Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Target, Regeneron, Amazon, Eli Lilly & more
Target (TGT) – The retailer announced a 3% dividend hike, increasing the quarterly payout by 2 cents a share to 68 cents per share.
Regeneron Pharmaceuticals (REGN) – The drugmaker began human testing of an experimental Covid-19 antibody cocktail designed as a treatment for the disease. Chief Scientific Officer George Yancoupolos said the company should know within a month whether the treatment is effective.
Amazon.com (AMZN) – The European Union is set to file formal charges against Amazon over its treatment of third-party sellers, according to people familiar with the matter who spoke to The Wall Street Journal. Amazon has been accused of using data from those sellers to compete against them, charges that Amazon has denied.
Eli Lilly (LLY) – Lilly could have a Covid-19 treatment authorized for use as early as September. The drugmaker’s chief scientist told Reuters that a timeline could be met if either of the two antibody therapies currently in testing proves successful. Lilly also has a third antibody treatment in pre-clinical studies.
Grubhub (GRUB) – Grubhub agreed to be acquired by European food delivery firm Just Eat Takeaway.com in a $7.3 billion all-stock deal. The transaction would create the world’s largest food delivery company outside China. The agreement comes after acquisition talks between Grubhub and Uber (UBER) fell apart.
Apple (APPL) – Bank of America Securities raised its price target on Apple stock to a Street high of $390 a share from the prior $340 a share, while maintaining a “buy” rating. The firm cited a number of positive factors including the upcoming 5G iPhone cycle and projected 20% growth in hardware sales next year.
Children’s Place (PLCE) – The children’s apparel retailer lost $1.96 per share for its first quarter, smaller than the loss of $2.14 per share that analysts had predicted. Revenue did come in below forecasts, with stores closed due to the pandemic. Children’s Place also said online demand had quadrupled over a year ago, and that it planned to have the majority of its stores open by July 1.
Unilever (UN, UL) – Unilever plans to combine its Dutch and British entities into a single holding company based in Britain. The consumer goods giant said the plan would not affect staffing or operations either in Britain or the Netherlands.
Tesla (TSLA) – Tesla won Chinese government approval to build Model 3 vehicles with cobalt-free “LFP” batteries.
Walmart (WMT) – Walmart will stop keeping beauty products aimed at people of color in locked display cases. The practice had drawn complaints saying it suggested that customers of those products cannot be trusted.
Walt Disney (DIS) – Walt Disney plans to begin a phased reopening of its Disneyland resort in California in July. The plan must still receive approval from state and local officials.
Tailored Brands (TLRD) – Tailored Brands said it may have to seek bankruptcy protection if sales continue to slump. The parent of the Men’s Wearhouse and Jos. A. Bank clothing chains said it was taking “decisive actions to manage liquidity.”
Tyson Foods (TSN) – Tyson said it was cooperating with a Justice Department probe into poultry price-fixing. The meat and poultry producer is participating in a program that shields Tyson and its employees from prosecution or fines.
Beyond Meat (BYND) – Beyond Meat announced the expansion of its manufacturing capabilities in Europe. The plant-based burger maker acquired a new factory in the Netherlands that should be in operation by the end of the year, as well as opening another Netherlands manufacturing plant in partnership with Dutch meat producer Zandbergen.
Delta Air Lines (DAL) – Delta will seek concessions from lenders, in order to prevent the carrier from falling out of compliance with certain debt requirements. Under current conditions, Delta said it would be out of compliance by early next year.
Oxford Industries (OXM) – Oxford lost $1.12 per share for its latest quarter, compared to forecasts of a 27 cents per share loss. The apparel maker’s revenue also came in below forecasts. The maker of Tommy Bahama and other apparel brands was hurt by virus-related lockdowns, and instituted heavy discounting and promotional activity during the quarter.