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Dec 21, 2018

Stocks making the biggest moves premarket: KMX, NKE, HPE, IBM, CPB & more

Peter Schacknow



Check out the companies making headlines before the bell:

CarMax – The auto retailer reported quarterly profit of $1.09 per share, 9 cents a share above estimates. Revenue was short of forecasts, however, as same-store sales declined by 1.2 percent.
Nike – Nike reported quarterly profit of 52 cents per share, 6 cents a share above estimates. The athletic apparel and footwear maker’s revenue also beating Wall Street forecasts amid strong worldwide demand. CEO Mark Parker told CNBC the ongoing trade dispute with China has not impacted its business in that country.
Hewlett Packard Enterprise, IBM – The two companies had their computer networks breached by China-backed hackers, according to a Reuters report. The hackers reportedly then went on to gain access to the networks of HPE and IBM clients.
Campbell Soup – Campbell named former Pinnacle Foods CEO Mark Clouse as its new chief executive officer. According to sources quoted by Reuters, Clouse has the support of major Campbell shareholder Third Point, which has been pushing for change and a possible sale of the company.
Altria – Citi downgraded the tobacco producer to “sell” from “neutral,” saying Altria’s purchase of a 35 percent stake in Juul signals a lack of confidence in its core business.
Credit Suisse, Deutsche Bank, UBS, Barclays – The four European banks were warned by the Federal Reserve and FDIC of flaws in their “living wills,” which plan for a winding down in the event of a financial crisis.
Goldman Sachs — Singapore has expanded its criminal probe over Malaysian investment fund 1MDB to include Goldman, according to Bloomberg. And Malaysia wants Goldman to pay $7.5 billion over its involvement in 1MDB, according to a story in today’s Financial Times.
Cintas – Cintas reported adjusted quarterly profit of $1.76 per share, 6 cents a share above estimates. The provider of uniforms and business supplies also raised its fiscal 2019 guidance.
Zynga – Zynga is buying a majority stake in Finland’s Small Giant Games for about $700 million, in a move to bolster its mobile game lineup. The acquisition is Zynga’s largest ever.
Raytheon – The defense contractor won a $568 million Pentagon contract for modifications to a Patriot missile defense system it is building as part of a foreign military sale.
Lockheed Martin – Lockheed was awarded a $997 million Air Force contract for F-16 aircraft upgrades.

Source: CNBC

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