Sep 4, 2019

Market Insider I Premarket Biggest Moves: Stocks making the biggest moves premarket: Kroger, Tapestry, Navistar, Zillow, Box & more

Peter Schacknow

Check out the companies making headlines before the bell:

Tapestry – The Coach and Kate Spade parent named Chairman Jide Zeitlin as its new chief executive officer. He succeeds Victor Luis, who had been in the CEO job for 13 years. Zeitlin will remain as chairman in addition to assuming CEO duties.
Michaels Cos. – The arts and crafts retailer beat estimates by 5 cents a share, with adjusted quarterly profit of 19 cents per share. Revenue also beat forecasts. Michaels also reported a 0.3% increase in comparable-store sales, compared to predictions of a 1% drop from analysts surveyed by Refinitiv.
Navistar – The truck maker reported quarterly profit of $1.56 per share, beating the consensus estimate of $1.22 a share. Revenue topped forecasts, as well, and Navistar raised its guidance for full-year truck deliveries.
Tyson Foods – Tyson cut its full-year earnings forecast to $5.30 to $5.70 per share, compared to a consensus estimate of $5.94 a share. The beef and poultry producer cited the impact of a recent fire at a key factory, as well as commodity market volatility.
Box — Hedge fund Starboard Value disclosed a 7.5% stake in the cloud service provider and called its shares “undervalued.” Starboard is now Box’s second-largest shareholder behind Vanguard Group, and said it may talk to Box about exploring a potential sale.
Kroger – Kroger is asking customers to stop openly carrying guns in its stores, following a similar move by Walmart. The supermarket chain had previously followed applicable local and state laws on firearms. – Amazon is testing a biometric payment system that charge users by scanning their hands, according to a report in the New York Post. The paper said Amazon would introduce the technology at some of its Whole Foods stores by the beginning of 2020.
Uber, Lyft – Both remain on watch today after the ride-hailing services saw their stocks post record closing lows Tuesday.
Realty Income – Realty Income announced the acquisition of 454 single-tenant properties from CIM Real Estate for about $1.25 billion in cash. The real estate investment trust updated its full-year guidance, raising its outlook for adjusted funds from operations.
Zillow – The real estate website operator will sell $500 million in convertible securities due in 2024, and $500 million due in 2026.
Apple – Apple will introduce a cheap new iPhone next spring to address declining market share, according to a report from Japan’s Nikkei news service. The phone will reportedly be a successor to the iPhone SE.

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