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Dec 5, 2019

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Nike, Dollar General, Apple, Chewy, Tiffany & more

Peter Schacknow



Check out the companies making headlines before the bell:

Nike (NKE) – The athletic footwear and apparel maker was upgraded to “buy” from “neutral” at Goldman Sachs and added to the firm’s “Conviction Buy” list. Goldman believes Nike is on the verge of a sharp acceleration in earnings growth, with China being a key driver.
Dollar General (DG) – The dollar store operator beat estimates by 4 cents a share, with quarterly profit of $1.42 per share. Revenue also beat estimates. Comparable-store sales were up 4.6%, compared to the 3.3% estimate of analysts surveyed by Refinitiv. The company also raised its full-year forecast and added $1 billion to its share repurchase program.
Apple (AAPL) – Citi reiterated its “buy” recommendation on Apple and raised its price target on the stock by 20%, to $300  share from $250 a share. Citi expects sales and earnings to increase more than the Street generally expects, and thinks the demand for the Apple Watch and AirPods is underappreciated.
Chewy (CHWY) – The pet products seller was upgraded to “overweight” from “equal-weight” at Morgan Stanley, which thinks the stock has an attractive entry point after a 24% pullback. The firm said it likes Chewy’s position as the No. 1 online pet products seller in a market experiencing secular growth.
Express (EXPR) – The apparel retailer posted an adjusted third-quarter loss of 3 cents per share, smaller than the 9 cents a share loss expected by analysts. Revenue was above estimates, and a comparable-store sales decline of 5% was less than the 6.3% drop expected by analysts surveyed by Refinitiv.
Signet Jewelers (SIG) – The jewelry seller lost 76 cents per share for its third quarter, smaller than the loss of $1.08 per share that Wall Street was anticipating. Revenue beat estimates, and comparable-store sales were up 2.1%. Analysts surveyed by Refinitiv had expected a 1.3% drop in comparable sales. Signet issued a current-quarter earnings forecast that was largely below estimates, however.
Michaels Companies (MIK) – The arts and crafts retailer missed estimates by 9 cents a share, with quarterly profit of 40 cents per share. Revenue also came in below forecasts. Comparable sales were down 2.2% compared to expectations of a 0.3% increase. Michaels also forecast current-quarter profit below current consensus. Michaels said its results did not meet its own expectations and were impacted by issues that it is addressing.
Tiffany (TIF) – The luxury goods retailer earned 65 cents per share for its latest quarter, 20 cents a share below estimates. Revenue also missed forecasts. Comparable sales were flat, compared to expectations of a 1.4% increase. The company said results were hit particularly hard by the unrest in the Hong Kong market. Tiffany recently agreed to a $16.2 billion takeover by France’s LVMH.
RH (RH) – The home goods retailer reported quarterly earnings of $2.79 per share, beating the consensus estimate of $2.23 a share. The Restoration Hardware parent’s revenue came in slightly above forecasts and the company said tariffs on imports from China would not impact its financial targets.
Slack Technologies (WORK) – Slack lost 2 cents per share for its latest quarter, smaller than the 8 cents a share loss that Wall Street was anticipating. The workplace messaging platform company’s revenue also beat Street forecasts and Slack raised its full-year outlook as it adds more large corporate users.
Fiat Chrysler (FCAU) – Fiat Chrysler is in a dispute with Italy’s tax authority, which said the automaker had underestimated the value of its U.S. business following its acquisition of Chrysler. The company said it strongly disagrees with the assessment, which could result in a $1.5 billion bill for back taxes.
Amazon.com (AMZN) – The Federal Trade Commission has broadened its scrutiny of Amazon to include its cloud-computing business, according to a Bloomberg report.
ViacomCBS (VIACA, VIAC) – ViacomCBS begins trading today on the Nasdaq after the merger of Viacom and CBS was officially completed Wednesday.
DexCom (DXCM) – The medical devices maker said it had resolved a technology issue, which caused a data-sharing service for its diabetes devices to crash this past weekend. The glitch prevented the transmission of patient blood sugar levels from DexCom’s glucose monitors to caregivers.
Howard Hughes (HHC) – Activist investor Bill Ackman has raised Pershing Square’s stake in the real estate company to 14.8% from the prior 12.6%. Ackman is currently chairman of the company’s board of directors.
Costco (COST) – The warehouse retailer reported a November comparable-store sales increase of 5.3%.
Wayfair (W) – The home goods seller reported a 36% increase in direct retail sales during the five-day Thanksgiving weekend shopping period.
Five Below (FIVE) – Five Below reported quarterly profit of 18 cents per share, a penny a share above estimates. The discount retailer’s revenue also came in above Wall Street forecasts, however the company gave a current-quarter sales outlook below analysts’ forecasts.
H&R Block (HRB) – H&R Block reported a quarterly loss of 93 cents per share, a penny a share wider than expected. The tax preparation company’s revenue also came in slightly below estimates. H&R Block traditionally makes most of its money in its fiscal fourth quarter, which occurs during tax season.

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