Market Insider | Biggest Market Moves Premarket: Stocks making the biggest moves in the premarket: Comcast, Spotify, Pinterest, Tapestry & more
Take a look at some of the biggest movers in the premarket:
Comcast (CMCSA) – The NBCUniversal and CNBC parent reported quarterly profit of 65 cents per share, 13 cents a share above estimates. Revenue beat forecasts as well. Comcast added 663,000 broadband customers during the quarter, and said its Peacock streaming service signups had reached nearly 22 million. The company said theme park results continue to weigh on results due to the pandemic. The shares rose 2.4% in premarket trading as of 7:33 a.m. ET.
Marvell Technology (MRVL) – Marvell struck a deal buy fellow chipmaker Inphi (IPHI) for $10 billion in cash and stock. The deal values Inphi at roughly $157.83 per share, more than 40 percent above Inphi’s Wednesday close.
Spotify (SPOT) – The streaming music service reported a slightly wider-than-expected loss for its latest quarter, with revenue roughly in line with estimates. It also saw premium subscriber numbers rise by a better than expected 27%. Spotify fell 3.9% in premarket trading as of 7:33 a.m. ET.
Tapestry (TPR) – The parent of the Coach and Kate Spade brands reported quarterly profit of 58 cents per share, well above the 23 cents a share consensus estimate. Revenue also topped forecasts, helped by lower expenses and gains from digital transactions. The shares jumped 10% in premarket trading as of 7:33 a.m. ET.
Tempur Sealy (TPX) – The mattress retailer earned $2.94 per share for its latest quarter, beating the consensus estimate of $2.20 a share. Revenue came in above Wall Street forecasts as well. The company also declared a 4-for-1 stock split and boosted its share repurchase program by $170 million to $300 million. The shares rose 4.7% in premarket trading as of 7:33 a.m. ET.
Kontoor Brands (KTB) – The maker of Lee and Wrangler jeans and other apparel earned $1.33 per share for its latest quarter, well above the 58 cents a share consensus estimate. Revenue also beat estimates, and Kontoor announced it had reinstated its dividend. The shares gained 5% in premarket trading as of 7:33 a.m. ET.
Molson Coors (TAP) – The beer brewer earned $1.62 per share for its latest quarter, compared to the $1.02 a share consensus estimate. Revenue also came in above forecasts. The company said it’s also seeing strong growth for its hard seltzer products. Molson shares rose 6% in premarket trading as of 7:33 a.m. ET.
Tiffany (TIF) – Tiffany and French luxury goods maker LVMH have agreed on a revised takeover deal, with LVMH paying $131.50 per share. That’s down from the original $135 per share deal that the two sides had agreed to last November, prior to the pandemic. LVMH subsequently sued to back out of buying Tiffany, accusing the company of mismanaging the business during the pandemic.
Shopify (SHOP) – The e-commerce platform provider reported quarterly profit of $1.13 per share, compared to a 53 cents a share consensus estimate. Revenue scored a beat as well. Shopify benefited from an increasing number of brick-and-mortar retailers turning to online sales to boost results as the pandemic drives growth in online shopping. The shares gained 4% in premarket trading as of 7:33 a.m. ET.
Pinterest (PINS) – Pinterest earned 13 cents per share for its latest quarter, 10 cents a share above estimates. Revenue also exceeded forecasts. The image-sharing platform reported a larger-than-expected number of active users, and gave an upbeat current-quarter revenue forecast. The shares surged 32% in premarket trading as of 7:33 a.m. ET.
Visa (V) – Visa came in 3 cents a share above estimates, with quarterly profit of $1.12 per share. Revenue also beat Wall Street projections. Profits were down 29% from a year earlier, however, due to fewer transactions on its payment network.
Ford Motor (F) – Ford more than tripled the consensus estimate of 19 cents a share, with quarterly profit of 65 cents per share. The automaker also reported better-than-expected revenue. Results were helped by increased demand for SUVs and pickup trucks. Ford also said it would report a full-year profit. The shares gained 5% in premarket trading as of 7:33 a.m. ET.
Amgen (AMGN) – Amgen reported quarterly earnings of $4.37 per share, beating the $3.81 consensus estimate. The biotech company’s revenue was slightly above forecasts, helped by stronger drug sales, although drug prices were lower during the quarter.
Gilead Sciences (GILD) – Gilead beat estimates by 21 cents a share, with quarterly earnings of $2.11 per share. The drugmaker’s revenue also came in above analysts’ forecasts. Gilead cut its 2020 revenue forecast, however, due to lower-than-expected demand, and uncertainty surrounding the sales of Covid-19 treatment remdesivir.
EBay (EBAY) – EBay earned 85 cents per share for its latest quarter, 8 cents a share above estimates. Revenue also topped consensus, however the number of active buyers on the retail platform came in lower than analysts had been forecasting. The shares lost 5% in premarket trading as of 7:33 a.m. ET.
Etsy (ETSY) – Etsy beat estimates by 10 cents a share, reporting quarterly profit of 70 cents per share. Revenue also exceeded Wall Street forecasts, boosted by strong sales of face masks and home décor amid the pandemic.
Exxon Mobil (XOM) – Exxon kept its fourth-quarter dividend at 87 cents per share, marking the first time since 1982 that the energy giant did not raise its dividend.
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