Stocks making the biggest moves in the premarket: Target, Lowe’s, Apple, Boeing, Pfizer & more
Take a look at some of the biggest movers in the premarket:
Target (TGT) – Target reported quarterly earnings of $2.79 per share for the third quarter, well above the consensus estimate of $1.60 a share. The retailer’s revenue beat estimates as well, and a comparable-store sales increase of 20.7% beat the consensus estimate of 11.2%. Target shares rose 2.6% in premarket trading as of 7:36 a.m. ET.
Lowe’s (LOW) – Lowe’s missed estimates by a penny a share, with quarterly earnings of $1.98 per share. Revenue topped forecasts, however, and same-store sales surged 30.1%, beating the 22.8% increase analysts were expecting. The shares jumped 6% in premarket trading as of 7:36 a.m. ET.
Apple (AAPL) – Apple announced a new program to cut app store fees for smaller software developers. Beginning Jan. 1, developers who earn $1 million or less from the app store will pay a commission of 15%, compared to the standard 30% fee.
Boeing (BA) – The Federal Aviation Administration approved the return of Boeing’s 737 Max jet to service, after grounding it in March 2019 following two fatal crashes. American Airlines (AAL) will be the first to put Max commercial flights back on its schedule in late December. Shares of Boeing jumped more than 5% in the premarket.
Pfizer (PFE) – Pfizer and partner BioNTech (BNTX) said final results showed their Covid-19 vaccine candidate was 95% effective, with Pfizer planning to seek Food and Drug Administration approval for the vaccine within days. Pfizer shares gained 3% in premarket trading as of 7:36 a.m. ET.
Nio (NIO) – The China-based electric vehicle maker reported its sales more than doubled to $650 million during its latest quarter, beating analyst forecasts.
Unilever (UN, UL) – Unilever said it expects sales of plant-based meat and dairy products to reach about $1.2 billion annually within the next five to seven years. Achieving that goal would represent a quintupling of current plant-based sales for the European consumer products giant.
Goldman Sachs (GS) – Goldman is planning a second round of job cuts, according to multiple reports. That would be over and above the roughly 400 jobs it began eliminating in September. Bloomberg reports that Goldman will implement more staff reductions in the coming year, possibly leading to significant job cuts.
Reynolds Consumer Products (REYN) – Reynolds shares are rising following news that CEO Lance Mitchell bought 16,500 shares worth about $429,000. Reynolds is the company behind Hefty garbage bags, Reynolds Wrap Aluminum foil and other consumer products.
La-Z-Boy (LZB) – La-Z-Boy reported adjusted quarterly earnings of 82 cents per share, well above the 50 cent consensus estimate, with the furniture maker’s revenue also above Wall Street forecasts. Profit margins increased, and the company said current order levels are resulting in an unprecedented backlog.
Norwegian Cruise Line Holdings (NCLH) – Norwegian announced a secondary stock offering of 40 million shares at $20.80 each. The cruise line operator plans to use the money for general corporate purposes, as it tries to navigate its way through a cruise industry shutdown. The shares lost 5% in premarket trading as of 7:36 a.m. ET.
Polaris (PII) – Polaris Chief Executive Officer Scott Wine resigned to become CEO of CNH Industrial, the company behind Case and New Holland agricultural equipment. The recreational vehicle maker said it would immediately begin a search for Wine’s successor.
Tesla (TSLA) – Tesla was upgraded to “overweight” from “equal-weight” at Morgan Stanley, which also raised the price target to $540 per share from $360. Morgan Stanley said Tesla is making a shift toward generating high margin recurring software and services revenue.