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Jan 28, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: 3M, Pfizer, Harley-Davidson, Caterpillar & more

Peter Schacknow



Check out the companies making headlines before the bell:

3M (MMM) – 3M reported quarterly profit of $1.95 per share, compared to a consensus estimate of $2.10 a share. However, that number included a 20 cents a share charge for newly announced job cuts totaling 1,500. Revenue came in slightly below Wall Street forecasts.
Pfizer (PFE) – The drugmaker missed estimates by 3 cents a share, with quarterly earnings of 55 cents per share. Revenue was above forecasts, however. Pfizer results were impacted somewhat by the loss of exclusivity for its pain drug Lyrica.
United Technologies (UTX) – The industrial conglomerate beat estimates by 10 cents a share, reporting quarterly profit of $1.94 A share. Revenue also beat forecasts as sales rose 8%.
Harley-Davidson (HOG) – The motorcycle maker's quarterly sales missed estimates, with a 3.1% decline in retail sales — that decline was Harley's smallest in three years.
PulteGroup (PHM) – The home builder beat estimates by 5 cents a share, with quarterly earnings of $1.14 per share. Revenue also topped Wall Street forecasts as new orders jumped 33%.
Xerox (XRX) – The office equipment maker reported quarterly earnings of $1.33 per share, compared to a consensus estimate of $1.11 a share. Revenue also came in slightly above forecasts, and Xerox gave a full-year 2020 forecast above current consensus.
Boeing (BA) – Boeing has secured more than $12 billion in financing to help it deal with the ongoing grounding of its 737 Max jet, according to people familiar with the matter who spoke to CNBC.
Whirlpool (WHR) – Whirlpool reported quarterly profit of $4.91 per share, beating the consensus estimate of $4.27 a share. Revenue missed forecasts, however. The appliance maker was helped by higher prices and moderating growth in raw materials costs, and it said its outlook for 2020 was "solid."
Caterpillar (CAT) – Caterpillar announced that former Boeing (BA) CEO Dennis Muilenburg resigned from its board of directors and that the departure was not due to any disagreement with the heavy equipment maker.
Blackstone (BX) – Blackstone raised its bid for Japanese hotel chain Unizo by 12% to $1.75 billion. That tops a bid from private-equity firm Lone Star, whose bid currently has Unizo's support.
SAP (SAP) – SAP raised its revenue and profit outlook after the business software company reported in-line results in its first quarter under new co-CEOs Jennifer Morgan and Christian Klein.
Delphi Technologies (DLPH) – The auto industry supplier received a stock swap buyout offer from rival BorgWarner (BWA) that values Delphi at about $3.3 billion, or $17.39 per share. That's a premium of about 77% compared to Monday's closing price.
Beyond Meat (BYND) – Beyond Meat was downgraded to "neutral" from "overweight" at J.P. Morgan Chase, which cited valuation for the plant-based burger maker and cut its price target to $134 per share from $138 a share.
Williams-Sonoma (WSM) – Williams-Sonoma was upgraded to "outperform" from "perform" at Oppenheimer, which thinks the housewares retailer's operating margins have stabilized.

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