Mar 18, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Boeing, Tesla, FedEx, Target, Amazon & more

Peter Schacknow

Take a look at some of the biggest movers in the premarket:

Boeing (BA) – Boeing is seeking access to $60 billion in public and private liquidity for the U.S. aerospace industry. Boeing has already told the government it cannot meet its liquidity needs under current market conditions.
Tesla (TSLA) – Tesla was ordered to halt production at its Fremont, California, factory, despite CEO Elon Musk's plan to keep the factory in operation. Counties in the San Francisco Bay area issued a shutdown order earlier this week for all nonessential businesses.
Ford Motor (F), General Motors (GM), Fiat Chrysler (FCAU) – The automakers struck an agreement with the United Auto Workers Union to slow production at U.S. factories and limit the number of workers on the job at the same time to keep the coronavirus from spreading among employees.
FedEx (FDX) – FedEx reported quarterly profit of $1.41 per share, matching estimates, with the delivery company's revenue exceeding Street forecasts. FedEx also suspended its 2020 profit outlook, pointing to the impact of the virus outbreak, and made plans to cut costs due to the pandemic.
General Mills (GIS) – The food producer beat estimates by a penny a share, with quarterly earnings of 77 cents per share. Revenue missed forecasts. General Mills, like numerous other companies, said the impact of the coronavirus outbreak on full-year results is still uncertain.
Exxon Mobil (XOM) – Exxon Mobil raised $8.5 billion in new debt, but had to pay a higher premium than usual because of the recent tumble in oil prices.
Cinemark (CNK) – Cinemark is closing all 345 of its U.S. movie theaters due to the coronavirus outbreak. The move prompted Fitch Ratings to place the movie theater operator on "rating watch negative," with Fitch noting that under normal circumstances, Cinemark has a relatively strong balance sheet compared to its peers.
Target (TGT) – Target announced a reduction in store hours to allow more time for cleaning and restocking. Target will also close the eateries and cafes located within its stores. (AMZN) – Amazon is prioritizing medical supplies, household staples, and other high-demand products in its warehouses. Independent sellers will not be allowed to ship other products to Amazon's warehouses until April 5.
Kontoor Brands (KTB) – The maker of Lee and Wrangler jeans will close its North American and European retail locations, effective today, in response to the coronavirus outbreak. The apparel company currently plans to keep the stores closed through March 27, and will pay workers during that period.
Walmart (WMT) – Walmart was upgraded to "outperform" from "neutral" at Credit Suisse, which thinks the retail giant may grow market share due to a virus-inspired, long-term structural change in consumer buying habits.
Dunkin' Brands (DNKN) – BTIG upgraded the restaurant chain to "buy" from "neutral," saying that as the virus outbreak takes its toll on restaurant operators, investors should increase exposure to companies in the sector with strong brands and balance sheets.
Ralph Lauren (RL) – Bank of America Securities upgraded the apparel maker to "buy" from "neutral," noting that potential downside from the virus outbreak is now largely priced in and that the company stands out from peers for its strong balance sheet.

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