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Mar 12, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Dollar General, GE, Best Buy, eBay & more

Peter Schacknow



Take a look at some of the biggest movers in the premarket:
Dollar General (DG) – The discount retailer reported quarterly earnings of $2.10 per share for its latest quarter, 9 cents a share above estimates. Revenue also beat forecasts. Comparable-store sales were up 3.2%, better than the 2.8% rise predicted by analysts surveyed by Refinitiv. Dollar General also raised its quarterly dividend to 36 cents per share from 32 cents a share.
Party City (PRTY) – The party supplies retailer earned 51 cents per share for its fourth quarter, well below the 88 cents a share consensus estimate. Revenue also missed forecasts, with comparable-store sales falling 5.1% versus a Refinitiv consensus estimate of a 4.9% decline. The company also said CEO Jim Harrison is stepping down on April 1, replaced by retail chief Brad Weston.
CME Group (CME) – CME will close its Chicago trading floor at the close of business on Friday, to reduce large gatherings and help prevent the spread of the coronavirus. CME-listed products will continue to trade electronically.
Boeing (BA) – Washington state lawmakers have passed a measure that removes a significant tax break for Boeing and other aerospace companies. The move is an attempt to prevent possible European tariffs on U.S. goods. The World Trade Organization has ruled in the past that both Boeing and European rival Airbus have received billions of dollars in unfair government subsidies.
Occidental Petroleum (OXY) – Investor Carl Icahn told The Wall Street Journal he has increased his stake in Occidental to nearly 10%, compared to about 2.5% at the end of 2019. Icahn has been critical of Occidental management, particularly its decision to buy Anadarko Petroleum for $38 billion last year.
General Electric (GE) – The cost of insuring GE debt has jumped to levels last seen in 2018, according to data from information provider Markit and quoted in The Wall Street Journal. The rise is seen as a reaction to GE’s possible business exposure from the coronavirus outbreak.
Best Buy (BBY) – Best Buy Executive Chairman Hubert Joly will not stand for re-election at the electronics retailer’s annual meeting in June. Joly – who served as Best Buy CEO until a year ago – will remain as a consultant for one year.
EBay (EBAY) – Activist investor Starboard Value is nominating a slate of directors to the board of the online marketplace, according to people familiar with the matter who spoke to The Wall Street Journal.
Marathon Petroleum (MPC) – Marathon is exploring the sale of assets of its pipeline subsidiary MPLX, according to a Reuters report. The assets could be worth as much as $15 billion.
Anheuser-Busch InBev (BUD) – Anheuser-Busch was upgraded to “outperform” from “sector perform” at RBC Capital Markets, which notes the beer brewer’s “aggressive” debt reduction efforts.

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