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Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Delta, AT&T, Biogen, Netflix, Snap & more

Peter Schacknow

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

Delta Air Lines (DAL) – Delta lost 51 cents per share for the first quarter, less than the 70 cents a share Wall Street had anticipated. Revenue was below forecasts, however, and fell 18% from a year ago. Delta said it expects to receive support from the CARES Act passed by lawmakers, and that the steps it has taken to conserve cash will cut its daily cash-burn rate in half.
AT&T (T) – AT&T reported quarterly earnings of 84 cents per share, a penny a share below estimates. Revenue also missed forecasts. The company said the coronavirus outbreak is clouding its financial outlook, and it has pulled its full-year forecast.
Kimberly-Clark (KMB) – The consumer products company earned $2.13 per share for its latest quarter, beating the $1.97 a share consensus estimate. Revenue also beat forecasts, driven by an 11% jump in organic sales, as consumers stocked up on essential items. Kimberly-Clark is withdrawing its full-year forecast due to uncertainties surrounding the Covid-19 pandemic.
Quest Diagnostics (DGX) – Quest said it had begun testing for Covid-19 antibodies in its medical labs, using tests made by Abbott Laboratories (ABT) and a unit of PerkinElmer (PKI). Separately, Quest reported quarterly earnings of 94 cents per share, 5 cents a share above estimates. Revenue also topped expectations. Quest reiterated previous statements that testing volume had fallen sharply in recent weeks.
Biogen (BIIB) – The biotech company reported quarterly earnings of $9.14 per share, beating the consensus estimate of $7.73 a share. Revenue came in above forecasts as well. Biogen said the pandemic had introduced potentially unquantifiable risks to its business but believes compelling opportunities continue to exist in the therapies it is pursuing.
Netflix (NFLX) – Netflix gained nearly 16 million subscribers during the first quarter as pandemic-related stay-at-home orders took hold, nearly double what the video streaming service had predicted. The company said it expected that pace of growth to slow. Netflix also reported an 8 cents a share miss in quarterly profit at $1.57 per share, with revenue essentially in line with expectations.
Chipotle Mexican Grill (CMG) – Chipotle reported quarterly earnings of $3.08 per share, 18 cents a share above estimates. The restaurant chain’s revenue was in line with estimates. An 80% jump in online orders helped blunt the negative impact of the drop in restaurant dining due to the coronavirus outbreak.
Texas Instruments (TXN) – Texas Instruments beat estimates by 24 cents a share, with quarterly profit of $1.24 per share. The chipmaker’s revenue also beat Wall Street forecasts, however the company said the virus outbreak would hit earnings this quarter, forecasting numbers that are below analysts’ projections.
Snap (SNAP) – Snap lost 8 cents per share for its latest quarter, a penny a share wider than analysts were expecting. The social media company reported better-than-expected revenue and surging user numbers, however, as use of its chat app jumped with more people staying at home.
United Airlines (UAL) – United announced a secondary stock offering of more than 39 million shares to raise more than $1 billion. The offering was priced at $26.50 per share, 4.9% below Tuesday’s close.
Chevron (CVX) – Chevron was ordered by the White House to wind down its Venezuela operations by December 1. Chevron is the only major U.S. oil company still operating in Venezuela.
Expedia (EXPE) – Expedia is near a deal to sell a stake to private-equity firms Silver Lake Partners and Apollo Global Management (APO), according to sources. Such a deal would raise about $1 billion, with Expedia seeking to raise funds as the pandemic takes a heavy toll on Expedia’s online travel bookings.
Medtronic (MDT) – Medtronic said revenue had plunged in recent weeks, as hospitals delay elective procedures that use Medtronic’s medical devices.
Macy’s (M) – Macy’s is seeking to raise as much as $5 billion in debt, according to people familiar with the matter who spoke to CNBC. The retailer is not said to be focusing on a bankruptcy option at the current time.
Lyft (LYFT) – Lyft withdrew its 2020 guidance, saying the pandemic is having a negative effect on ride volumes. It said it would reveal detailed actions to weather the virus outbreak in early May.


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