Showing posts with label Biggest Moves Premarket. Show all posts
Showing posts with label Biggest Moves Premarket. Show all posts

Feb 23, 2021

Biggest Moves Premarket: Home Depot, Palo Alto Networks, Shopify, AMC & More.

Stocks making the biggest moves premarket: Home Depot, Palo Alto Networks, Shopify, AMC & more

Peter Schacknow

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    Feb 19, 2021

    Biggest Moves Premarket: Deere, Drpbox, Novavax & More.

    Stocks making the biggest moves in the premarket: Deere, Dropbox, Novavax & more

    Peter Schacknow

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

    Deere (DE) – The heavy equipment maker earned $3.87 per share for its fiscal first quarter, compared to a consensus estimate of $2.14 a share. Revenue also beat forecasts, and Deere increased its full-year earnings outlook amid improvements in the agricultural and construction sectors. Deere shares jumped 6.2% in premarket trading.

    Roku (ROKU) – Roku shares rose 1.4% in the premarket, after it reported a quarterly profit of 49 cents per share, compared to consensus forecasts of a 6 cents per share loss. The streaming video device maker's revenue also beat forecasts, amid a 58% surge as consumers stuck at home during the pandemic sought more video entertainment.

    Uber Technologies (UBER) – The ride-hailing company lost a key case in the U.K., where a Supreme Court judge upheld a ruling by an employment tribunal that said Uber's drivers were employees and not contract workers. Uber fell 1.9% in premarket action.

    Dropbox (DBX) – Dropbox came in 4 cents a share ahead of estimates, with quarterly earnings of 28 cents per share. The cloud storage company's revenue also came in above Wall Street projections. Dropbox had a greater-than-expected number of paid users during the quarter, as well as better-than-expected revenue per user. It also forecast full-year revenue below analysts' estimates, however, and the shares fell 3.4% premarket.

    Applied Materials (AMAT) – Applied Materials earned $1.39 per share for the fourth quarter, compared to a consensus estimate of $1.28 a share. Revenue also came in above forecasts. The maker of semiconductor manufacturing equipment also gave an upbeat current-quarter forecast, as chip makers try to accelerate production to deal with a global shortage. Applied Materials jumped 5% in premarket trading.

    Novavax (NVAX) – The drugmaker's stock surged 10.6% in the premarket after it struck an agreement with global vaccine alliance Gavi to supply 1.1 billion doses of its Covid-19 vaccine to an international vaccination effort.

    TripAdvisor (TRIP) – TripAdvisor reported a quarterly loss of 41 cents per share, wider than the 26 cents a share loss that analysts were anticipating. The travel website operator's revenue beat estimates, and the company noted that pent-up travel demand and positive vaccine developments should lead to improved results this year. Its shares fell 2.4% in premarket trading.

    Pfizer (PFE) – The Covid-19 vaccine developed by Pfizer and BioNTech (BNTX) was 85% effective after just the first dose, according to a study of Israeli health-care workers published in The Lancet medical journal. As with a competing vaccine from Moderna (MRNA), patients receive two doses of the Pfizer vaccine to achieve maximum protection.

    Royal Caribbean (RCL) – Royal Caribbean said it will be restricted from paying cash dividends and from buying back stock until the third quarter of 2022, due to modifications in the cruise line operator's loan agreements. It had suspended dividends and buybacks last year as the pandemic shut down cruising activity.

    IBM (IBM) – IBM is considering a possible sale of its IBM Watson Health business, according to people familiar with the matter who spoke to The Wall Street Journal. Alternatives could include a sale to a private-equity firm or another health company, or a merger of the unit with a special purpose acquisition company.

    Texas Roadhouse (TXRH) – The restaurant chain earned 28 cents per share for the fourth quarter, short of the 49 cents a share consensus estimate. Revenue also came in shy of analysts' forecasts. Texas Roadhouse said weekly sales levels weakened during the latter part of the quarter as a Covid-19 resurgence forced it to close some locations. Texas Roadhouse shares fell 3.5% premarket.

    Planet Fitness (PLNT) – The gym operator's quarterly earnings fell 5 cents a share shy of consensus as it reported profit of 17 cents per share. Revenue came in shy of estimates as well. Same-location sales fell more than expected, and Planet Fitness did not provide a 2021 outlook due to uncertainty surrounding the Covid-19 pandemic. Shares dropped 2.5% in premarket trading.

    Rackspace (RXT) – Rackspace beat estimates by 3 cents with quarterly profit of 26 cents per share. Revenue also came in above forecasts, however the cloud services provider issued a weaker-than-expected full-year earnings forecast. Its shares tumbled 9.7% in premarket action.

    Sep 17, 2020

    Market Insider | Biggest Moves PreMarket: Stocks making the biggest moves in the premarket: Snowflake, Carnival, Tesla, Moderna & more


    Yun Li

    Check out the companies making headlines before the bell:

    Snowflake (SNOW) — Shares of Snowflake dropped more than 6% after the cloud company’s shares more than doubled at its market debut on the New York Stock Exchange. The initial public offering marked the largest software debut ever. Snowflake was worth $70.4 billion at the end of Wednesday’s trading, more than five times its $12.4 billion valuation in February.

    Carnival (CCL), Norwegian Cruise Line (NCLH), United Airlines (UAL) — Shares of airlines and cruise operators came under pressure amid conflicting messages about the timeline of a coronavirus vaccine. President Donald Trump said late Wednesday that the U.S. could distribute a vaccine as early as October, while the director of the Centers for Disease Control and Prevention said vaccinations would be in limited quantities this year and not widely distributed for six to nine months. Carnival and Norwegian both fell more than 3%, while United Airlines and American Airlines (AAL) dipped at least 1% each.

    Moderna (MRNA) — Shares of Moderna gained nearly 3% after the biotech firm CEO Stephane Bancel said it should have enough data from its late-stage trial to know whether its coronavirus vaccine works in November. Separately, the company announced a collaboration with Vertex Pharmaceuticals (VRTX) to develop a treatment for cystic fibrosis.

    Eastman Kodak (KODK) — Shares of Kodak gained another 5% after an independent review found the company didn’t break any laws related to its disclosure of a $765 million loan from the U.S. government to help produce drug ingredients. The stock surged 36% on Wednesday alone.

    Tesla (TSLA), Apple (AAPL), Amazon (AMZN) — Technology stocks are set to resume their recent sell-off with the so-called FANG block all dipping at least 1% in premarket. Apple and Amazon led the declines, both falling 1.5%. Meanwhile, Tesla dropped more than 3%. The tech-heavy Nasdaq Composite last week dipped into correction territory, falling more than 10% from a record high.

    CVS Health (CVS) — Shares of CVS rose slightly after Piper Sandler initiated the drugstore chain with an “overweight” rating. The Wall Street firm said CVS is “well positioned to transform health care access, quality, reduce costs.” The stock is down more than 20% this year.

    Penn National Gaming (PENN) — Shares of Penn National Gaming fell slightly even after Stifel hiked its price target on the sports-betting company to a Street high of $85 per share, representing a 25% gain from here. The stock has surged more than 14% this week alone.

    May 27, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Tractor Supply, Disney, Boeing, Tesla & more

    Peter Schacknow

    Take a look at some of the biggest movers in the premarket:
    Tractor Supply (TSCO) – Tractor Supply said it expected record-breaking sales and earnings for the current quarter, and that comparable-store sales for the farm supply company would grow by 20% to 25%. Tractor Supply shares are up 47% since nationwide lockdowns began in mid-March, the best gain of any retail stock in the S&P 500.
    Walt Disney (DIS) – Disney will submit a plan today to Orange County officials for reopening its Walt Disney World resort. Disney needs approval from the county and then from the governor before Walt Disney World can reopen.
    Boeing (BA) – The jet maker plans to announce 2,500 voluntary layoffs this week, according to union officials. This would be the first phase of wider job cuts that Boeing has said will amount to about 10% of its workforce.
    Papa John's (PZZA) – The pizza chain said comparable-store sales jumped 33.5% in North America this month, and it plans to provide another monthly update for June.
    Tesla (TSLA) – Tesla has cut vehicle prices in North America by as much as 6%, following a decline in auto demand since pandemic-related lockdowns began.
    Sanofi (SNY) – Sanofi will raise more than $11 billion from its sale of shares in U.S. partner Regeneron (REGN), selling 21.6 million shares at $515 per share. The French drugmaker could wind up raising $11.7 billion if underwriters exercise an option to buy 1.2 million addition Regeneron shares. (AMZN) – Amazon is in advanced talks to buy Zoox, according to The Wall Street Journal. Zoox is a developer of technology for self-driving taxis that can be summoned by phone.
    Twitter (TWTR) – Twitter has applied fact-checking notices to tweets by President Donald Trump for the first time, applying them to two tweets about alleged fraud related to mail-in ballots. Twitter had instituted a policy earlier this month saying it would apply fact-checking labels to topics subject to misinformation.
    Walmart (WMT) – Walmart struck a deal with second-hand apparel seller ThredUp, allowing customers to browse ThredUp offerings on its website and get free shipping if they spend $35 or more.
    Domino's Pizza (DPZ) – Domino's said it has seen a rebound in demand during the first eight weeks of the current quarter, though growth in the U.S. has been much stronger than in international markets. Comparable-store sales in the U.S. increased by 14% between March 23 and May 17, but international sales were up by just 1% during that same period.
    Brown-Forman (BF.B) – UBS downgraded the spirits maker's stock to "sell" from "neutral," saying the pandemic and its economic fallout present short and long term challenges that are not reflected in the stock's price.
    Freshpet (FRPT) – Jefferies rates the fresh pet food seller as a "buy" in new coverage, saying Freshpet is positioned to sustain mid-20s annual sales growth with a best-in-class business model and a natural competitive moat.

    May 18, 2020

    US Market | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Moderna, Goldman Sachs, Under Armour & more

    Peter Schacknow

    Take a look at some of the biggest movers in the premarket:
    Moderna (MRNA) – The biotech company announced positive interim data from a phase 1 study of its novel coronavirus vaccine candidate. Moderna said dose-dependent increases in immune responses were seen across three different dose levels, and that the treatment was generally safe and well-tolerated.
    Goldman Sachs (GS) – Warren Buffett’s Berkshire Hathaway sold most of its holdings in Goldman, according to Berkshire’s quarterly 13F filing. Berkshire’s sale of Goldman shares brings its holdings down to 1.9 million shares from more than 10 million, cutting its stake to about 0.6%. Berkshire had invested $5 billion in the Wall Street stalwart during the 2008 financial crisis.
    Uber (UBER), Grubhub (GRUB) – The Wall Street Journal reports the CEOs of both companies met over the weekend to continue merger discussions, as they try to work out a stock-swap deal that would combine Uber’s delivery service, Uber Eats, with Grubhub. Grubhub continues to maintain that Uber’s current offer is too low.
    Under Armour (UAA) – Allianz chief economic advisor Mohamed El-Erian was named lead independent director, effective at the athletic apparel maker’s annual meeting on May 27. El-Erian has been an Under Armour board member since 2018.
    Alphabet (GOOGL) – Alphabet’s Google unit will be the target of likely antitrust lawsuits from the Justice Department and state attorneys general, according to The Wall Street Journal. The suits will focus on Google’s dominance in both the advertising business and in online search.
    T-Mobile US (TMUS) – Japan’s Softbank is in talks to sell a significant portion of its stake in the wireless operator to controlling shareholder Deutsche Telekom, according to The Wall Street Journal. Such a transaction would boost Deutsche Telekom’s share from nearly 44% to over 50%.
    International Game Technology (IGT) – The maker of electronic gaming equipment and software earned 8 cents per share for its latest quarter, beating the 3 cents a share consensus estimates. Revenue fell short of forecasts. The company said the impact from Covid-19 began to set in during March, amid closures of casinos and gaming halls, but IGT said it has sufficient liquidity to weather the pandemic.
    Tesla (TSLA) – Tesla has zeroed in on two locations in Texas and Oklahoma as possible sites for a new factory, according to a source intimately familiar with the automaker’s plans who spoke to CNBC.
    Best Buy (BBY) – Best Buy was upgraded to “outperform” from “market perform” at Telsey Advisory Group, which expects the electronic retailer to benefit from the shift to working at home and increased consumer adoption of e-commerce.
    J.C. Penney (JCP) – The retailer filed for Chapter 11 bankruptcy protection, with plans to hand control to lenders and split into two separate companies. One would hold the retail operations, while the other would be a real estate investment trust holding some of the company’s property.
    Walt Disney (DIS) – Disney will reopen part of the shopping area at its Disney Springs resort in Florida on Wednesday. The company is implementing a variety of safety measures, including masks and contactless payment options.
    Fiat Chrysler (FCAU) – Fiat Chrysler is in talks to set up a $6.8 billion credit line that will be guaranteed by the Italian government. The automaker is trying to shore up its finances as it deals with the impact of the coronavirus outbreak as well as proceed with its planned merger with Peugeot parent PSA Groupe.
    Cinemark Holdings (CNK) – Cinemark was downgraded to “neutral” from “buy” at B Riley FBR, which points to a variety of negative factors for the movie theater operator including a worsening coronavirus situation in Brazil.

    May 7, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Raytheon, ViacomCBS, Moderna, JetBlue & more

    Peter Schacknow

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

    Raytheon Technologies (RTX) – The defense contractor reported quarterly profit of $1.78 per share, beating the consensus estimate of $1.22 a share. Revenue also beat forecasts and Raytheon said it would not provide a financial outlook at this time due to pandemic-related uncertainty.
    ViacomCBS (VIAC) – The media company beat estimates by 17 cents a share, with quarterly earnings of $1.13 per share. Revenue also came in above estimates. ViacomCBS logged a 51% increase during the quarter in domestic streaming and digital video revenue.
    AmerisourceBergen (ABC) – The drug distributor reported quarterly earnings of $2.40 per share, 13 cents a share above estimates. Revenue also exceeding forecasts. The company cut its full-year earnings forecast to incorporate the potential impact of the Covid-19 pandemic.
    Bristol-Myers Squibb (BMY) – The drugmaker earned $1.72 per share for the first quarter, 23 cents a share above estimates. Revenue also topped analysts’ projections. The company said it was maintaining its 2020 earnings forecast, despite the pandemic that it thinks will shave $500 million off 2020 revenue.
    Dish Network (DISH) – The satellite TV provider reported better-than-expected first-quarter revenue, but lost 250,000 subscribers during the quarter due to disconnections in the airline and hospitality sectors.
    Edgewell Personal Care (EPC) – The maker of Schick razors, Edge shaving cream, and other personal care products missed estimates by a penny a share, with quarterly earnings of 92 cents per share. Revenue beat forecasts. Edgewell withdrew its full-year forecast due to pandemic-related uncertainty.
    Hilton Worldwide (HLT) – The hotel operator reported quarterly earnings of 74 cents per share for the first quarter, beating the 55 cents a share consensus estimate. Revenue was essentially in line with expectations. Hilton said the impact of the Covid-19 pandemic did not become significant until March, although comparable systemwide revenue per available room did tumble 22.6% during the quarter on a currency-neutral basis.
    JetBlue (JBLU) – JetBlue lost 42 cents per share during the first quarter, wider than the 36 cents a share loss anticipated by Wall Street. Revenue was shy of expectations as well. Like other airlines, JetBlue was impacted by the severe drop in travel demand, although it did say it expects its daily cash burn rate to fall to $10 million this month from $18 million during the second half of March.
    Moderna (MRNA) – Moderna said it had received Food and Drug Administration approval for its Covid-19 vaccine candidate to proceed to a phase 2 study.
    Teva Pharmaceutical (TEVA) – The drugmaker reported quarterly earnings of 76 cents per share, 17 cents a share above estimates. Revenue also beat forecasts. Teva saw stronger demand for its generic and over-the-counter drugs, and also reaffirmed its 2020 outlook.
    Costco (COST) – Costco reported a 4.7% drop in comparable-store sales for April, with the warehouse retailer saying its sales were impacted by some mandatory closures and the implementation of social distancing at open locations.
    T-Mobile US (TMUS) – T-Mobile beat estimates by 8 cents a share, with quarterly earnings of $1.10 per share. The wireless carrier’s revenue was slightly below forecasts. T-Mobile said it expected the pandemic to negatively impact its results through at least the end of the year.
    PayPal (PYPL) – PayPal earned 66 cents per share for its latest quarter, 9 cents a share shy of estimates. The payment services company’s revenue also registered a miss. PayPal said it expects a strong recovery during the current quarter as more people shift to online shopping.
    Square (SQ) – Square reported a quarterly loss of 2 cents per share, surprising analysts who had forecast a 13 cents per share profit for the mobile payment services provider. The pandemic resulted in a significant drop in transaction volume for the quarter, and Square expects a material impact for the current quarter as well.
    Etsy (ETSY) – Etsy fell 9 cents a share shy of estimates, with quarterly earnings of 10 cents per share. The online crafts marketplace’s revenue beat Wall Street forecasts. The revenue performance got a boost from sales of face masks, a trend that Etsy expects to grow in the current quarter.
    Grubhub (GRUB) – Grubhub broke even for its latest quarter, surpassing expectations of a loss. The food delivery service’s revenue came in above estimates. Grubhub said it is seeing a rebound in delivery sales, reversing a drop that occurred at the beginning of the Covid-19 pandemic.
    Fox Corp. (FOXA) – Fox reported quarterly earnings of 93 cents per share, beating the consensus estimate of 71 cents a share. Revenue topped estimates as well. Fox said that the pandemic is having a negative impact on its operations, however, especially for its local TV stations where advertisers have been cutting back.
    Peloton Interactive (PTON) – Peloton lost 20 cents per share for its fiscal third quarter, wider than the 17 cents a share loss predicted by analysts. The exercise equipment maker’s revenue came in well above estimates, however, with stay-at-home orders resulting in a 66% jump in sales. The company also raised its current-quarter sales forecast.
    Lyft (LYFT) – Lyft lost $1.09 per share for the first quarter, compared to the loss of 63 cents per share forecast by Wall Street. The ride-hailing service’s revenue beat estimates, however, jumping 23% from a year earlier.
    Wynn Resorts (WYNN) – Wynn posted a wider-than-expected loss and revenue below analysts’ estimates. The casino operator saw a significant impact from coronavirus-related shutdowns. Wynn also suspended its quarterly dividend.
    Anheuser-Busch InBev (BUD) – Anheuser-Busch saw a 13.7% drop in first-quarter profit, with the world’s largest beer brewer predicting a “materially worse” performance for the current quarter amid bar and restaurant shutdowns due to the coronavirus outbreak.
    Flir Systems (FLIR) – Flir will provide General Motors (GM) with 377 of its thermal scanners to help detect fever among the automaker’s employees when they return to work at GM factories, according to a Reuters report.
    Domino’s Pizza (DPZ), DexCom (DXCM) – The pizza chain and the glucose monitoring system maker will join the S&P 500 next week, replacing Michael Kors parent Capri Holdings (CPRI) and drugmaker Allergan (AGN). Capri is moving to the S&P SmallCap 600, while Allergan is being acquired by drugmaker AbbVie (ABBV).

    Apr 8, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Tesla, Amazon, Disney, Boeing, Zoom Video & more

    Peter Schacknow

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

    Dick's Sporting Goods (DKS) – The sporting goods retailer will furlough an unspecified number of workers starting April 12. It will pay workers until April 11, and provide health benefits throughout the furlough. A similar announcement comes this morning from Party City (PRTY), which is furloughing 90% of its store employees and 70% of those who work in other functions. As with Dick's, Party City's furloughed employees will continue to receive health benefits.
    Levi Strauss (LEVI) – Levi Strauss reported quarterly profit of 40 cents per share, 5 cents a share above estimates. The apparel maker's revenue also beat forecasts. The company warned the economic impact of the coronavirus outbreak would be material, and that it is withdrawing its 2020 guidance.
    Tesla (TSLA) – Tesla will furlough all non-essential workers and cut salaries as the virus outbreak shuts down the automaker's production. Tesla currently plans to resume production on May 4.
    Amazon (AMZN) – Amazon is suspending its "Amazon Shipping" service in June, according to the Wall Street Journal. The service is a competitor to United Parcel Service (UPS) and FedEx (FDX) that delivers non-Amazon packages and is available in only a few U.S. cities.
    Walt Disney (DIS) – Disney may require visitors to have their temperatures checked when it reopens its theme parks, according to Executive Chairman Bob Iger. He told Barron's the temperature check is one way to make the public feel safe about returning to the parks.
    Wynn Resorts (WYNN), NCR (NCR) – Wynn and NCR raised a total of $1 billion in separate debt sales Tuesday, the first unsecured junk bond offerings since the coronavirus crisis emerged. The successful sales are seen as a sign that investor appetite for risk may be slowly returning.
    Boeing (BA) – Boeing is implementing two new software updates for its grounded 737 Max jet, as it moves toward securing regulatory approval to return the jet to service.
    Williams Cos. (WMB) – Williams adopted a so-called "poison pill" that will kick in if anyone accumulates a stake of 5 percent or more in the pipeline operator. It's the latest company to take such an action in the wake of plunging share prices, but the move is coming under sharp criticism from proxy advisor ISS. ISS is calling for investors to withhold votes for Chairman Stephen Bergstrom, according to The Wall Street Journal, due to the highly restrictive nature of the shareholder rights plan.
    UnitedHealth (UNH) – UnitedHealth is moving to speed up payments to doctors and hospitals, with the nation's largest health insurer saying it was making the move to ease the financial stress experienced by health care providers. The accelerated payments will begin with $2 billion next week.
    Pinterest (PINS) – Pinterest withdrew its 2020 guidance in the wake of the coronavirus outbreak, but provided preliminary numbers for its March quarter that met or exceeded Wall Street expectations.
    Zoom Video (ZM) – Zoom is the target of a class-action suit, accused of overstating privacy standards and failing to make adequate disclosures about its security.
    Perrigo (PRGO) – Perrigo said it saw a sales boost in the first quarter due to the coronavirus outbreak. The maker of over the counter drugs said a dramatic surge in demand took hold in March as the COVID-19 pandemic spread.

    Apr 7, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Kraft Heinz, 3M, Slack and more

    Peter Schacknow

    Take a look at some of the biggest stocks moving before the market opens:
    Exxon Mobil – Exxon Mobil said it was cutting 2020 capital expenditures by 30% and cash operating expenses by 15%, with the moves designed to put it in the strongest possible position when the energy markets improve.
    Slack Technologies – The workplace messaging service increased the size of its planned convertible debt offering to $750 million from its originally planned $600 million. The debt is due in 2025 and can be converted to cash, stock, or a combination of the two. The offering has an interest rate of 0.5%.
    3M – The manufacturer will produce nearly 167 million medical masks for the government over the next three months, as the company and the White House resolve last week’s dispute over 3M’s efforts to ramp up production of medical supplies.
    AT&T – The company issued a financial update to incorporate the impact of the coronavirus outbreak, saying it had a strong cash position and balance sheet as well as attractive liquidity levels. It also announced plans to continue paying quarterly dividends to shareholders.
    Wells Fargo reduced its portfolio of mortgage products offered to consumers, according to a memo seen by Reuters. The bank is trying to stay under a $1.95 trillion balance-sheet cap imposed by regulators, an effort that has become more difficult amid the coronavirus outbreak and the loan programs announced by the government.
    Boeing is temporarily suspending production of its 787 jet at its South Carolina plant, following a coronavirus-related stay-at-home order issued by the state’s governor.
    Kraft Heinz said it expected a rise in first-quarter sales, as demand for its food products jumps among consumers staying at home during the virus outbreak. Analysts had been expecting a sales decline.
    Beazer Homes reported a 3.9% increase in net new orders for its most recent quarter but noted a significant slowdown in customer traffic and sales amid the coronavirus outbreak. The home builder also said it is taking steps to boost liquidity as it deals with the impact of COVID-19.
    Lowe’s – The home-improvement retailer was upgraded to “buy” from “hold” at Loop Capital, which cited several factors, including valuation and the fact that Lowe’s is one of the few retail operations currently open in the U.S.
    Activision Blizzard, Take-Two Interactive – The video game makers were both rated “overweight” in new coverage at Wells Fargo Securities. The firm points to an overall secular growth trend in the industry, as well as the strength of franchises like Take-Two’s “Grand Theft Auto” and “NBA 2K” and Activision’s “Call of Duty” and “Candy Crush.”
    Shopify – Raymond James downgraded the e-commerce platform company’s stock to “market perform” from “outperform,” based on an expectation of near-term headwinds and the fact that the company’s withdrawal of 2020 guidance points to a slowdown in demand.

    Apr 6, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Slack, Zoom, JetBlue, Delta, Boeing & more

    Peter Schacknow

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

    Slack Technologies (WORK) – The provider of the popular workplace messaging platform announced a $600 million debt offering due in 2025, convertible into cash, stock, or a combination of both depending on the holder’s preference.
    Zoom Video Communications (ZM) – Credit Suisse downgraded the video communications platform company to “underperform” from “neutral,” saying the current share price reflects greater conversion to paid usage than will actually occur.
    JetBlue (JBLU) – JetBlue is burning through $10 million per day as it deals with the coronavirus outbreak, according to CEO Robin Hayes. He told employees in a memo that only 7,000 customers per day are flying right now, as opposed to the typical 120,000.
    Delta Air Lines (DAL) – CEO Ed Bastian told employees that the airline is preparing for a 90% revenue drop for the second quarter and that “we know we still haven’t seen the bottom.” Separately, Berkshire Hathaway (BRKB) disclosed in a Securities and Exchange Commission filing that it had sold 18% of its shares in Delta as well as 4% of its holdings in Southwest Airlines (LUV).
    United Airlines (UAL), American Airlines (AAL) – The carriers both announced further reductions in flights to the New York City area, one of the current hotspots in the COVID-19 outbreak.
    Wells Fargo (WFC) – The bank said it was capping its participation in the government’s coronavirus loan program at $10 billion, due to regulatory constraints which cap its assets at $1.95 trillion.
    Boeing (BA) – Boeing is extending the suspension of its Washington State production operations, and declined to say when production might resume.
    Kraft Heinz (KHC) – Kraft Heinz is adding shifts at plants that make packaged foods such as macaroni and cheese, due to a spike in demand stemming from stay-at-home orders.
    General Motors (GM) – GM is seeking to extend maturities on $6 billion in revolving loans rather than refinance a $16.5 billion credit facility, according to a Reuters report.
    Gilead Sciences (GILD) – Gilead has increased the production of its experimental coronavirus drug remdesivir. Gilead is making the drug available through clinical trials and other special programs.
    Spotify (SPOT) – The music streaming service was downgraded to “market perform” from “strong buy” at Raymond James, which said the increased indoor time for consumers is driving less engagement and fewer downloads. The firm said the trend is also creating potential market share shift to Amazon Music due to increased smart speaker listening.
    Walgreens (WBA) – The drugstore operator’s stock was upgraded to “neutral” from “sell” at UBS, which points to valuation as well as other factors.
    EBay (EBAY) – The online marketplace was upgraded to “buy” from “neutral” at Guggenheim. The firm said eBay is attractively valued, has a strong balance sheet and cash flow, and no inventory risk.

    Apr 1, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Verizon, Xerox, Home Depot, Macy's & more

    Peter Schacknow

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

    Verizon (VZ) – Goldman Sachs added Verizon to its "Conviction Buy" list, saying it offers investors the most attractive combination of total return and risk, thanks to the stability of its wireless business.
    Xerox (XRX) – Xerox dropped its $35 billion hostile bid for HP Inc. (HPQ), saying it was prioritizing its response to the outbreak over all other considerations. Xerox had planned to put up its own slate of directors for election to HP's board but has now dropped that effort as well.
    Home Depot (HD) – The home improvement retailer will institute new safety measures in response to the outbreak, including earlier store closures and limiting the number of customers allowed into stores at one time. The company has also increased paid time off for hourly workers.
    British American Tobacco (BTI) – The cigarette maker's US biotech unit – Kentucky BioProcessing – is developing a COVID-19 vaccine derived from tobacco leaves that is currently undergoing pre-clinical testing. The unit said it could produce between 1 million and 3 million doses per week starting in June.
    Royal Bank of Scotland (RBS), HSBC (HSBC), Barclays (BCS) – These and other big U.K. banks canceled their dividends to shore up their balance sheets amid an expected increase in bad loans due to the virus outbreak.
    Becton Dickinson (BDX) – The medical products maker and privately held diagnostics company BioMedomics will launch a test that can determine both current and past exposure to the coronavirus within minutes. Becton Dickinson said the tests will be distributed this month.
    Macy's (M) – The retailer's stock is being removed from the S&P 500 index and will be placed in the S&P SmallCap 600 as of April 6. Macy's has a market cap of about $1.5 billion, the smallest in the S&P 500. Carrier Global, which will become a publicly traded company as of Friday following its spin-off from United Technologies (UTX), will replace Macy's in the S&P 500.
    Caterpillar (CAT) – Caterpillar will withhold annual salary increases for executives, managers, and salaried employees, in an effort to hold down expenses amid the coronavirus outbreak. The heavy equipment maker will also not pay out bonuses to employees next year.
    Quest Diagnostics (DGX) – Quest has pulled its previous financial guidance for 2020, as it tries to determine the impact of the coronavirus on its results. The medical lab operator said that even with a surge of COVID-19 testing, overall testing volume dropped more than 40% during the last two weeks of March.
    Sysco Corp. (SYY) – Sysco is cutting out fresh food sales for its customers and focusing on frozen products, according to a report in the New York Post. The food distributor is also said to be cutting out Saturday deliveries, product returns, and guaranteed delivery times.
    Papa John's Pizza (PZZA) – The restaurant chain's stock was upgraded to "buy" from "neutral" at MKM Partners, which said the pizza segment of the restaurant industry appears better positioned to deal with the current environment, given their delivery and digital infrastructure.

    Mar 31, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Conagra, Carnival, RH, Visa & more

    Peter Schacknow

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

    Conagra (CAG) – The food producer missed estimates by 2 cents a share, with fiscal third-quarter profit of 47 cents per share. Revenue also came in slightly short, however Conagra said it has seen significantly elevated demand for its food products over the past few weeks due to the virus outbreak. The company now expects to exceed its full-year sales and profit guidance.
    Carnival (CCL) – The cruise line operator is suspending dividend payments and stock repurchases, as voyage suspensions continue amid the coronavirus outbreak. Carnival said it could not estimate the impact of COVID-19 on its business, but expects a net loss for fiscal 2020.
    McCormick (MKC) – The spice maker earned $1.08 per share for its latest quarter, 5 cents a share above estimates. Its revenue was below forecasts, however, as results were impacted by the coronavirus outbreak. The company withdrew its prior financial forecast due to uncertainties surrounding the COVID-19 pandemic.
    RH (RH) – RH reported quarterly profit of $3.72 per share, beating consensus by 13 cents a share. The Restoration Hardware parent's revenue was well short of estimates, however, amid lower traffic and more backorders during the holiday season. The furniture retailer also withdrew its financial guidance.
    Amarin (AMRN) – Amarin received an unfavorable ruling from a Nevada court in a patent case involving its fish oil drug Vascepa, used to treat patients with high triglyceride levels. The court ruled in favor of Hikma Pharmaceuticals and Dr. Reddy's Laboratories (RDY), which want to make generic versions. Amarin said it would pursue all available legal remedies.
    British American Tobacco (BTI) – BAT and rival British cigarette maker Imperial Brands both announced deals for new multi-billion dollar credit lines, although they also say they are not seeing any major impact on their businesses from the coronavirus outbreak.
    American Airlines (AAL) – The airline plans to apply for up to $12 billion in government assistance, according to an employee memo seen by Reuters. That would mean no involuntary layoffs or pay cuts over the next six months.
    Spirit Airlines (SAVE) – Spirit is canceling all flights to and from New York, New Jersey, and Connecticut, following warnings from US officials not to travel to the tri-state area because of the COVID-19 pandemic.
    Yum Brands (YUM) – Yum sold $600 million in junk-rated debt, with the restaurant chain planning to use the money for "general corporate purposes." The debt carries a yield of 7.75%, much higher than the 4.75% Yum paid in a debt issue in December.
    Gap (GPS) – Gap will furlough most of its 80,000 retail workers, as many of the apparel retailer's stores remain closed. Gap will also cut corporate jobs and executive pay.
    Visa (V) – Visa said its transaction volume deteriorated during the second half of this month, as countries impose social distancing and sheltering in place due to the virus outbreak.
    Domino's Pizza (DPZ) – The restaurant chain withdrew its financial guidance, as many stores in international markets remain closed, although most U.S. locations remain open.
    Norwegian Cruise Line (NCLH) – Norwegian extended its voluntary suspension of cruises through May 10, after originally suspending them through April 11.
    Zoom Video Communications (ZM) – Zoom's privacy practices are being investigated by the New York State attorney general's office, according to a report in The New York Times.

    Mar 30, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: J&J, Sanofi, Regeneron, La-Z-Boy, Apple & more

    Peter Schacknow

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

    Johnson & Johnson (JNJ) – The company announced it has identified a lead COVID-19 vaccine candidate, and plans to begin phase 1 clinical trials by September at the latest. Its intention is to have the first batches of vaccine available for emergency use by January.
    Cal-Maine Foods (CALM) – The nation’s largest egg producer reported quarterly earnings of 28 cents per share, 10 cents a share above estimates, Revenue also beat forecasts and Cal-Maine said it is not seeing any supply chain disruptions as a result of the coronavirus outbreak.
    Sanofi (SNY), Regeneron Pharmaceuticals (REGN) – The drugmakers expanded a clinical trial of their rheumatoid arthritis drug Kevzara as a coronavirus treatment. The trial now includes patients outside the U.S., after beginning in America last week.
    United Technologies (UTX), Raytheon (RTN) – The defense contractors have received all regulatory approvals for their all-stock merger, and expect to close the deal prior to the open on Friday. United Technologies will be renamed Raytheon Technologies and trade under the ticker “RTX.” The Carrier and Otis businesses of United Technologies will become separate publicly traded companies, trading under ticker symbols “CARR” and “OTIS,” respectively.
    La-Z-Boy (LZB) – La-Z-Boy furloughed 6,800 workers, cut the pay of senior management by 50%, and of salaried workers by 25%. The furniture maker also eliminated its June dividend and stopped its share repurchase program indefinitely.
    Tegna (TGNA) – Tegna said it has held talks with two of four interested parties about their takeover proposals for the regional TV station operator. Those talks have stopped, however, due to the disruption caused by the coronavirus outbreak.
    Jefferies (JEF) – Jefferies said its Chief Financial Officer Peg Broadbent has died from the coronavirus. The investment bank named Teri Gendron, the CFO of the company’s financial services arm, as Broadbent’s successor.
    Gilead Sciences (GILD) – Gilead said it would stop taking individual emergency requests for its experimental coronavirus drug due to overwhelming demand.
    Eldorado Resorts (ERI) – Eldorado’s deal to buy rival casino operator Caesars Entertainment (CZR) could be in danger, according to the New York Post. The paper said regulators have delayed their review of the $17.3 billion deal due to the virus outbreak, while the casino industry takes a hard hit from ongoing closures.
    Novartis (NVS) – Novartis CEO Vas Narasimhan told a Swiss newspaper that its malaria drug hydroxychloroquine is the drugmaker’s biggest hope against COVID-19.
    Apple (AAPL) – Apple could see an 18% year-over-year drop in iPhone orders during the current quarter, according to a Reuters report.
    Papa John’s (PZZA) – Investor advisory firm ISS said retired basketball superstar Shaquille O’Neal should not be re-elected to the board of the pizza chain, according to a Bloomberg report. ISS said O’Neal skipped too many board meetings and that shareholders should vote against his re-election at the April 23 annual meeting.
    Procter & Gamble (PG), Kimberly-Clark (KMB) – Jefferies upgraded both consumer products makers to “buy” from “hold,” noting that both are benefiting from the “pantry-loading” taking place due to the coronavirus outbreak.

    Mar 26, 2020

    Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Ford, Cheesecake Factory, Groupon, Apple & more

    Peter Schacknow

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

    UnitedHealth (UNH) – The health-services company is introducing a coronavirus test that patients can self-administer, which could reduce the risk to health-care workers. The test calls for patients to swab their noses, drop the swab into test tubes, and hand the tubes back to the health-care workers.
    FactSet (FDS) – The financial-information services provider beat estimates by 6 cents a share, with quarterly earnings of $2.55 per share. Revenue came in very slightly below forecasts. FactSet also said it would not update any financial guidance until its next quarterly results.
    Signet Jewelers (SIG) – The jewelry retailer reported quarterly earnings of $3.67 per share, 20 cents a share above estimates. Revenue beat forecasts as well. Comparable-store sales were up 2.3%, more than double the Refinitiv consensus estimate of a 1.1% increase. Signet also suspended its dividend, and would not be providing fiscal 2021 financial guidance at this time due to the potential impact of the coronavirus.
    Micron Technology (MU) – Micron reported quarterly earnings of 45 cents per share, 8 cents a share above estimates. Revenue was above Wall Street forecasts as well. The chipmaker also gave a better-than-expected financial forecast as it benefits from the shift to home-based work due to the coronavirus outbreak.
    Embraer (ERJ) – The Brazilian jet maker reported a quarterly loss of 51 cents per share, compared to a consensus estimate of a 2 cents per share loss. Revenue was in line with forecasts. Embraer also suspended its 2020 guidance, pointing to uncertainty related to the coronavirus outbreak.
    McDonald’s (MCD) – McDonald’s is trimming its menu as long as the coronavirus pandemic persists, in order to deal with both falling customer traffic and staffing issues. The restaurant chain said the move is an attempt to simplify its operations.
    Groupon (GRPN) – Groupon CEO Rich Williams has stepped down from that position, with Chief Operating Officer Steve Krenzer also leaving that job. Both moves are effective immediately, although the daily deals provider said both remain employed by the company. Groupon did not comment on the reason for the changes.
    Apple (AAPL) – Apple is considering delaying the launch of its next iPhone by months, according to a report in the Nikkei Asian Review. That comes amid supply chain disruptions and falling customer demand due to the virus outbreak. Apple has released a new iPhone in September or October in each year since 2011.
    Ford Motor (F) – Ford’s credit rating was cut by S&P to BB+ from BBB-, pushing the rating into junk territory. The rating agency said the automaker’s credit metrics were already borderline prior to the coronavirus outbreak. Separately, Ford said it was aiming to restart production at some of its North American plants as early as April 6.
    AT&T (T), ViacomCBS (VIAC) – AT&T and ViacomCBS are seeing their attempts to sell $5 billion in assets slowed by the coronavirus outbreak, according to a Bloomberg report. AT&T is planning to sell its regional sports networks, while Viacom had been set to start the process of selling its Simon & Schuster publishing division.
    AMC Entertainment (AMC) – AMC furloughed more than 600 employees, as the nation’s biggest movie theater chain is forced to close cinemas across the country due to the coronavirus outbreak.
    Cheesecake Factory (CAKE) – Cheesecake Factory has told landlords it won’t be able to pay rent on April 1, according to a report in industry publication Eater. CEO David Overton reportedly asked the landlords for patience and help, as the virus outbreak cuts the restaurant chain’s cash flow.
    Beyond Meat (BYND) – Beyond Meat was downgraded to “sell” from “neutral” at Goldman Sachs, as foodservice traffic declines as a result of COVID-19. Goldman also cut its price target for the plant-based food maker’s stock to $39 per share from $129.

    Mar 25, 2020

    Market Insider | Biggest Markets Moves Premarket: Stocks making the biggest moves in the premarket: Target, Nike, Facebook, Apple, Peloton & more

    Peter Schacknow

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

    Target (TGT) – The retailer joined the ranks of those withdrawing financial guidance, due to the uncertainty stemming from the coronavirus outbreak. Target said food and household goods sales are jumping, but profit may be squeezed by higher costs for staffing and cleaning stores.
    Nike (NKE) – Nike reported quarterly profit of 78 cents per share, beating the consensus estimate of 59 cents a share. Revenue also exceeded forecasts, and the athletic footwear and apparel maker said business has rebounded in China following the coronavirus outbreak.
    Facebook (FB) – Facebook said usage of its platforms has surged during the virus outbreak, but added that it is also seeing a weakening of its ad sales business.
    Kraft Heinz (KHC) – The food producer was upgraded to “overweight” from “neutral” at JPMorgan Chase, which said that packaged food companies with higher levels of debt will benefit from the virus-related surge in business.
    Occidental Petroleum (OXY) – Occidental Petroleum announced employee salary cuts of up to 30%, according to an internal memo seen by Reuters. CEO Vicki Hollub will take an 81% pay cut. The oil producer is trying to conserve cash during a period of tumbling oil prices.
    Boeing (BA) – Boeing plans to restart 737 Max production by May, according to sources who spoke to CNBC. Several regulatory hurdles still remain, however, before the aircraft is ungrounded by the Federal Aviation Administration.
    Peloton Interactive (PTON) – Peloton’s largest investor – Wellington Management – sold 4 million shares worth about $100 million during the past week as the fitness equipment maker’s stock jumped, according to regulatory filings. Wellington still holds 5.9 million shares.
    Royal Caribbean (RCL) – Royal Caribbean extended the suspension of its cruises through May 12, as coronavirus cases around the world surge. The cruise line had previously suspended voyages through the end of April.
    Whirlpool (WHR) – Whirlpool withdrew its 2020 guidance due to the coronavirus outbreak. The appliance maker is also cutting production in its US factories, due to supply chain disruptions.
    Apple (AAPL) – Apple was upgraded to “buy” from “hold” at Deutsche Bank, which said the recent decline has changed its opinion that the stock was “too rich” from a risk-reward standpoint.
    Hershey (HSY) – Hershey received a double upgrade at Piper Sandler to “overweight” from “underweight.” Piper points to valuation, and expects the chocolate maker to benefit from strong consumer demand and retail traffic.
    TJX (TJX) – TJX was upgraded to “outperform” from “sector perform” at RBC Capital, based on the strength of the retailer’s balance sheet.
    Winnebago (WGO) – The recreational vehicle maker reported quarterly earnings of 67 cents per share, matching estimates. Revenue beat Wall Street forecasts, however, and Winnebago said it is confident that the outdoor recreation industry will rebound in the future once the coronavirus outbreak is resolved.

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