Search This Blog

Translate

Search Tool




Mar 26, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Ford, Cheesecake Factory, Groupon, Apple & more

Peter Schacknow



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

UnitedHealth (UNH) – The health-services company is introducing a coronavirus test that patients can self-administer, which could reduce the risk to health-care workers. The test calls for patients to swab their noses, drop the swab into test tubes, and hand the tubes back to the health-care workers.
FactSet (FDS) – The financial-information services provider beat estimates by 6 cents a share, with quarterly earnings of $2.55 per share. Revenue came in very slightly below forecasts. FactSet also said it would not update any financial guidance until its next quarterly results.
Signet Jewelers (SIG) – The jewelry retailer reported quarterly earnings of $3.67 per share, 20 cents a share above estimates. Revenue beat forecasts as well. Comparable-store sales were up 2.3%, more than double the Refinitiv consensus estimate of a 1.1% increase. Signet also suspended its dividend, and would not be providing fiscal 2021 financial guidance at this time due to the potential impact of the coronavirus.
Micron Technology (MU) – Micron reported quarterly earnings of 45 cents per share, 8 cents a share above estimates. Revenue was above Wall Street forecasts as well. The chipmaker also gave a better-than-expected financial forecast as it benefits from the shift to home-based work due to the coronavirus outbreak.
Embraer (ERJ) – The Brazilian jet maker reported a quarterly loss of 51 cents per share, compared to a consensus estimate of a 2 cents per share loss. Revenue was in line with forecasts. Embraer also suspended its 2020 guidance, pointing to uncertainty related to the coronavirus outbreak.
McDonald’s (MCD) – McDonald’s is trimming its menu as long as the coronavirus pandemic persists, in order to deal with both falling customer traffic and staffing issues. The restaurant chain said the move is an attempt to simplify its operations.
Groupon (GRPN) – Groupon CEO Rich Williams has stepped down from that position, with Chief Operating Officer Steve Krenzer also leaving that job. Both moves are effective immediately, although the daily deals provider said both remain employed by the company. Groupon did not comment on the reason for the changes.
Apple (AAPL) – Apple is considering delaying the launch of its next iPhone by months, according to a report in the Nikkei Asian Review. That comes amid supply chain disruptions and falling customer demand due to the virus outbreak. Apple has released a new iPhone in September or October in each year since 2011.
Ford Motor (F) – Ford’s credit rating was cut by S&P to BB+ from BBB-, pushing the rating into junk territory. The rating agency said the automaker’s credit metrics were already borderline prior to the coronavirus outbreak. Separately, Ford said it was aiming to restart production at some of its North American plants as early as April 6.
AT&T (T), ViacomCBS (VIAC) – AT&T and ViacomCBS are seeing their attempts to sell $5 billion in assets slowed by the coronavirus outbreak, according to a Bloomberg report. AT&T is planning to sell its regional sports networks, while Viacom had been set to start the process of selling its Simon & Schuster publishing division.
AMC Entertainment (AMC) – AMC furloughed more than 600 employees, as the nation’s biggest movie theater chain is forced to close cinemas across the country due to the coronavirus outbreak.
Cheesecake Factory (CAKE) – Cheesecake Factory has told landlords it won’t be able to pay rent on April 1, according to a report in industry publication Eater. CEO David Overton reportedly asked the landlords for patience and help, as the virus outbreak cuts the restaurant chain’s cash flow.
Beyond Meat (BYND) – Beyond Meat was downgraded to “sell” from “neutral” at Goldman Sachs, as foodservice traffic declines as a result of COVID-19. Goldman also cut its price target for the plant-based food maker’s stock to $39 per share from $129.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.