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Jul 1, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Macy's, United, FedEx, Boeing, Facebook & more

Peter Schacknow



Take a look at some of the biggest movers in the premarket:
Macy's (M) – The retailer reported a first-quarter loss of $2.03 per share, with the loss and its revenue matching the numbers it gave in a preliminary report on June 9. Macy's is expecting the pandemic to impact the U.S. economy for the remainder of the year, although it is not anticipating another full shutdown.
Capri Holdings (CPRI) – The luxury goods maker reported fiscal fourth-quarter profit of 11 cents per share, missing the 15 cents a share consensus estimate. Revenue at the company formerly known as Michael Kors beat forecasts. Capri expects fiscal 2021 to be impacted by the Covid-19 pandemic, including a "significant" current-quarter loss, but CEO John Idol said he is encouraged by current trends as stores reopen.
United Airlines (UAL) – United plans to add about 25,000 flights to its schedule in August, with its domestic schedule at 48% of the prior year's levels and 40% when international flights are considered.
Constellation Brands (STZ) – The spirits producer reported quarterly profit of $2.30 per share, beating the consensus estimate of $2.01 a share. Organic sales were down 4%. The company said beer production in Mexico had returned to normal levels. Separately, Constellation announced the acquisition of direct-to-consumer wine producer Empathy Wines for an undisclosed amount.
General Mills (GIS) – The food producer earned $1.10 per share for its fiscal fourth quarter, 4 cents a share above estimates. Revenue also beat Wall Street forecasts, helped in general by pandemic-related food stockpiling, and from strong demand for its cereals and snack foods.
Comcast (CMCSA) – The NBCUniversal and CNBC parent company was upgraded to "outperform" from "market perform" at Bernstein, in a report that called on CEO Brian Roberts to spin out NBCUniversal and Sky. The report also said several strategic investments are now poised to fuel future growth, and that its call is not dependent on that spinout occurring.
FedEx (FDX) – FedEx reported quarterly earnings of $2.53 per share, well above the consensus estimate of $1.52 a share. Revenue also topped estimates. The delivery service said its results were severely affected by Covid-19 but that it is well-positioned to benefit from global reopenings.
Boeing (BA) – Boeing did not give regulators documents about key changes it made in the 737 Max flight control system prior to its original approval, according to an inspector general report seen by Reuters and AP. Boeing began test flights this week to recertify the aircraft for a return to service.
Facebook (FB) – Facebook CEO Mark Zuckerberg agreed to meet with organizers of the protest which has resulted in a slew of major companies pulling their social media ads, according to a company spokesperson quoted by Reuters. Facebook had earlier said it would submit to an audit of its efforts to control hate speech on the platform.
Beyond Meat (BYND) – Beyond Meat is launching retail sales of its plant-based burgers in China, beginning with 50 stores in Shanghai this weekend. The products had been introduced on a limited basis earlier this month at Yum China's (YUMC) Taco Bell, Pizza Hut, and KFC locations in China.
Netflix (NFLX) – Netflix named Bozoma Saint John as its new chief marketing officer, adding a high-profile Black executive to its senior management ranks. Saint John had been head of marketing at talent agency Endeavor (EDR), and previously worked at Apple (AAPL) and Uber (UBER).
CVS (CVS), Walgreens (WBA), Kroger (KR), Rite Aid (RAD) – The Department of Health and Human Services extended its Covid-19 testing partnership with CVS, Walgreens, Rite Aid and Kroger, scaling it up to more than 600 sites across the country.
Goldman Sachs (GS) – Goldman is close to resolving legal issues involving sovereign Malaysia investment fund 1MDB, according to a Bloomberg report. Goldman is aiming to strike a settlement that would let it avoid pleading guilty in the case involving the billions of dollars Goldman raised for the fund.
Whirlpool (WHR) – Whirlpool is planning to cut an unspecified number of U.S. jobs, and will take a $95 million charge against earnings as a result. The appliance maker will accomplish the cuts through layoffs and voluntary retirements.
Denny's (DENN) – Denny's announced a public stock offering of 8 million shares, with underwriters expected to receive the option of buying an additional 1.2 million shares. The restaurant chain intends to use the proceeds for general corporate purposes.

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