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Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: AMC, Cardinal Health, Marriott, Under Armour & more

Peter Schacknow

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

Cardinal Health (CAH) – The drug distributor reported quarterly earnings of $1.62 per share, beating the consensus estimate of $1.43 a share. Revenue also beat forecasts. Its businesses reported increased volume related to the Covid-19 pandemic, but it does expect a significant net negative impact to current-quarter results.
Marriott (MAR) – The hotel operator earned 26 cents per share for the first quarter, well below the consensus estimate of 80 cents a share. Revenue topped estimates. Marriott said business was improving in greater China, and stabilizing in the rest of the world although at extremely low levels.
Under Armour (UAA) – Under Armour lost 34 cents per share for the first quarter, wider than the 19 cents a share loss that Wall Street was expecting. Revenue was also below forecasts, with overall sales falling about 23% amid virus-related store closures.
AutoNation (AN) – The car retailer posted better-than-expected revenue for its latest quarter, even as it took $315 million in non-cash impairment charges due to the pandemic. AutoNation said sales strengthened during the final 10 days of April.
United Airlines (UAL) – United decided not to proceed with a $2.25 billion debt offering, without giving a reason. The airline had planned to use the proceeds to pay off a $2 billion loan that it had taken in March.
Sony (SNE) – Sony suspended its mainland China PlayStation online store, saying the temporary shutdown was for a system security upgrade. It did not specify how long the suspension would last.
Chesapeake Energy (CHK) – Chesapeake Energy is advancing $25 million in incentive pay to its executives, ahead of a planned bankruptcy filing. The energy producer said in a regulatory filing that traditional metrics would not be effective in “incentivizing the company’s workforce.”
Intel (INTC), Taiwan Semiconductor (TSM) – The chip makers are in talks with the Trump administration about building new chip factories in the U.S., according to The Wall Street Journal, amid growing concerns about the reliability of Asia-based supply chains.
Tesla (TSLA) – Tesla sued to be allowed to reopen its California factory, and subsequently said it had “begun the process of resuming operations.” The suit came after CEO Elon Musk threatened to pull the automaker out of California, criticizing government orders that businesses remain closed.
Quidel (QDEL) – Quidel received emergency Food and Drug Administration approval to distribute a new type of Covid-19 antigen test designed for rapid detection of the virus that causes the disease.
Pfizer (PFE) – Pfizer said it is in talks with contractors to outsource more drug production, to allow it to focus on producing its experimental vaccine for Covid-19 should it prove safe and effective.
Potbelly (PBPB) – Potbelly said it could not meet a May 8 deadline to file its quarterly report, due to the closure of the sandwich chain’s headquarters and staff cuts. It said it should be able to file the report no later than June 22.
Chipotle Mexican Grill (CMG) – Chipotle secured a new $600 million revolving credit line, according to a Securities and Exchange Commission filing. The restaurant chain had $909 million in liquidity and no debt as of March 31.
Waste Management (WM) – The nation’s largest trash hauler is seeking higher fees for home trash pickup, due to a surge in volume following the implementation of lockdowns that are keeping people at home. CFO Devina Rankin told The Wall Street Journal that home residential trash volume has increased by 15% to 25% since the lockdown began.
AMC Entertainment (AMC) – (AMZN) is mulling a possible purchase of the movie theater operator, according to a report published by the UK’s Mail newspaper. The report said it is not clear whether talks between the parties are still going on.


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