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Mar 5, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Zoom Video, American Eagle, FireEye, Moderna & more

Maggie Fitzgerald



Check out the companies making headlines before the bell:

Zoom Video (ZM) — The video conferencing company reported earnings of 15 cents per share on revenue of $188.3 million. Wall Street was expecting earnings of 7 cents per share on revenue of $176.5 million, according to Refinitiv.
American Eagle (AEO) — The retailer’s quarterly earnings beat on the top and bottom lines, with the company citing strong customer engagement and positive traffic across brands and channel. Earnings came in at 37 cents per share, beating estimates by a penny a share. American Eagles made $1.31 billion in sales, compared to the $1.27 billion forecast by analysts.
FireEye (FEYE) — Goldman Sachs upgraded the cybersecurity company to “buy” from “neutral,” with a price target of $18 per share, implying more than 30% upside. Goldman said conversations with the company gave it more confidence FireEye is “headed in the right direction for improvement.”
HP (HPQ), Xerox (XRX) — HP rejected Xerox’s takeover offer. Xerox offered to pay $24 per share, comprising $18.40 in cash and 0.149 Xerox shares for each HP share. The bid “meaningfully undervalues HP and disproportionately benefits Xerox shareholders,” Chairman Chip Bergh said in a statement.
Ciena (CIEN) — Shares of the telecommunications networking company rose more than 5% in premarket trading after posting strong quarterly earnings. Ciena reporting earnings of 52 cents per share on revenue of $833 million. Analysts were expecting earnings of 38 cents per share on revenue of $820 million, according to Refinitiv.
Johnson & Johnson (JNJ) — Citi initiated coverage of Johnson & Johnson with a “buy” rating and a $163 per share price target. “Johnson & Johnson is an $82 billion revenue global behemoth that has slowly recreated itself through M&A, divestitures, internal R&D, and partnerships,” the firm said.
Marvell Technology (MRVL) — The semiconductor company rose 8% in premarket trading on Thursday after reporting strong quarterly earnings. Marvell posted earnings of 17 cents per share, topping estimates by a penny a share, according to Refinitiv. Revenue came in at $718 million, beating the $711 million forecast on the Street.
Splunk (SPLK) — The software company fell 5% premarket after missing earnings estimates for the fourth quarter and providing a weak outlook. The company reported earnings per share of 96 cents, missing estimates by a penny a share, according to Refinitiv. Revenue beat analysts’ expectations. The company’s first-quarter and full-year revenue guidance were well below analysts’ estimates.
Snap (SNAP) — The social media company was upgraded to “buy” from “neutral” by MKM Partners. Snap’s stock is down 30% since late January and the firm said it believes “the recent selloff in shares has created an attractive buying opportunity,” MKM Partners has a $19 price target on the stock.
Moderna (MRNA) — Bank of America downgraded the biotechnology company to “neutral” from “buy.” The firm said the run-up in Moderna’s stock, about 40% this year, “won’t be de-risked for quite some time.”
Guidewire Software (GWRE) — Shares of the software company tanked more than 13% after giving weak guidance on earnings for the third quarter, estimating a loss of 41 cents per share. Analysts polled by Refinitiv expected a profit of 22 cents per share. CEO Mike Rosenbaum also said in a statement that “growing interest in cloud-based systems is dampening self-managed demand, impacting our full-year outlook.”
BJ’s Wholesale (BJ) — The company earned 40 cents per share, in line with estimates for its quarterly earnings. Revenue beat expectations, coming in at $3.472 billion, according to Refinitiv. Same-store sales missed estimates and full-year revenue guidance was weak.
Burlington (BURL) — The retailer beat on the top and bottom lines for its quarterly earnings, however first-quarter earnings guidance was weak.
—CNBC’s Michael Bloom contributed to this report. 

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