Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Raytheon, ViacomCBS, Moderna, JetBlue & more
Raytheon Technologies (RTX) – The defense contractor reported quarterly profit of $1.78 per share, beating the consensus estimate of $1.22 a share. Revenue also beat forecasts and Raytheon said it would not provide a financial outlook at this time due to pandemic-related uncertainty.
ViacomCBS (VIAC) – The media company beat estimates by 17 cents a share, with quarterly earnings of $1.13 per share. Revenue also came in above estimates. ViacomCBS logged a 51% increase during the quarter in domestic streaming and digital video revenue.
AmerisourceBergen (ABC) – The drug distributor reported quarterly earnings of $2.40 per share, 13 cents a share above estimates. Revenue also exceeding forecasts. The company cut its full-year earnings forecast to incorporate the potential impact of the Covid-19 pandemic.
Bristol-Myers Squibb (BMY) – The drugmaker earned $1.72 per share for the first quarter, 23 cents a share above estimates. Revenue also topped analysts’ projections. The company said it was maintaining its 2020 earnings forecast, despite the pandemic that it thinks will shave $500 million off 2020 revenue.
Dish Network (DISH) – The satellite TV provider reported better-than-expected first-quarter revenue, but lost 250,000 subscribers during the quarter due to disconnections in the airline and hospitality sectors.
Edgewell Personal Care (EPC) – The maker of Schick razors, Edge shaving cream, and other personal care products missed estimates by a penny a share, with quarterly earnings of 92 cents per share. Revenue beat forecasts. Edgewell withdrew its full-year forecast due to pandemic-related uncertainty.
Hilton Worldwide (HLT) – The hotel operator reported quarterly earnings of 74 cents per share for the first quarter, beating the 55 cents a share consensus estimate. Revenue was essentially in line with expectations. Hilton said the impact of the Covid-19 pandemic did not become significant until March, although comparable systemwide revenue per available room did tumble 22.6% during the quarter on a currency-neutral basis.
JetBlue (JBLU) – JetBlue lost 42 cents per share during the first quarter, wider than the 36 cents a share loss anticipated by Wall Street. Revenue was shy of expectations as well. Like other airlines, JetBlue was impacted by the severe drop in travel demand, although it did say it expects its daily cash burn rate to fall to $10 million this month from $18 million during the second half of March.
Moderna (MRNA) – Moderna said it had received Food and Drug Administration approval for its Covid-19 vaccine candidate to proceed to a phase 2 study.
Teva Pharmaceutical (TEVA) – The drugmaker reported quarterly earnings of 76 cents per share, 17 cents a share above estimates. Revenue also beat forecasts. Teva saw stronger demand for its generic and over-the-counter drugs, and also reaffirmed its 2020 outlook.
Costco (COST) – Costco reported a 4.7% drop in comparable-store sales for April, with the warehouse retailer saying its sales were impacted by some mandatory closures and the implementation of social distancing at open locations.
T-Mobile US (TMUS) – T-Mobile beat estimates by 8 cents a share, with quarterly earnings of $1.10 per share. The wireless carrier’s revenue was slightly below forecasts. T-Mobile said it expected the pandemic to negatively impact its results through at least the end of the year.
PayPal (PYPL) – PayPal earned 66 cents per share for its latest quarter, 9 cents a share shy of estimates. The payment services company’s revenue also registered a miss. PayPal said it expects a strong recovery during the current quarter as more people shift to online shopping.
Square (SQ) – Square reported a quarterly loss of 2 cents per share, surprising analysts who had forecast a 13 cents per share profit for the mobile payment services provider. The pandemic resulted in a significant drop in transaction volume for the quarter, and Square expects a material impact for the current quarter as well.
Etsy (ETSY) – Etsy fell 9 cents a share shy of estimates, with quarterly earnings of 10 cents per share. The online crafts marketplace’s revenue beat Wall Street forecasts. The revenue performance got a boost from sales of face masks, a trend that Etsy expects to grow in the current quarter.
Grubhub (GRUB) – Grubhub broke even for its latest quarter, surpassing expectations of a loss. The food delivery service’s revenue came in above estimates. Grubhub said it is seeing a rebound in delivery sales, reversing a drop that occurred at the beginning of the Covid-19 pandemic.
Fox Corp. (FOXA) – Fox reported quarterly earnings of 93 cents per share, beating the consensus estimate of 71 cents a share. Revenue topped estimates as well. Fox said that the pandemic is having a negative impact on its operations, however, especially for its local TV stations where advertisers have been cutting back.
Peloton Interactive (PTON) – Peloton lost 20 cents per share for its fiscal third quarter, wider than the 17 cents a share loss predicted by analysts. The exercise equipment maker’s revenue came in well above estimates, however, with stay-at-home orders resulting in a 66% jump in sales. The company also raised its current-quarter sales forecast.
Lyft (LYFT) – Lyft lost $1.09 per share for the first quarter, compared to the loss of 63 cents per share forecast by Wall Street. The ride-hailing service’s revenue beat estimates, however, jumping 23% from a year earlier.
Wynn Resorts (WYNN) – Wynn posted a wider-than-expected loss and revenue below analysts’ estimates. The casino operator saw a significant impact from coronavirus-related shutdowns. Wynn also suspended its quarterly dividend.
Anheuser-Busch InBev (BUD) – Anheuser-Busch saw a 13.7% drop in first-quarter profit, with the world’s largest beer brewer predicting a “materially worse” performance for the current quarter amid bar and restaurant shutdowns due to the coronavirus outbreak.
Flir Systems (FLIR) – Flir will provide General Motors (GM) with 377 of its thermal scanners to help detect fever among the automaker’s employees when they return to work at GM factories, according to a Reuters report.
Domino’s Pizza (DPZ), DexCom (DXCM) – The pizza chain and the glucose monitoring system maker will join the S&P 500 next week, replacing Michael Kors parent Capri Holdings (CPRI) and drugmaker Allergan (AGN). Capri is moving to the S&P SmallCap 600, while Allergan is being acquired by drugmaker AbbVie (ABBV).