Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Morgan Stanley, BlackRock, Abbott Labs & more
Morgan Stanley (MS) – Morgan Stanley posted quarterly earnings of $1.01 per share, below the consensus estimate of $1.14 a share. Revenue also came in below estimates. CEO James Gorman said the company navigated the quarter well in the face of the Covid-19 pandemic, and that the balance sheet and liquidity remain strong.
BlackRock (BLK) – The asset management firm reported quarterly earnings of $6.60 per share, beating the consensus estimate of $6.36 a share. Revenue also came in above Wall Street forecasts. BlackRock saw $35 billion in net inflows despite what it calls “challenging times.” Profit fell 23% from the same quarter a year ago.
Abbott Laboratories (ABT) – The pharmaceutical company reported quarterly profit of 65 cents per share, 7 cents a share above estimates. Revenue also beat forecasts. Abbott withdrew its full-year guidance, citing uncertainties surrounding the
Bank of New York Mellon (BK) – The bank beat estimates by 17 cents a share, with quarterly earnings of $1.05 per share. Revenue topped
Square (SQ) – Raymond James downgraded the mobile payment company’s stock to “underperform” from “market perform,” saying there is a disconnect between the recent outperformance of the stock and the underlying fundamentals of the business.
Costco (COST) – Costco boosted its quarterly dividend by 7.7% to 70 cents per share, bucking the general trend in corporate America since the virus outbreak. The warehouse retailer has been benefiting from Americans stocking up on household staples.
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond earned an adjusted 38 cents per share for its fiscal fourth quarter, beating the consensus estimate of 20 cents a share. Revenue also exceeding Wall Street forecasts,
Hertz Global (HTZ) – Hertz is seeking help from the government to avoid bankruptcy, according to sources who spoke to the New York Post. The car rental giant is said to be facing a budget shortfall of up to $1.5 billion in the coming months.
Mylan (MYL) – Mylan named Chairman Robert Coury to the role of executive chairman, a job he had held at the
United Airlines (UAL) – United cut its May flight schedule by 90%, saying travel demand had essentially shrunk to zero. The airline also warned of possible job cuts.
Lazard (LAZ) – Lazard added former Skadden Arps partner Chris Mallon as a senior adviser in its global restructuring unit. The investment bank is seeking new business from companies facing financial difficulties as a result of the virus outbreak.
Jack In The Box (JACK) – Jack In The Box pulled its 2020 guidance as a result of the Covid-19 pandemic. The company said same-restaurant sales fell 17% for the final five weeks of the quarter that ended on April 12. It is also taking steps to help its
J.M. Smucker (SJM) – J.M. Smucker was upgraded to “neutral” from “underperform” at Credit Suisse, which expects food producers to benefit from increased at-home food consumption due to the virus outbreak.