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Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: 3M, Cisco, SmileDirectClub, Starbucks & more

Peter Schacknow





Take a look at some of the biggest movers in the premarket:
Norwegian Cruise Line (NCLH) – Norwegian reported a first-quarter loss of 99 cents per share, wider than the 50 cents a share loss that analysts had projected. Revenue was in line with forecasts. The cruise line operator said it was well-positioned to withstand 18 months of voyage suspensions.
3M (MMM) – 3M said its sales fell 11% in April, with a surge in face mask demand being offset by declines for its other product lines. Health-care sales rose 5%, while transportation and electronics saw a 20% drop and safety and industrial sales fell 11%.
Cisco Systems (CSCO) – Cisco reported quarterly profit of 79 cents per share, beating consensus estimates by 10 cents a share. Revenue topped estimates as well. The networking equipment maker also gave an upbeat current-quarter forecast, as it benefits from an increase in remote work.
SmileDirectClub (SDC) – SmileDirectClub lost 28 cents per share for its latest quarter, wider than the 19 cents a share loss that Wall Street analysts were anticipating. The maker of teeth-straightening aligners saw its revenue miss estimates as well, and the company sees its kits businesses providing a larger percentage of revenue going forward compared to business in its SmileShops. Following the release of the quarterly report, Bank of America Securities cut its rating on the stock to “underperform” from “buy.”
Jack In The Box (JACK) – Jack In The Box came in 16 cents a share below estimates, with quarterly earnings of 50 cents per share. The restaurant chain’s revenue beat Street forecasts. Comparable sales were down 4.2%, and Jack In The Box also withdrew financial guidance as well as suspending its dividends and share buybacks.
Fiat Chrysler (FCAU) – Fiat Chrysler will not distribute its 2019 dividend that was due to be paid this year because of the impact of the coronavirus outbreak. Peugeot parent PSA Groupe is also suspending its dividend payout, and the two automakers said their merger plans are proceeding as scheduled.
DraftKings (DKNG) – Susquehanna Financial began coverage of DraftKings with a “positive” rating, noting that the online gambling site operator is the leader in a market that could grow to as much as $40 billion in the next 10 years.
Intelsat (I) – Intelsat filed for bankruptcy protection, in a move designed to allow the satellite operator to participate in an upcoming government airwaves auction. Intelsat has $14.5 billion in debt, and would have to spend more than $1 billion to participate due to the cost of moving existing customers off airwaves to be sold.
Tyson Foods (TSN) – Tyson cut prices for some of the beef it sells to supermarkets and restaurants by 20% to 30%. This comes after disruptions at meat plants led to a jump in the cost of meat.
Tesla (TSLA) – Tesla issued a warning to workers who choose to stay at home even after being ordered back to work, saying they could lose their unemployment benefits.
Starbucks (SBUX) – Starbucks wants landlords to lower rent for the next year, according to a letter from Chief Operating Officer Roz Brewer and reported by the Seattle Times. The letter cited the economic disruption caused by the Covid-19 pandemic.
Mastercard (MA) – Mastercard said it saw a slight rebound in credit card use during the two weeks ended May 7, due to loosening of social distancing rules in some areas as well as fiscal stimulus.
McCormick (MKC) – McCormick was upgraded to “outperform” from “neutral” at Credit Suisse, as more people cook at home and use the company’s spices and other products.
Allogene Therapeutics (ALLO) – Allogene released favorable data from a phase 1 study of its treatment for non-Hodgkin lymphoma.

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