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Mar 24, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Chevron, Twitter, Amazon, Mondelez & more

Peter Schacknow




GP: NYSE Trading Temporarily Halted Yet Again During Market Hours, As Dow Dips Below 10 Percent coronavirus 200318
Traders work on the floor of the New York Stock Exchange (NYSE) on March 18, 2020.
Spencer Platt | Getty Images
Take a look at some of the biggest movers in the premarket:
Chevron (CVX) – Chevron plans to cut capital spending plans for 2020 by 20%, and will suspend its share buyback program. But the energy giant said it has no plans to cut its dividend.
IHS Markit (INFO) – The financial information provider reported quarterly profit of 66 cents per share, 2 cents a share above estimates. Revenue came in essentially in line with forecasts. The company said it still expects double-digit earnings growth this year and that it has a strong plan to deal with changing market dynamics.
Twitter (TWTR) – Twitter withdrew its guidance, as ad sales decline due to the coronavirus outbreak. Twitter noted, however, that the virus outbreak has also resulted in a jump in active users.
Amazon.com (AMZN) – Amazon suspended more than 3,900 selling accounts on its U.S. platform for violating its fair pricing policies. The retail giant said it is sharing information with federal and state regulators about sellers it thinks are engaging in price gouging.
Mondelez (MDLZ) – Mondelez will increase hourly wages by $2 and also pay a $125 weekly bonus for sales representatives. The snack maker is among those dealing with a surge in demand for food and household products.
Comcast (CMCSA) – The NBCUniversal and CNBC parent has been assuming that the Tokyo Olympics will be postponed, according to The Wall Street Journal quoting people familiar with the matter. Comcast and Discovery Communications (DISCA) hold the rights to the 2020 Olympics.
Gilead Sciences (GILD) – The drugmaker won the U.S. Food and Drug Administration’s “orphan drug” designation for its experimental drug remdesivir, considered a promising possible treatment for the coronavirus. The designation allows a seven-year period of marketing exclusivity as well as tax and other incentives.
Dollar Tree (DLTR) – Dollar Tree was upgraded to “outperform” from “market perform” at Telsey Advisory Group, saying the discount retailer is well-positioned to attract traffic and gain market share and that its product mix is a good one for the current challenging environment.
Spotify (SPOT) – Spotify was upgraded to “market perform” from “underperform at Bernstein, which said the music streaming service’s stock price has come down significantly while the firm’s outlook for Spotify has not changed much.
Perrigo (PRGO) – Perrigo was upgraded to “overweight” from “neutral” at JPMorgan Chase, which thinks the drug maker will benefit from increased demand for flu treatments.
Deckers (DECK) – The footwear maker was upgraded to “outperform” from “neutral” at Wedbush, which bases its upgrade on conversations with management that give it confidence the company can weather the current global economic shock.

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