Stocks making the biggest moves in the premarket: Verizon, American Express, Honeywell, Mattel & more
Take a look at some of the biggest movers in the premarket:
Verizon (VZ) – Verizon reported quarterly profit of $1.18 per share, 3 cents a share above estimates. Revenue beat forecasts as well. Verizon said it experienced a negative impact from Covid-19, which hurt wireless service and ad spending revenue.
American Express (AXP) – American Express reported quarterly earnings of 29 cents per share, compared to estimates of an 11 cents per share loss. Revenue came in below estimates, however. The company said spending volumes hit a low point in April, followed by a gradual rebound in May and June.
Honeywell (HON) – Honeywell beat estimates by 5 cents a share, with quarterly earnings of $1.26 per share. Revenue was above estimates as well. The industrial conglomerate said it will face ongoing sales challenges in certain segments due to the pandemic, including aerospace and oil and gas.
Schlumberger (SLB) – The oilfield services company reported a quarterly profit of 5 cents per share, compared with the consensus estimate of a penny a share loss. Revenue was in line with Wall Street expectations. As with others in the industry, major Schlumberger customers reduced their activity as oil prices slumped.
Goldman Sachs (GS) – Goldman reached a $3.9 billion settlement with Malaysia in the 1MDB case, in which Goldman had been accused of misleading investors during bond sales to raise money for the sovereign investment fund.
Intel (INTC) – Intel reported quarterly earnings of $1.23 per share, 12 cents a share above estimates. The chipmaker's revenue was above forecasts as well. Intel signaled further delays in a new generation of superfast chips, weighing on its stock and boosting that of rival Advanced Micro Devices (AMD), which already has a "7nm" chip on the market.
Mattel (MAT) – Mattel lost 26 cents per share for its latest quarter, smaller than the 34 cents a share loss that Wall Street was expecting. Revenue was also better than expected, with retail sales of Mattel's flagship Barbie brand up 35%.
E*Trade (ETFC) – E*Trade came in 12 cents a share above estimates, with quarterly earnings of 88 cents per share. The online brokerage's revenue was above estimates as well, helped by heavier trading during a period of stock market volatility.
Walt Disney (DIS) – Disney again delayed the release of its "Mulan" movie, while also pushing back new installments of "Star Wars" and "Avatar." At the same time, the Paramount unit of ViacomCBS (VIAC) pushed back the release date of its "Top Gun" sequel, "Top Gun: Maverick."
Skechers (SKX) – Skechers lost 44 cents per share for its latest quarter, smaller than the 66 cents a share loss that analysts had been expecting. The shoe maker's revenue also came in ahead of estimates, even though CEO Robert Greenberg said like most businesses, the company had "never faced a more challenging time."
Boston Beer (SAM) – Boston Beer more than doubled the consensus estimate of $2.43 per share, with quarterly earnings of $4.88 per share for the second quarter. The Sam Adams beer maker's revenue topped forecasts as well, helped by a surge in demand for home consumption of its products even as bars and restaurants were shut down.
AstraZeneca (AZN) – The drugmaker received Food and Drug Administration approval for its drug to treat patients with chronic obstructive pulmonary disease (COPD), the third leading cause of death globally.
Edwards Lifesciences (EW) – Edwards doubled consensus estimates with quarterly earnings of 34 cents per share, while the medical products maker's revenue was also well above Wall Street forecasts. Sales were initially depressed during the quarter due to focus on the pandemic, but Edwards said procedure volumes did improve during May and June.
Skyworks Solutions (SWKS) – The chipmaker reported quarterly profit of $1.25 per share, 13 cents a share above estimates. Revenue beat Wall Street forecasts as well, helped by growth in 5G-related products. Skyworks also announced a 14% dividend increase to 50 cents per share.
Under Armour (UAA) – Deutsche Bank issued a "Catalyst Call Buy" on the athletic apparel maker's stock, saying earnings will beat consensus as healthy lifestyle trends take hold and as stores reopen.
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