Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Chewy, AMC, Merck, Vroom, Best Buy & more
Chewy (CHWY) – Chewy posted a loss of 12 cents per share, smaller than the 16 cents a share loss that Wall Street had anticipated. The pet products retailer also reported better-than-expected revenue and gave an upbeat revenue forecast. Active customers now stand at 15 million, up 33% from a year ago.
AMC Entertainment (AMC) – AMC said it would reopen theaters globally in July, with limited capacity and certain seats blocked off to maintain safety. AMC had shut its theaters down in March due to the Covid-19 pandemic. It's also announced a partnership with Clorox (CLX) to sanitize its locations.
Genmab (GMAB) – The Copenhagen-based biotech company announced a broad collaboration with U.S.-based AbbVie (ABBV) to jointly develop and market three of Genmab's early-stage antibody treatments for cancer, as well as future treatments. Genmab will receive an upfront payment of $750 million and potential future payments of up to $3.15 billion.
Red Robin Gourmet Burgers (RRGB) – The restaurant chain lost $6.66 per share for the first quarter, compared to a consensus estimate of a $1.10 per share loss. Revenue also came in below estimates, with comparable-restaurant sales falling 20.8%. Red Robin's business was hit by pandemic-related closures, but the company said trends have been improving in recent weeks as restaurants reopen.
GameStop (GME) – GameStop lost $1.61 per share for its latest quarter, greater than the loss of $1.27 per share that analysts had forecast. The videogame retailer's revenue was slightly below forecasts, and comparable-store sales excluding closed locations fell 17%. One bright spot for GameStop: a 519% increase in e-commerce sales.
Merck (MRK) – Merck said its cancer drug Keytruda did not meet its goals in a study involving bladder cancer patients. Keytruda is already approved for other types of cancer, with sales of more than $11 billion in 2019.
Vroom (VRM) – Vroom remains on watch after the online car seller's shares more than doubled in its debut session following its initial public offering.
Best Buy (BBY) – Best Buy plans to bring back 9,000 furloughed part-time and full-time workers, and will allow customers inside its stores for the first time since the pandemic began. The electronics retailer will limit the number of customers inside stores at any one time to 25% of normal capacity.
Five Below (FIVE) – Five reported a quarterly loss of 91 cents per share, compared to the consensus estimate of a 33 cents a share loss. The discount retailer's revenue came in below forecasts amid coronavirus-related closures, although the company said about 90% of its stores have now reopened.
MGM Resorts (MGM) – MGM will reopen more Las Vegas casinos, following strong performances for the Bellagio, MGM Grand, and New York New York following their reopenings. The Excalibur will open Thursday, followed by ARIA, Mandalay Bay and Four Seasons Las Vegas on July 1.
Etsy (ETSY) – The online crafts retailer was upgraded to "buy" from "hold" at Jefferies, which cites "home nesting dynamics" and repeat purchases of face mask sales driving long-term prospects for the company.
Nikola (NKLA) – The electric truck maker's share are on watch after a surge that sent its market value past that of Ford (F) and Fiat Chrysler (FCAU), even though it hasn't yet sold any vehicles. Nikola went public last week following a reverse merger with a special purpose acquisition company.