Market Insider | Best Biggest Moves Premarket: Stocks making the biggest moves in the premarket: 3M, Caterpillar, Pfizer, PepsiCo, Merck & more
3M (MMM) – 3M reported quarterly earnings of $2.16 per share, beating the consensus estimate of $2.03 a share. The health-care and safety products maker’s revenue also beat forecasts, but the company withdrew its full-year outlook due to virus-related uncertainties.
Caterpillar (CAT) – The heavy equipment maker missed forecasts by 9 cents a share, with quarterly earnings of $1.60 per share. Revenue fell short of estimates as well amid a slowdown in demand. As many other companies have done, Caterpillar is not providing any full-year 2020 guidance due to uncertainties surrounding the pandemic.
Merck (MRK) – Merck came in 16 cents a share ahead of estimates, with quarterly profit of $1.50 per share. The drugmaker’s revenue also topped Wall Street forecasts. Merck’s results were helped by strong sales of its Keytruda cancer drug, but it cut its 2020 forecast due to coronavirus-related uncertainties.
Pfizer (PFE) – The drugmaker earned 80 cents per share for the first quarter, 7 cents a share better than consensus. Revenue also beat forecasts and Pfizer reaffirmed its full-year financial outlook. A drop in sales of off-patent pain drug Lyrica contributed to a more than 12% drop in profit compared to a year ago.
PepsiCo (PEP) – The beverage and snack giant came in 4 cents a share ahead of estimates, with quarterly earnings of $1.07 per share. Revenue came in above estimates as well. PepsiCo is joining those withdrawing its outlook due to pandemic-related uncertainties. The company said it still expects to buy back $2 billion in shares this year and pay $5.5 billion in dividends.
Harley-Davidson (HOG) – The motorcycle maker earned 45 cents per share for its latest quarter, 4 cents a share above estimates. Revenue was slightly above forecasts. However, profit was down 45% from a year ago as global lockdowns hit sales. Harley also suspended share repurchases, and cut its quarterly dividend to 2 cents a share from 38 cents a share.
DR Horton (DHI) – The home builder beat consensus forecasts by 18 cents a share, with quarterly profit of $1.30 per share. Revenue was also above estimates. The company said sales and profits are slowing, however, and cancellations are increasing due to the coronavirus pandemic.
Boeing (BA) – Boeing will resume production of its 787 Dreamliner aircraft at its South Carolina factory on May 4. It had suspended production on April 8 because of the Covid-19 pandemic, and plans to institute a series of safeguards at the factory before workers return.
BP (BP) – BP’s latest earnings beat estimates, but profit fell by two thirds and debt levels rose to the highest level in five years. The energy producer kept its dividend intact, however, even as it warned of extreme uncertainty in the energy markets and its future results.
HSBC (HSBC) – HSBC reported lower-than-expected quarterly profit, as the bank earmarked $3 billion for possible bad loans amid the coronavirus outbreak.
UBS (UBS) – UBS saw profits rise by 40% for its latest quarter, as the world’s largest wealth manager saw increased portfolio activity by its high-end clients.
Novartis (NVS) – Novartis reported first-quarter profits and sales that came in above analysts’ estimates, with the drugmaker benefiting from customers stocking up on their prescriptions as the coronavirus outbreak took hold.
Verizon (VZ), AT&T (T), Comcast (CMCSA), T-Mobile (TMUS) – These companies are among wireless service providers who have agreed to extend customer concessions through June 30, and will not cancel service or charge late fees to customers impacted by the pandemic. Comcast is the parent company of NBCUniversal and CNBC.
JetBlue (JBLU) – JetBlue became the first U.S. airline to mandate face coverings for passengers, with the rule taking effect May 4. Airlines have already asked flight attendants to wear masks, and worker unions have been pushing for a similar rule for passengers.
Keurig Dr Pepper (KDP) – The company reported quarterly earnings of 29 cents per share, 2 cents a share above estimates. The beverage maker’s revenue also beat forecasts and the company reaffirmed a full-year forecast that is above current consensus, with stay-at-home consumers stocking up on the company’s offerings like Dr Pepper and 7UP.
F5 Networks (FFIV) – F5 earned $2.23 per share for its fiscal second quarter, compared to a consensus estimate of $1.95 a share. The computer networking company’s revenue also beat forecasts, as it benefits from an increasing number of companies asking employees to work from home. F5 also gave an above-consensus current-quarter forecast for earnings and sales.
Tesla (TSLA) – The automaker canceled plans to bring employees back to work at its Fremont, California plant, following a weekend request to some furloughed workers to return.