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Nov 14, 2019

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Walmart, Peloton, Canopy Growth, Kraft Heinz & more

Peter Schacknow



Check out the companies making headlines before the bell:
Walmart – Walmart earned an adjusted $1.16 per share for the third quarter, beating the consensus of $1.09, and raised its full year earnings outlook. Comparable sales were up 3.2 percent, beating estimates and rising for the 21st straight quarter. Revenue did come in slightly below Wall Street forecasts.
Viacom  – The media company beat estimates by 4 cents with adjusted quarterly profit of 79 cents per share, with revenue also beating estimates. Results got a boost from an increase in domestic advertising revenue.
Canopy Growth – The Canadian cannabis producer reported a wider than expected loss for its latest quarter, hit by restructuring charges. Revenue did come in higher than analysts had been expecting.
Cisco Systems – Cisco beat estimates by 3 cents with adjusted quarterly profit of 84 cents per share, with the networking equipment maker’s revenue also beating forecasts. However, Cisco issued a weaker-than-expected current quarter forecast and noted a slowdown in global technology spending.
BHP – BHP named the head of its Australian unit, Mike Henry, as its new chief executive officer. He will replace Andrew Mackenzie, who had been head of the mining giant for almost 7 years, at the end of this year.
American Outdoor Brands – American Outdoor will separate its Smith & Wesson firearms unit into a new public company. The transaction is expected to be completed in the second half of 2020.
Xerox – Xerox should push ahead in its bid to buy computer and printer maker HP, according to activist investor Carl Icahn. Icahn, who owns a 10.6% stake in Xerox, told The Wall Street Journal he also has a 4.24% stake in HP and that a combination of the 2 companies could yield big profits for investors.
Peloton Interactive – The fitness company is planning to introduce a cheaper treadmill and rowing machine next year, according to a Bloomberg report. Peloton is also said to be thinking about apps for Amazon’s Fire TV and the Apple Watch.
NetApp – NetApp reported adjusted quarterly profit of $1.09 per share, 15 cents above estimates, although the cloud data services company saw revenue slightly below forecasts. The company said enterprise spending remains cautious, but is no better or worse than it was in the prior quarter.
Kraft Heinz – Kraft Heinz was downgraded to “sell” from “neutral” by Goldman Sachs, which said the company has underinvested in some areas and faces cost pressures. The food producer’s stock is up more than 20% over the past month, but is still down more than 23% for the year.
Beyond Meat (BYND) – The plant-based burger maker was rated “buy” in new coverage at Berenberg, which notes that Beyond Meat is the only pure-play public company in a rapidly growing category.

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