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Oct 27, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Xilinx, Merck, Caterpillar, 3M & more

 

Peter Schacknow


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

Xilinx (XLNX) – The chipmaker agreed to be bought by Advanced Micro Devices (AMD) for $35 billion in stock, a deal valued at $143 per share. The deal is expected to close by the end of 2021. Separately, AMD reported better-than-expected profit and revenue for its latest quarter. Xilinx rose 11%, while AMD lost 2% in premarket trading as of 7:35 a.m. ET.

Merck (MRK) – The drugmaker reported quarterly earnings of $1.74 per share, 30 cents a share above estimates. Revenue also beat forecasts and Merck raised its full-year forecast. Results received a boost from rising sales of its cancer drug Keytruda. Merck was higher by 1.5% in premarket trading as of 7:35 a.m. ET.

Caterpillar (CAT) – Caterpillar came in 16 cents a share above estimates, with quarterly profit of $1.34 per share. Revenue came in above estimates as well. The heavy equipment maker is still not issuing guidance amid continued global economic uncertainty. The shares fell slightly in premarket trading.

3M (MMM) – 3M earned $2.43 per share for its latest quarter, compared to a consensus estimate of $2.26 a share. Revenue also topped forecasts. 3M expects sales to be flat to up low single digits in October, although it did not give any other guidance. 3M shares fell slightly in premarket trading.

Stanley Black & Decker (SWK) – The toolmaker reported quarterly earnings of $2.89 per share, beating the consensus estimate of $2.73 a share. Revenue came in below Wall Street forecasts, however, with the company saying shipments in its tools and storage segment were shifted into the current quarter from September. The shares lost 5% in premarket trading as of 7:35 a.m. ET.

Harley-Davidson (HOG) – The motorcycle maker earned 78 cents per share for the third quarter, well above the consensus estimate of 21 cents a share. Revenue also came in well above forecasts. Profit improved from a year ago as Harley continues its turnaround effort. Harley shares jumped 7% in premarket trading as of 7:35 a.m. ET.

Eli Lilly (LLY) – The drugmaker missed estimates by 17 cents, with quarterly profit of $1.54 per share, with revenue below estimates as well. Lilly was impacted by slowing sales of diabetes drugs, but CEO David Ricks also pointed out to CNBC that investments in Covid-19 treatments that were not in its prior guidance also hurt results. Separately, an independent committee said a combination of Eli Lilly’s Covid-19 antibody drug and the Gilead Sciences (GILD) antiviral treatment remdesivir did not show a benefit, leading to a halt in testing. The decision does not affect the FDA’s evaluation of the Lilly drug as a standalone treatment. The shares lost 3.8% in premarket trading as of 7:35 a.m. ET.

JetBlue (JBLU) – The airline lost $1.75 per share for the third quarter, smaller than the loss of $1.96 a share that analysts were anticipating. Revenue was above Wall Street forecasts, and JetBlue said it was encouraged by upcoming holiday bookings. JetBlue shares rose 3% in premarket trading as of 7:35 a.m. ET.

American International Group (AIG) – AIG is on watch after a flurry of after-the-bell news, including the insurance company’s intention to spin off its life insurance business into a separate company, and a planned CEO change. Current CEO Brian Duperreault will be replaced by AIG President Peter Zaffino on March 1, 2021. The shares jumped 6% in premarket trading as of 7:35 a.m. ET.

Twilio (TWLO) – Twilio reported profit of 4 cents per share for the third quarter, surprising analysts who had expected the cloud communications company to report a loss of 3 cents per share. Twilio also gave an upbeat current-quarter sales forecast, as it benefits from the continued shift to remote working and education.

Chegg (CHGG) – Chegg beat estimates by 7 cents a share, with quarterly earnings of 17 cents per share. The online education company’s revenue also topped Wall Street forecasts and Chegg issued a better-than-expected outlook.

BP (BP) – BP reported an unexpected profit for its latest quarter, but warned that the pandemic will continue to impact the pace of the energy giant’s recovery.

Las Vegas Sands (LVS) – Las Vegas Sands is in talks to sell its Las Vegas casino properties for about $6 billion, according to multiple reports. The company issued a statement to CNBC saying it had held early discussions with unnamed entities, but did not provide any more specifics about which properties were being discussed.

Charles Schwab (SCHW) – Charles Schwab will lay off about 1,000 workers, or 3% of its workforce, with the announcement coming a few weeks after Schwab completed the acquisition of rival brokerage firm TD Ameritrade.

JM Smucker (SJM) – Smucker is selling its Crisco shortening brand to B&G Foods (BGS) for $550 million in cash. B&G is the company behind food brands like Green Giant and Cream of Wheat.

Tiffany (TIF) – Tiffany said its deal to be acquired by French luxury goods maker LVMH has received European Commission clearance, completing all the regulatory approvals required for the deal. LVMH is currently suing to stop the deal, saying Tiffany mismanaged its business during the pandemic and that its value has substantially dropped.

AstraZeneca (AZN) – The Covid-19 vaccine being developed by AstraZeneca and Oxford University showed upbeat results in an interim analysis of study data.

Wells Fargo (WFC) – Wells Fargo is exploring the sale of its corporate trust unit for more than $1 billion, according to a Bloomberg report. The bank is also said to be mulling whether to put its $10 billion student loan portfolio up for sale.

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