maker's revenue was also slightly above Street forecasts and Cisco issued current-quarter guidance is in line with estimates. The forecast is sparking concerns, however, about the pace of the company's transition to a software-focused business.
Ford – Ford will restart production of its popular F-150 pickup truck on Friday at its Dearborn, Michigan plant. Production had been halted due to parts shortages stemming from a fire at a factory run by one of its suppliers.
Coca-Cola – Barclays upgraded the beverage giant to "overweight" from "equal weight," saying Coca-Cola is executing a thoughtful and comprehensive business transformation plan that will allow it to successfully cope with a changing industry landscape.
Comcast – The NBCUniversal and CNBC parent was upgraded to "overweight" from "sector weight" at Keybanc, which said uncertainty about Comcast's future direction has pushed the stock lower and created a buying opportunity.
Take-Two Interactive – Take-Two reported quarterly profit of 87 cents per share, beating the consensus forecast of 63 cents a share. The video game maker's revenue was below estimates, however, in part from lower-than-expected sales for Take-Two's "NBA 2K" game.
Jack In The Box – The company fell 6 cents a share short of estimates, with quarterly earnings of 80 cents per share. The restaurant chain's revenue fell short of forecasts, as well. Comparable-restaurant sales fell 0.1 percent compared to a year earlier, and Jack In The Box said it expected comparable sales for the current quarter as well as the full year to be between flat and up one percent.
Royal Bank of Scotland – The bank's lawyers asked an ex-employee to destroy confidential documents, according to a letter seen by Reuters. A spokesman for the bank denied any wrongdoing.
Kroger – The supermarket operator signed a deal to use the delivery technology of British online supermarket Ocado for grocery deliveries in the U.S.
Alphabet – Alphabet's YouTube operation will launch a new music streaming service called YouTube Music on May 22.
Facebook – Proxy firm ISS recommended Facebook shareholders withhold support for five directors, including CEO Mark Zuckerberg, ahead of Facebook's May 31 annual meeting.
Xerox – Xerox named John Visentin as its new CEO, after abandoning its deal to give control of the company to Japan's Fujifilm. Visentin had been hired last year by major Xerox investor Carl Icahn in his quest to push for change at the company.
CBS – A judge will rule Thursday on a request by CBS to keep controlling shareholder Shari Redstone from interfering with a planned special board meeting. Redstone wants to stop that meeting, at which CBS directors will consider a proposal that would dilute Redstone's voting power.
Allergan – Allergan was sued by Walgreen, Albertsons, and HEB Grocery, accusing it of antitrust violations in trying to prevent sales of generic versions of Allergan's Restasis. The drug is used to treat dry eye disease.
Southwest Airlines – The airline said it had completed engine inspections across its fleet, following a fatal accident on a flight last month. CEO Gary Kelly said a small number of engine fan blades have been sent back to the manufacturer for further tests.
Molson Coors – Molson Coors was downgraded to "hold" from "buy" at Stifel Nicolaus, which points to the lack of expansion opportunities for the beer brewer.