Aug 5, 2019

Stocks Biggest Moves Premarket: Stocks making the biggest moves premarket: Tyson Foods, Target, Berkshire, JP Morgan & more

Peter Schacknow

Check out the companies making headlines before the bell:
Tyson Foods – Tyson earned an adjusted $1.47 per share for its fiscal third quarter, 5 cents a share above estimates. Revenue was below forecasts, however, under pressure during the quarter due to increased hog costs. Poultry results were mixed, but Tyson did see strength in beef and prepared foods.
Alibaba – Jefferies began coverage on the China-based online retailer with a “buy” rating, noting dominant leadership and execution. The firm also said Alibaba will benefit in the short term from seasonal trends.
Target – The retailer’s stock was upgraded to “buy” from “hold” at Deutsche Bank, which said Target is on a profitable growth pace that can be sustained and that the stock is attractively valued.
Berkshire Hathaway – Berkshire reported quarterly profit of $2.50 per share, missing consensus estimates by 8 cents a share. Warren Buffett’s company also saw revenue fall below Wall Street forecasts. Berkshire’s results were hurt by weaker results at insurer Geico and lower cargo volumes at Berkshire’s BNSFT rail operation.
HSBC – HSBC fired CEO John Flint after only 18 months, reportedly over differences over strategy execution. Chairman Mark Tucker told Reuters a change was needed to accelerate progress in the bank’s strategic priorities.
Fox Corp. – Fox will buy online finance broker Credible Labs for $397 million in cash, as the broadcasting company searches for new sources of growth after selling film and TV assets to Walt Disney earlier this year.
JPMorgan Chase – The bank will lead an upcoming debt offering by The We Company, parent of workspace provider WeWork. Reuters reports that this puts JPMorgan in position to lead an initial public offering for WeWork later this year.
Facebook – Facebook plans to rebrand both Instagram and WhatsApp to make it clearer that they are Facebook-owned products, according to a CNET report. – Sohu reported an adjusted second quarter loss of $1.27 per share, wider than the loss of $1.11 per share anticipated by Wall Street analysts. The China-based internet firm also saw revenue come in below forecasts, with a drop in brand advertising revenue pressuring results.
Uber Technologies – Uber is unlikely to be successful in its attempt to get a new five-year license from London’s transport regulator, according to a Sky News report. Uber is said to be expecting its application to result in another short term license of less than two years.
Dollar Tree – Deutsche Bank downgraded the discount retailer to “hold” from “buy,” saying the risk/reward profile is now balanced and noting renewed concerns about the impact of tariffs.

Source: CNBC

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Latest Post Published

From The Desk of Fernando Guzmán Cavero: Notification

Dear Friends:  Soon I'll be back with you with my selected financial daily News. Please, stay tuned                                     ...