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Oct 15, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Walgreens, Morgan Stanley, Fastly, Wells Fargo & more

 

Peter Schacknow


Check out the companies making headlines before the bell:

Walgreens – The pharmacy chain operator reported adjusted quarterly profit of $1.02 per share, 6 cents above estimates, with revenue also above forecasts. Walgreens also announced a 2.2% dividend increase. The shares added 2% in premarket trading as of 7:40 a.m. ET.

Morgan Stanley – Morgan Stanley reported quarterly earnings of $1.66 per share, beating the consensus estimate of $1.28, with revenue also coming in above Wall Street projections. Results were helped by an 11% jump in investment banking revenue.

United Airlines – United reported a quarterly loss of $8.16 per share, wider than the loss of $7.53 predicted by analysts, although revenue was essentially in line with Wall Street estimates. United said it was positioning itself to weather a long downturn in air travel due to the pandemic. The stock fell 1% in premarket trading as of 7:40 a.m. ET.

Fastly – Fastly is under pressure after issuing a current quarter revenue warning. The provider of internet content delivery technology cut its outlook because of a reduction in business from its largest customer. Video sharing app TikTok wasn’t specifically named in the warning, but Fastly has previously said that TikTok is its largest customer. The stock lost 28% in premarket trading as of 7:40 a.m. ET.

Ericsson – The Swedish telecommunications company won a contract to build key elements of a new 5G mobile network for Dutch telecom company KPN, which had said last year it would remove China’s Huawei from consideration for that contract.

Taiwan Semiconductor – Taiwan Semi raised its 2020 revenue forecast, saying the coronavirus pandemic had accelerated demand for its high end chips used in smartphones and other electronic devices.

Array Technologies – Array will begin trading on the Nasdaq today, after the solar equipment company’s initial public offering priced at $22 per share. That was above the expected range of $19-$21 per share. The IPO had been increased to 47.5 million shares from the initially planned 45 million.

Wells Fargo – The bank fired more than 100 employees, alleging that they had defrauded the Economic Injury Disaster Loan program designed to help small businesses through the pandemic.

Regeneron – The drug maker received FDA approval for its drug to treat the Zaire Ebola virus strain, the most deadly of the six known types.

BioNTech – BioNTech Chief Executive Officer Ugur Sahin told Bloomberg News in an interview that the late-stage trial of its Covid-19 vaccine candidate remains on track, and that side effects are in line with those seen in earlier studies. BioNTech is developing the vaccine in partnership with Pfizer.

Alcoa – Alcoa lost $1.17 per share for its latest quarter, smaller than the loss of $1.38 that analysts had predicted, while the aluminum producer’s revenue was above consensus estimates. Its results were helped by stronger auto industry demand and higher aluminum prices. However, the shares dropped 6% in premarket trading as of 7:40 a.m. ET.

Sleep Number – Sleep Number reported quarterly earnings of $1.79 per share, well above the consensus estimate of $1.06, and the mattress retailer also saw revenue beat Wall Street forecasts. It also issued an upbeat outlook. The stock gained 6% in premarket trading as of 7:40 a.m. ET.

AT&T – The New York Post reports the Justice Department is unlikely to approve any merger deal between AT&T’s DirecTV unit and rival satellite TV operator Dish Network. Sources told the Post any such deal would likely have to wait until faster 5G wireless service is more widely available in rural markets.

Roku – KeyBanc downgraded the streaming video device maker to “sector weight” from “overweight”, noting a nearly 40% runup over the past month and that many positive aspects are already built into the stock’s price. Roku shares lost 3% in premarket trading as of 7:40 a.m. ET.

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