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Aug 8, 2019

Market Insider: Stocks making the biggest moves premarket: Cardinal Health, Viacom, Roku, IAC, Lyft, Zillow & more

Peter Schacknow





Check out the companies making headlines before the bell:
Cardinal Health – The drug distributor beat estimates by 18 cents a share, with adjusted quarterly earnings of $1.11 per share. Revenue beat forecasts as well. The company said it “still has work to do” but is now positioned for growth in an evolving health-care environment.
Kontoor Brands – The maker of Lee and Wrangler jeans reported adjusted quarterly profit of 96 cents per share, compared to a consensus estimate of 67 cents a share. Revenue was also above forecasts, although sales were impacted by the bankruptcy of a major customer as well as a stronger dollar. The report was Kontoor’s first since being spun off from VF Corp. earlier this year.
Norwegian Cruise Line – The cruise line operator came in 4 cents a share above estimates, with adjusted quarterly profit of $1.30 per share. Revenue also beat estimates. Norwegian said demand was “robust,” but issued a full-year earnings forecast slightly below consensus as it sees an impact from the cancellation of Cuba sailings.
Viacom – The media company reported adjusted quarterly profit of $1.20 per share, 13 cents a share above estimates. Revenue also topped forecasts, helped by a return to growth for domestic ad sales.
Party City – The party supplies retailer fell 14 cents a share shy of consensus forecasts, with adjusted quarterly profit of 22 cents per share. Revenue also missed forecasts. The company also gave a lower-than-expected full-year forecast, as it sees an impact from on ongoing helium shortage and higher freight costs. Separately, Party City agreed to sell its Canadian business to Canadian Tire for $131 million.
Vitamin Shoppe – The nutritional products retailer agreed to be bought by Liberty Tax for $208 million in cash, or $6.50 per share. The price represents a 43% premium to yesterday’s closing price for Vitamin Shoppe.
Roku – Roku reported a quarterly loss of 8 cents per share, smaller than the 22 cents a share loss anticipated by analysts. The video streaming device maker also saw revenue beat estimates, as it added 1.4 million net new accounts during the quarter.
IAC/InterActiveCorp – IAC earned an adjusted $1.19 per share for its latest quarter, with the internet holding company’s revenue slightly above Wall Street forecasts. Separately, IAC said it is considering distributing its stakes in Match Group and ANGI Homeservices to shareholders.
Lyft – Lyft lost 68 cents per share for the second quarter, less than half the $1.74 per share loss predicted by analysts. The ride-hailing service’s revenue came in well above estimates, as active riders increased by 41% compared to a year earlier.
Symantec – The cybersecurity firm is near a deal to sell its enterprise unit to chip maker Broadcom, according to The Wall Street Journal. The division could be valued at about $10 billion, according to people familiar with the matter.
Salesforce.com – Salesforce is buying Israel-based software developer ClickSoftware for $1.35 billion in cash and stock. ClickSoftware makes cloud-based field service management software, which will become part of Salesforce’s Service Cloud platform.
Advanced Micro Devices – AMD released its newest chip for data centers and said it won Alphabet’s Google unit and Twitter as customers for the chip.
Zillow – Zillow lost 14 cents per share for its latest quarter, a penny a share less than expected. The real estate website operator’s revenue exceeded estimates, however the shares are under pressure on lower-than-expected guidance, particular for Zillow’s Premier Agent business.
Fox Corp. – Fox beat estimates by 3 cents a share, with adjusted quarterly profit of 62 cents per share. The media company’s revenue also beat estimates, boosted by higher fees from cable and satellite operators as well as other program distributors.
Booking Holdings – Booking Holdings earned an adjusted $23.59 per share for its latest quarter, compared to a consensus estimate of $22.71 a share. The parent of Priceline and other online travel services saw revenue beat estimates as well,  in what the company called a solid start to the summer travel season.
TripAdvisor – TripAdvisor fell 6 cents a share short of forecasts, with adjusted quarterly profit of 45 cents per share. The travel website operator’s revenue also came in short of analysts’ expectations.


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