Jan 8, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Lennar, Walgreens, Macy's, Boeing & more

Peter Schacknow

Check out the companies making headlines before the bell:

Walgreens Boots Alliance (WBA) – The drug store operator missed estimates by 4 cents a share, with adjusted quarterly earnings of $1.37 per share. Revenue came in below estimates as well. Walgreens said it is maintaining its prior earnings outlook for the year despite the soft first quarter.
Lennar (LEN) – The homebuilder reported quarterly profit of $2.13 per share, beating the consensus estimate of $1.90 a share. Revenue also topped Street forecasts. New orders were up 23% on both a dollar and volume basis compared with a year ago.
Macy’s (M) – Macy’s has cut more than 70 workers at its Bloomingdale’s chain and plans to announce larger layoffs in February, according to a report in Women’s Wear Daily. The moves are said to be part of the retailer’s restructuring plan. Separately, Macy’s reported comparable sales for November and December fell 0.6%, with the retailer noting positive momentum compared to the prior quarter.
Boeing (BA) – Boeing is under pressure once again following the crash of a Ukraine International Airlines 737-800 shortly after takeoff in Tehran. Officials are pointing to engine failure as the likely cause and say the crash was not related to terrorism.
Luckin Coffee (LK) – Luckin announced a secondary offering of 7.2 million American depositary shares. Additionally, a selling shareholder of the China-based coffee chain is offering 4.8 million American depositary shares for sale. Separately, Luckin announced it is expanding into vending machines to increase its share of the China market.
Apple (AAPL) – Apple said customers spent a record $368 million in its App Store on Jan. 1, up 20% from the same day last year. App Store spending was up 16% between Christmas Eve and New Year’s Eve.
United Airlines (UAL) – United Airlines will take a $90 million charge against fourth-quarter earnings, due to Hong Kong disruptions stemming from ongoing anti-government protests. United said the protests have reduced demand for travel to Hong Kong.
Alibaba (BABA) – Alibaba is undercutting Amazon.com (AMZN) in Europe by offering lower fees for sellers, according to sources who spoke to Reuters. The sources say the move by the China-based online retailer has had mixed results.
Becton Dickinson (BDX) – Becton Dickinson was downgraded to “equal weight” from “overweight” at Barclays, which cites valuation. The medical products maker has seen its stock rise more than 22 percent over the past 12 months.

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