Stocks making the biggest moves in the premarket: Coca-Cola, Tesla, Align Technology, Whirlpool & more
Take a look at some of the biggest movers in the premarket:
Coca-Cola (KO) – Coca-Cola beat estimates by 9 cents a share, with quarterly earnings of 55 cents per share. Revenue topped forecasts as well. The partial reopening of theaters and restaurants helped the company's results, and an organic sales decline of 6% was an improvement over the prior quarter's drop of 26%. The shares added 2.9% in premarket trading as of 7:35 a.m. ET.
Dow Inc. (DOW) – The chemical maker reported quarterly earnings of 50 cents per share, compared to a consensus estimate of 33 cents a share. Revenue also beat estimates, boosted by cost reductions as well as higher demand for chemicals used in consumer durable goods and construction materials. The shares gained 1.5% in premarket trading as of 7:35 a.m. ET.
PulteGroup (PHM) – The home builder came in 22 cents a share above estimates, with quarterly profit of $1.34 per share. Revenue was also above forecasts as record-low mortgage rates boosted demand for homes. The shares added 1.7% in premarket trading as of 7:35 a.m. ET.
Southwest Airlines (LUV) – Southwest reported a quarterly loss of $1.99 per share, smaller than the loss of $2.35 a share that analysts were anticipating. Revenue was slightly above estimates, and the airline said it would burn less cash over the next few months as bookings recover. The shares rose slightly in premarket trading.
AT&T (T) – AT&T matched estimates with quarterly earnings of 76 cents per share, though revenue was above Wall Street forecasts. The company said the pandemic impacted revenue across all its businesses, but highlighted strong wireless growth and subscriber numbers for HBO and HBO Max that exceeded its own projections. The shares gained 2% in premarket trading as of 7:35 a.m. ET.
American Airlines (AAL) – American Airlines lost $5.54 per share for the third quarter, smaller than the $5.86 per share loss forecast by analysts. Revenue was above estimates. The airline expects its cash burn rate to fall to $25 million to $30 million per day during the current quarter, from $44 million during the third quarter. The shares lost 2% in premarket trading as of 7:35 a.m. ET.
Chipotle Mexican Grill (CMG) – Chipotle earned $3.76 per share for its latest quarter, beating the consensus estimate of $3.47 a share. The restaurant chain's revenue was slightly above forecasts, as same-restaurant sales rose a better-than-expected 8.3%, and digital sales tripled compared to a year earlier. The shares fell 3.8% in premarket trading as of 7:35 a.m. ET.
Align Technology (ALGN) – Align more than tripled the consensus estimate of 67 cents per share for its latest quarter, with the maker of the Invisalign dental brace system reporting profit of $2.25 per share. Revenue also beat forecasts by a wide margin, with the company giving credit to help from social media influencers. The shares surged 26% in premarket trading as of 7:35 a.m. ET.
Whirlpool (WHR) – Whirlpool reported quarterly profit of $6.91 per share, well above the consensus estimate of $4.20 a share. The appliance maker's revenue also came in above forecasts amid strong demand. It also reinstated its 2020 outlook, predicting full-year adjusted profit of $17.50 to $18 per share compared to a consensus estimate of $13.71 a share. The shares lost 4% in premarket trading as of 7:35 a.m. ET.
Tesla (TSLA) – Tesla earned 76 cents per share for the third quarter, compared to a 57 cents a share consensus estimate. Revenue also topped analysts' estimates. It was the fifth consecutive quarterly profit for Tesla, which said it remained on target to deliver 500,000 vehicles for 2020. The shares rose 5% in premarket trading as of 7:35 a.m. ET.
McAfee (MCFE) – The cybersecurity company priced its initial public offering at $20 per share, compared to an expected range of $19 to $22 per share, and will begin trading today on the Nasdaq.
CSX (CSX) – CSX came in 3 cents a share above estimates, with quarterly earnings of 96 cents per share. The rail operator's revenue was below forecasts, however, amid a 36% drop in coal-related revenue and an 18% drop in metals and related equipment shipments. CSX also announced a $5 billion increase in its share repurchase program. The shares gained 4% in premarket trading as of 7:35 a.m. ET.
Netgear (NTGR) – Netgear earned $1.13 per share for its latest quarter, compared to a consensus estimate of 66 cents a share. The networking equipment company's revenue was also well above estimates, helped by what called "robust" demand for household Wi-Fi.
Exxon Mobil (XOM) – Exxon Mobil is "very close" to detailing job cuts in the U.S. and Canada, according to an email sent to employees by CEO Darren Woods and seen by Reuters.
General Motors (GM) – GM has sold out the first year's worth of production of its new GMC Hummer electric pickup truck that was unveiled earlier this week.
Discover Financial (DFS) – Discover earned $2.45 per share for its latest quarter, compared to a $1.56 a share consensus estimate. The financial services company's revenue also beat forecasts, despite what it calls a "challenging" economic environment.
Source
Check Our More
No comments