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Dec 20, 2018

Stocks making the biggest moves premarket: WBA, BB, MO, ACN & more

Peter Schacknow


Check out the companies making headlines before the bell:

Walgreens Boots Alliance – Walgreens earned an adjusted $1.46 per share for its latest quarter, 3 cents a share above estimates. Revenue also came in above analysts’ forecasts and the company announced plans to cut $1 billion in costs. Separately, Walgreens announced a strategic partnership with Alphabet’s Verily unit. The two will collaborate on multiple projects aimed at improving health care treatment and lowering the cost of care.
Accenture – The consulting firm reported quarterly profit of $1.96 per share, 10 cents a share above estimates. Revenue also topped Street forecasts, boosted by improvements in digital and cloud services.
BlackBerry – BlackBerry beat estimates by 3 cents a share, with adjusted quarterly profit of 5 cents per share. Revenue beat estimates, as well. An improvement in automotive services revenue was among the factors helping the bottom line.
Conagra Brands – The food producer earned an adjusted 67 cents per share for its fiscal second quarter, 12 cents a share above estimates. Revenue was below Wall Street forecasts, however, but the company reaffirmed its fiscal 2019 guidance for its legacy brands.
Altria – The tobacco producer will pay $12.8 billion to take a 35 percent stake in e-cigarette maker Juul. The deal values Juul at $38 billion, well above July’s $16 billion valuation.
Newell Brands — Investor Carl Icahn increased his stake in the household products maker to 9.89 percent from the previously reported 8.1 percent stake.
AB InBev, Tilray – The beer brewer and the cannabis producer announced a partnership to research non-alcohol beverages containing marijuana ingredients THC and CBD. For now, the partnership is limited to Canada.
Herman Miller – Herman Miller reported adjusted quarterly profit of 75 cents per share, 3 cents a share above estimates. The office furniture maker’s revenue also came in above Wall Street forecasts. The company is also forecasting better-than-expected earnings for the current quarter.
Pier 1 Imports — Chief Executive Officer Alasdair James has resigned. The home furnishings retailer has appointed board member and former Popeyes CEO Cheryl Bachelder as interim CEO, and also said it is examining strategic alternatives including a possible sale.
Humana – The health insurer’s stock was upgraded to “overweight” from “neutral” at JPMorgan Chase, which cites a number of factors including valuation. The health insurer’s stock has fallen about 8 percent over the past month.
PPG Industries – PPG was upgraded to “outperform” from “sector perform” at RBC Capital Markets, which said the involvement of activist investor Trian in the paint and coatings maker is a positive factor.
Celanese Celanese will replace Express Scripts in the S&P 500, following the completion of Cigna’s deal to acquire Express Scripts. The chemical maker will join the benchmark index on December 24.
Rite Aid – Rite Aid reported adjusted quarterly profit of a penny a share, beating the Street consensus of a breakeven quarter. The drugstore chain’s revenue was in line with estimates and Rite Aid announced an extension of its drug supply agreement with McKesson.

Source: CNBC

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