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Jan 23, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Comcast, Travelers, American Air, GE & more

Peter Schacknow



Check out the companies making headlines before the bell:

Comcast (CMCSA) – The NBCUniversal and CNBC parent reported quarterly earnings of 79 cents per share, 3 cents a share above estimates. Revenue came in above forecasts as well. The company said its cable division saw record quarterly net additions for customer relationships. Comcast also announced a 10% dividend increase.
Procter & Gamble (PG) – The consumer products giant beat estimates by 5 cents a share, with quarterly profit of $1.42 per share. The company also raised its full-year earnings outlook. Sales missed estimates for the first time in five quarters, however, hurt by a stronger dollar.
Travelers (TRV) – Travelers beat estimates by 3 cents a share, with quarterly earnings of $3.32 per share. Revenue came in just above estimates. The insurance company saw net written premiums increase in all three business segments for the 12th consecutive quarter.
American Airlines (AAL) – The airline beat forecasts by a penny a share, with adjusted quarterly earnings of $1.15 per share. Revenue was essentially in line with estimates. The airline said about 10,000 flights were canceled during the quarter due to the Boeing (BA) 737 Max grounding.
General Electric (GE) – Morgan Stanley upgraded GE to “overweight” from “equal-weight” and raised the price target to $14 per share. Morgan Stanley noted the risks from the power and long-term care businesses, and from pension issues, are declining. It also called GE’s aviation business “best-in-class.”
VF Corp. (VFC) – The parent of North Face and other apparel brands reported adjusted quarterly profit of $1.23 per share, 2 cents a share above estimates. Revenue came in below Wall Street forecasts, however, and VF lowered its full-year guidance amid weak demand for its Timberland brand.
Southwest Airlines (LUV) – The airline reported quarterly profit of $1.16 per share, excluding an item of 18 cents per share from profit-sharing plan contributions related to compensation from Boeing. That compared to a consensus estimate of $1.09 per share. CEO Gary Kelly said more 737 Max-related schedule adjustments are likely to come. Revenue came in slightly above forecasts.
Amazon.com (AMZN) – Amazon asked a court to pause Microsoft’s (MSFT) work on the Pentagon’s “JEDI” contract, which Amazon maintains was unfairly awarded to Microsoft.
PG&E (PCG) – PG&E struck a deal with creditors led by Elliott Management and Pimco that will allow the utility to proceed with its reorganization plan. The creditors group had been pushing for a rival plan, but will now support PG&E’s proposal.
Texas Instruments (TXN) – Texas Instruments reported quarterly profit of $1.11 per share, beating estimates by 9 cents a share. The chipmaker’s revenue was also above Wall Street forecasts. The company forecast better-than-expected current-quarter revenue as demand for microchips stabilizes.
Ford Motor (F) – Ford will see a $2.2 billion pre-tax loss for the fourth quarter due to higher contributions to its employee pension plans.
Kinder Morgan (KMI) – Kinder Morgan reported quarterly earnings of 26 cents per share, missing estimates by a penny a share. The pipeline operator’s revenue also fell short of Wall Street forecasts, as prices for natural gas and crude oil fell.

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