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Aug 18, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Home Depot, Walmart, Amazon, Kohl's & more

Peter Schacknow



Take a look at some of the biggest movers in the premarket:

Home Depot (HD) – The home improvement retailer earned $4.02 per share for the second quarter, beating the consensus estimate of $3.71 a share. Revenue came in well above estimates. Comparable-store sales jumped 23.4%, more than double the FactSet consensus estimate of 10.9%. Home Depot benefited from the increase in home improvement projects by people forced to remain at home due to the Covid-19 pandemic.
Walmart (WMT) – Walmart came in 31 cents a share ahead of estimates, with quarterly earnings of $1.56 per share. The retail giant's revenue beat forecasts as well. U.S. comparable-store sales rose 9.3%, easily beating the 5.4% consensus FactSet estimate. U.S. e-commerce sales nearly doubled. Walmart's results were boosted in part by strong sales increases for general merchandise and food.
Amazon.com (AMZN) – Amazon is adding 3,500 jobs in six major cities, including 2,000 in New York who will work in the historic 5th Avenue building that once housed retailer Lord & Taylor. Amazon purchased the building from WeWork for a price reported to be more than $1 billion.
Kohl's (KSS) – The retailer lost 25 cents per share for its latest quarter, smaller than the 83 cents a share loss that Wall Street analysts had anticipated. Revenue also came in above estimates, though Kohl's declined to report comparable-sales figures due to store closures. The retailer said it expects the pandemic to continue to impact its business.
Advance Auto Parts (AAP) – The auto parts retailer earned $2.92 per share for the second quarter, well above the $1.98 a share consensus estimate. Revenue also beat forecasts, and a comparable-store sales increase of 7.5% easily beat the consensus forecast of a 2.6% rise. Advance Auto said it benefited from the effects of stimulus checks, unemployment benefits, and Covid-19's impact on consumer behavior.
Carnival (CCL) – Carnival said it is investigating a ransomware attack against one of its cruise brands, involving the personal data of guests and employees. Carnival did not say which brand was involved and did not give further details, saying the probe was in the early stages.
Uber (UBER) – Uber said it planned to continue operating its Uber Eats food delivery service in California, even if it shuts down its ride-hailing operation this week. Uber and rival Lyft (LYFT) both said they would shut ride-sharing services in California if a court ruling forces them to classify workers as employees rather than contractors.
Boeing (BA) – Boeing plans to offer voluntary layoffs to employees for the second time this year, according to a note written by CEO Dave Calhoun to Boeing workers. The jet maker did not set a specific reduction target, but is realigning its workforce to deal with the virus-induced drop in travel demand.
Oracle (ORCL) – Oracle has begun talks to buy the U.S. operations of Chinese video-sharing company TikTok, according to a person familiar with the matter who spoke to CNBC. That would put Oracle in competition with Microsoft (MSFT), which is also in talks with TikTok parent ByteDance.
Pinterest (PINS) – Pinterest named Andrea Wishom to its board of directors, the third woman to be appointed to the image-sharing company's board and the first Black member. The move follows accusations by former Pinterest Chief Operating Officer Francoise Brougher that Pinterest's work environment was hostile for women.
Big Lots (BIG) – Apollo Global Management (APO) engaged in unsuccessful buyout talks with the discount retailer, according to a Bloomberg report. The talks ended last week, with the major stumbling block reported to have been the terms of a sale-leaseback agreement that Big Lots signed with private equity firm Oak Street Capital in June.
Cal-Maine Foods (CALM) – Cal-Maine announced a six million share secondary stock offering. The shares are being sold by Jean Reed Adams, wife of the egg producer's late founder, Fred Adams Jr. Cal-Maine will not receive any proceeds from the offering.

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