Aug 14, 2019

Market Insider: Stocks making the biggest moves premarket: Canada Goose, Tilray, RealReal, Qualcomm, CBS & more

Peter Schacknow

Check out the companies making headlines before the bell:
Macy’s — The retailer’s second-quarter earnings came in way below analysts’ expectations, as heavy markdowns used during the spring season to clear unsold merchandise weighed on profits. Macy’s shares tanked more than 13% on the report.
Canada Goose – The outerwear maker posted a smaller-than-expected loss for its latest quarter, with revenue well above analysts’ forecasts. Canada Goose said its sales grew in all geographical regions, and it is maintaining its prior full-year forecast.
Luckin Coffee – The coffee chain reported an adjusted quarterly loss of 48 cents per share, wider than the 43 cents a share consensus estimate. Revenue beat estimates, however, in Luckin’s first report as a public company. Luckin is rapidly opening new stores as it tries to overtake Starbucks in the China market.
Tilray – Tilray reported an adjusted loss of 32 cents per share, wider than the 25 cents a share loss that analysts were expecting. The cannabis producer’s revenue beat forecasts, and said the company would “potentially” be announcing new supply deals in the coming months.
RealReal – RealReal lost 28 cents per share for its latest quarter, 5 cents a share less than Wall Street had predicted. The online seller of secondhand luxury goods also saw revenue beat estimates, in its first quarterly report since going public in late June.
Qualcomm – Qualcomm named former Palo Alto Networks Chairman and CEO Mark McLaughlin as chairman, replacing Jeff Henderson. Former Cardinal Health CFO Henderson will remain on the board and continue to chair the chipmaker’s audit committee.
Myriad Genetics – Myriad reported adjusted quarterly profit of 41 cents per share, missing consensus estimates by 6 cents a share. The drugmaker’s revenue also came in below Wall Street forecasts. The company cited lower-than-expected reimbursements for its expanded carrier screening test, but said it is more optimistic going forward.
CBS – CBS was downgraded to “underperform” from “outperform” at Bernstein, following the announcement of its planned merger with Viacom. The price target was also cut to $46 per share from $62 a share. The firm feels CBS will lose more from inheriting Viacom’s structural problems than it will gain from any synergies.
Bristol-Myers Squibb – The drugmaker’s stock was upgraded to “overweight” from “neutral” at Atlantic Equities, which thinks the current level of the shares represents a “highly compelling value opportunity.” The firm points to increased clarity on the Celgene acquisition process, as well as strong cash-flow generation, among other factors.
WWE – Rosenblatt Securities rates the World Wrestling Entertainment parent’s stock as a “buy” in new coverage, with a price target implying 30% upside. The firm said the stock represents one of the best ways to play the “content is king” thesis.
Alcon – The eye-care products company’s stock was rated “buy” at Goldman Sachs, citing strong organic revenue growth, among other factors. Goldman also set a price target of $67 per share compared to yesterday’s close of $59.89 a share.
CNBC’s Lauren Thomas contributed to this report.

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