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Jan 21, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Halliburton, Best Buy, Uber, Tesla & more

Peter Schacknow

GP: NYSE Trader stock charts bull market
Traders work during the opening bell at the New York Stock Exchange (NYSE) on January 13, 2020 on Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
Check out the companies making headlines before the bell:
Halliburton (HAL) – The oilfield services company reported quarterly profit of 32 cents per share, 3 cents a share above estimates. Revenue also beat Wall Street forecasts. Halliburton said its bottom line received a boost from international growth and that it was able to optimize its performance in a soft North American market.
VF Corp. (VFC) – VF Corp. is exploring strategic alternatives for its Work unit brands, which focus on outfitting industrial, service, and government sector workers. VF said the goal is to focus on a simplified portfolio of higher growth, consumer-oriented brands.
Best Buy (BBY) – Best Buy is investigating allegations that CEO Corie Barry had an inappropriate romantic relationship with a fellow executive. Barry said she is cooperating fully with the electronics retailer’s board and that she looks forward to a quick resolution.
Uber (UBER) – Uber sold its Eats business in India to Ant-Financial backed Zomato, in exchange for a 9.99% stake in its local rival. Uber Eats has struggled in India since launching in that market in 2017.
Logitech (LOGI) – Logitech reported quarterly profit of 84 cents per share, 5 cents a share above estimates. The maker of computer peripherals also seeing its revenue come in above Wall Street forecasts. Results were helped by growing demand for gaming and video conferencing products.
Tesla (TSLA) – Tesla rebuffed a petition to U.S. regulators calling for a recall of 500,000 cars for an alleged unintended acceleration issue. Tesla said the petition was “completely false” and was put forth by a short seller.
Boeing (BA) – Boeing is in talks to borrow $10 billion or more to deal with costs related to the 737 Max grounding, according to people familiar with the matter who spoke to CNBC. Boeing has already secured at least $6 billion and is in talks with other lenders as well, sources said.
L Brands (LB) – L Brands was upgraded to “overweight” from “sector weight” at KeyBanc, which said the Victoria’s Secret parent is increasingly likely to engage in some sort of “value-creating” transaction.
Morgan Stanley (MS) – The investment bank’s stock was downgraded to “neutral” from “buy” at Citi, which feels Morgan Stanley’s stock is now fairly valued after a 27% rise over the past three months.
Costco (COST) – Oppenheimer upgraded the warehouse retailer’s stock to “outperform” from “neutral” and called it a “top pick.” Oppenheimer points to attractive valuation, upbeat top-line trends, and prospects for a special dividend.

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