Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Allergan, Taubman Centers, Eli Lilly & more
Allergan (AGN) – The drugmaker reported quarterly earnings of $5.22 per share, compared to estimates of $4.57 a share. Revenue also beat Wall Street forecasts, helped by better-than-expected specialized therapeutics and general medicine sales.
Edgewell Personal Care (EPC) – The maker of Schick razors reported quarterly profit of 55 cents per share, well above the consensus estimate of 29 cents a share. Revenue exceeded estimates as well, and its full-year outlook is also mostly above Street forecasts. Separately, Edgewell ended its agreement to buy razor maker Harry’s, after the Federal Trade Commission moved to block the deal.
Restaurant Brands (QSR) – The restaurant operator reported quarterly profit of 75 cents per share, 2 cents a share above estimates. Revenue also came in above forecasts. Comparable sales were shy of expectations at Tim Hortons and Burger King, but well above forecasts at Popeyes. The company said systemwide sales at the Popeyes chain jumped 42%, thanks in large part to its popular spicy chicken sandwich.
Eli Lilly (LLY) – Lilly and partner Genentech said their experimental therapy for a rare form of Alzheimer’s disease missed its primary goal in a study.
L Brands (LB) – L Brands is near a deal to sell its Victoria’s Secret division to private-equity firm Sycamore Partners, according to sources who spoke to CNBC. The price could not be learned, but a deal could be announced as soon as this week.
Mattel (MAT) – Mattel is shutting two factories in Asia and will close another in Canada, as it seeks to cut costs. The toy maker has been seeking to streamline its manufacturing and supply chain.
Tesla (TSLA) – Tesla remains on watch after a tumultuous week which saw in move more than $100 per share in either direction in three of five sessions. Tesla shares have posted 10 consecutive weekly gains and have risen 127% over that span.
Apple (AAPL) – Apple may postpone the launch of a cheaper iPhone due to the coronavirus, according to published reports in China.
Yum China (YUMC) – A Yum China employee in Northwest China responsible for food preparation was confirmed to have the coronavirus, according to the Global Times.
Willis Towers Watson (WLTW) – The stock was downgraded to “neutral” from “outperform” at Credit Suisse in a valuation call. The consulting firm had reported better than expected quarterly earnings last week, but the stock tumbled amid a 2020 earnings forecast that fell partially below consensus.
FedEx (FDX) – FedEx was upgraded to “buy” from “neutral” at UBS, which thinks consensus expectations are low for the company and that profit margins at FedEx’s Express service will expand.
World Wrestling (WWE) – World Wrestling was downgraded to “underweight” from “overweight” at Wells Fargo Securities, with the price target slashed to $36 per share from $80 a share. Wells Fargo said there have been “too many misfires,” and that the company needs a new CFO and to issue long-term guidance.
Nvidia (NVDA) – RBC Capital increased its price target for the graphics chip maker’s stock to $301 per share from $251, saying the quarter ending January 31 is likely to come in above the high end of the company’s guidance due to strong gaming and data center markets.