Mar 19, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Darden, Lennar, Accenture, Marriott & more

Peter Schacknow

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

Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains beat estimates by a penny with quarterly earnings of $1.89 per share, with revenue also above estimates. Same-restaurant sales were up 2.3 percent, compared to the consensus Refinitiv estimate of a 1.2 percent increase. Darden did withdraw its forward guidance due to the coronavirus outbreak, said it plans to review its dividend policy as developments warrant, and that same-restaurant sales are down 5.9 percent so far for the current quarter.
Lennar (LEN) – The homebuilder reported quarterly profit of $1.27 per share, well above the consensus estimate of 84 cents per share, with revenue above estimates as well. Going forward, Lennar said it is managing every element of its balance sheet, cash management, and cash flow to maintain its strength as it deals with the coronavirus outbreak.
Accenture (ACN) – The consulting firm earned $1.91 per share for its latest quarter, beating the consensus estimate of $1.72, with revenue above estimates. Unlike many companies, Accenture did issue a full-year forecast that it said reflects current assumptions about the coronavirus impact but added that the ultimate result depends on many factors that it may not be able to predict.
PNC Financial (PNC) – Wells Fargo upgraded PNC to “overweight” from “equal weight” at Wells Fargo Securities, which calls PNC the “Bank of Steel” due to its strong risk management and superior positioning during difficult times.
Marriott (MAR) – Marriott has withdrawn its 2020 guidance and is eliminating its dividend due to the coronavirus outbreak. It will make a final dividend payment on March 31. The hotel chain said occupancy has fallen below 25 percent in both North America and Europe.
JPMorgan Chase (JPM) – The bank will temporarily close about 1,000 branches, to help protect employees and reduce the spread of the coronavirus.
Williams-Sonoma (WSM) – Williams-Sonoma reported adjusted quarterly earnings of $2.13 per share, 8 cents above estimates, with the housewares retailer also seeing revenue beat forecasts as same-store sales jumped 7.6 percent. As many other companies have done, Williams-Sonoma did not give any forward guidance due to coronavirus-related uncertainty.
Five Below (FIVE) – Five Below came in 3 cents ahead of estimates with quarterly earnings of $1.97, with the discount retailer’s revenue matching Wall Street forecasts. Five Below also declined to give forward guidance.
Square (SQ) – Square won the approval of federal and state banking regulators to open its own bank in Utah, expected to launch in 2021. The mobile payments company had been trying to gain approval to start a bank for 2-1/2 years.
Walmart (WMT) – Walmart will remain open but will shorten operating hours, and also announced it would hold an hour-long “senior shopping event” each Tuesday that would be limited to customers aged 60 and older.
Dollar Tree (DLTR) – The discount retailer was named a “Catalyst Call Buy” at Deutsche Bank, which points to elevated sales volumes at both Dollar Tree and Family Dollar due to demand for cleaning supplies, food, and household essentials.
Best Buy (BBY) – Best Buy will remain open, but will shorten hours and only permit a small number of customers in a store at one time.
AbbVie (ABBV) – AbbVie’s Kaletra HIV treatment did not prove effective against the coronavirus, according to a study released by the New England Journal of Medicine.
Guess (GES) – Guess reported adjusted quarterly earnings of $1.22 per share, 10 cents above estimates, with the apparel maker’s revenue falling below forecasts. Guess also said it was a “strong position” to handle the impact of the coronavirus on its business.
TripAdvisor (TRIP) – TripAdvisor has withdrawn its prior 2020 financial outlook. The travel review site had said last month it was seeing a limited impact from the virus outbreak, but is now seeing a more significant impact.
Clorox (CLX) – The household products maker was downgraded to “neutral” from “outperform” at Credit Suisse, which cited valuation following its recent outperformance.

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