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Oct 29, 2019

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Merck, Pfizer, AutoNation, Xerox, Alphabet & more

Peter Schacknow



Check out the companies making headlines before the bell:

Merck – Merck earned an adjusted $1.51 per share for the third quarter, beating the consensus estimate of $1.24 a share. Revenue came in above forecasts, as well. Merck also raised its full-year outlook amid strong sales of drugs like cancer treatment Keytruda.
Pfizer – The drugmaker beat consensus estimates by 13 cents a share, with quarterly profit of 75 cents per share. Revenue was above analysts’ projections, as well. As rival Merck did, Pfizer raised its full-year forecast on strong sales of key treatments.
AutoNation – The auto retailer reported quarterly profit of $1.07 per share, 2 cents a share above estimates. Revenue also beat Street forecasts, helped by upbeat results for financial services among other factors.
Xerox – The office equipment maker earned an adjusted $1.08 per share for its latest quarter, beating the 86 cents a share consensus estimate. Revenue was slightly above Street forecasts and Xerox raised its full-year guidance. The company said it had decided not to sell its consumer finance business.
Corning – The glass products maker beat estimates by 4 cents a share, with quarterly profit of 44 cents per share. Revenue also came in above expectations, helped in part by a strong pricing environment for its display technologies business.
ConocoPhillips – The energy producer beat estimates by 7 cents a share, with quarterly profit of 82 cents per share. Revenue also came in above estimates as well and the company said it would unveil a 10-year capital plan at its analyst meeting in November.
Alphabet – Alphabet reported quarterly earnings of $10.12 per share, below the consensus estimate of $12.42 a share. The Google parent’s revenue was slightly above Street forecasts. The bottom line miss comes as the company reports record quarterly expenses as it invests in areas like cloud computing.
Beyond Meat – Beyond Meat reported quarterly profit of 6 cents per share, doubling Wall Street’s consensus estimate. The plant-based burger maker’s revenue also came in above analysts’ projections. The profit was the first ever for the company, but the shares came under pressure after the company said it would need to offer more discounts to deal with growing competition.
T-Mobile US – T-Mobile beat estimates by 5 cents a share, with quarterly earnings of $1.01 per share. The mobile service provider’s revenue came in below forecasts. The bottom line results were helped by better-than-expected new subscriber additions.
GrubHub – GrubHub matched forecasts with quarterly profit of 27 cents per share, but the food-delivery service’s revenue came in below estimates. GrubHub also gave weaker-than-expected current-quarter guidance, as customers scour competitors to get the best deals.
BP – BP reported a sharp drop in third-quarter profit amid lower production and weaker oil prices, but its earnings did come in above analysts’ forecasts.
Boeing – Boeing CEO Dennis Muilenburg will testify today before a Senate panel on the two 737 Max crashes that killed 346 people. In written testimony released ahead of his appearance, Muilenburg acknowledges that the jet maker made mistakes and will take steps to insure that such accidents never occur again.
Marathon Petroleum – The company is set to spin off its chain of gasoline stations, and is also mulling a shake-up of its executive leadership, according to people familiar with the matter who spoke to The Wall Street Journal. The moves are designed to help appease concerns of activist shareholders including Elliott Management.
Texas Roadhouse – Texas Roadhouse beat estimates by 6 cents a share, with quarterly profit of 52 cents per share. The restaurant chain’s revenue topped estimates, as well. The company said it is not seeing much customer resistance to higher prices, and is expecting positive comparable restaurant sales for 2019.

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