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Aug 1, 2019

Stocks making the biggest moves premarket: Verizon, Cigna, Clorox, Dunkin', Yum, Wayfair & more

Peter Schacknow



Check out the companies making headlines before the bell:
Verizon – Verizon reported adjusted quarterly profit of $1.23 per share, 3 cents a share above estimates. Revenue came in below Wall Street forecasts, however. Verizon added a net 245,000 phone subscribers during the quarter, above the 163,000 that analysts surveyed by FactSet had been forecasting.
Cigna – The insurer earned an adjusted $4.30 per share for the second quarter, beating the consensus estimate of $3.74 a share. Revenue also exceeded forecasts, with overall results getting a boost from strength in Cigna’s health-services unit.
Clorox – The household products maker beat estimates by 5 cents a share, with quarterly profit of $1.88 per share. Revenue missed forecasts, however, and Clorox gave a weaker-than-expected fiscal 2020 forecast on weakness in its household segment as well as unfavorable exchange rates in certain markets.
Dunkin’ Brands – The restaurant chain came in 4 cents a share above estimates, with second-quarter profit of 86 cents per share. Revenue was short of forecasts, however. Comparable sales at U.S. Dunkin’ locations rose 1.7%, better than expected, but comparable sales at U.S. Baskin-Robbins locations were short of forecasts.
DuPont – DuPont, one of the companies that emerged from the breakup of DowDupont, reported adjusted quarterly profit of 97 cents per share, 13 cents a share above estimates. The specialty materials maker saw revenue fall short of forecasts, however, and said it expects organic sales to fall slightly this year.
Wayfair – The luxury home goods retailer lost $1.35 per share for its latest quarter, matching Street forecasts. Revenue beat estimates, but the bottom line was impacted by a more than 50% increase in operating expenses.
Yum Brands – The restaurant chain beat consensus by 6 cents a share, with adjusted quarterly profit of 93 cents per share. Revenue beat estimates as well. Comparable-restaurant sales rose 5%, beating the forecast of 3.1% by analysts surveyed by Refinitv.
Qualcomm – Qualcomm reported adjusted quarterly profit of 80 cents per share, 5 cents a share above Street forecasts. The chipmaker’s revenue came in below estimates and the company gave a current-quarter earnings forecast that falls largely below consensus, as it strips out business from China’s Huawei Technologies.
Fitbit – Fitbit lost 14 cents per share for its latest quarter, 4 cents a share less than Wall Street had projected. The fitness-device maker saw revenue beat estimates, however Fitbit cut its full-year sales forecast on disappointing sales of its new Versa Lite smartwatch.
Thomson Reuters – Thomson Reuters raised its sales and profit outlook for 2019 and 2020 after reporting a 4% increase in organic revenue for the second quarter, its biggest rise since 2008. Separately, Thomson Reuters and co-owner Blackstone finalized a deal to sell their Refinitiv data business to London Stock Exchange for $27 billion in stock.
Las Vegas Sands, Wynn Resorts – The casino operators are on watch after new numbers showed gaming revenue in Macau dropped 3.5% from a year earlier, slightly below analysts’ forecasts.
Amazon.com – Amazon is in early-stage talks to buy a 26% stake in India’s Reliance Industries, according to the Economic Times. Reliance is India’s largest brick and mortar retailer.
Beyond Meat – Beyond Meat priced a secondary offering of 3.25 million new shares at $160 per share, 18.6% below Wednesday’s closing price for the plant-based burger maker’s stock.
BlackRock – The asset management firm is no longer in talks to buy private-equity firm Pamplona’s stake in cybersecurity firm Cofense, according to The Wall Street Journal. BlackRock already holds a stake in Cofense, and the potential deal was designed to address national security concerns expressed by government officials about Pamplona and its links with wealthy Russians, according to the paper.

Source: CNBC

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