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Apr 26, 2019

Market Insider I Stocks making the biggest moves premarket: Amazon, Intel, Ford, Qorvo, Mattel & more

Fred Imbert



Check out the companies making headlines before the bell:

Amazon — The e-commerce giant reported earnings per share that easily beat analysts’ expectations. The company’s quarterly revenue came in just above expectations, however, as growth slows to its lowest level since the first quarter of 2015.
Ford Motor — Ford shares jumped more than 7% in the premarket on the back of better-than-expected first-quarter results. The automaker posted earnings per share of 44 cents on revenue of $37.24 billion. Analysts polled by Refinitiv expected a profit of 27 cents per share on sales of $37.08 billion. Ford’s results were boosted by strong demand for its pickup trucks and SUVs in North America.
Qorvo — The Apple supplier’s stock was downgraded to “sector weight” from “overweight” at KeyBanc Capital Markets, with an analyst noting: “Our recent supply chain checks indicated that the situation has changed and that AVGO is likely to regain 100% market share of the mid/high-band PAD in the 2019 iPhone.”
Intel — The Dow component reported better-than-expected earnings for the first quarter, but those numbers were overshadowed by a weak revenue forecast for 2019. Intel said it expect sales to total $69 billion for 2019, below an estimate of $71.05 billion. Intel shares fell more than 7% before the bell.
Mattel — The toymaker’s stock jumped 9% in the premarket, boosted by the company’s better-than-expected results for the previous quarter. Mattel reported a loss of 44 cents a share on revenue of $689 million. Analysts polled by Refinitiv expected a loss of 56 cents a share on revenue of $645 million. The company said demand for its Barbie dolls, along with toys based on movies like and “Toy Story” boosted the Mattel’s results.
Western Digital — Baird downgraded the chipmaker’s shares to “underperform” amid concerns over an increasing “disconnect between significant stock appreciation YTD and a continued deterioration in NAND flash fundamentals.” The firm also cut its price target on Western Digital to $40 a share from $50 a share.
Starbucks — Starbucks posted quarterly earnings that topped analysts’ expectations and hiked its full-year outlook. The company highlighted strong sales in China and the U.S. But Starbucks shares dipped 0.4% as its quarterly revenue numbers disappointed analysts.
American Airlines — The airline reported mixed quarterly results, with its earnings per share topping estimates while revenue missed. American Airlines also said it took a $350 million pretax hit due to the grounding of Boeing’s 737 Max jet. The company also hiked its fuel cost guidance for the year, citing higher oil prices.
FedEx — An analyst at UBS downgraded FedEx to “sell” from “neutral,” citing worries that the company’s challenges in its Ground & Express businesses “may last longer” than expected.
—CNBC’s Vincent Caruso contributed to this report.

Source: CNBC

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