Stocks making the biggest moves in the premarket: Deere, Foot Locker, GE, Pfizer, Tesla & more
Take a look at some of the biggest movers in the premarket:
Deere (DE) – The heavy equipment maker reported quarterly earnings of $2.57 per share, well above the consensus estimate of $1.26 a share. Revenue also came in above Wall Street forecasts and Deere raised its full-year outlook, although it said many uncertainties remain regarding the impact of the Covid-19 pandemic on its business.
Foot Locker (FL) – Foot Locker earned 71 cents per share for its second quarter, beating the 57 cents a share consensus estimate. Revenue came in above forecasts amid an 18.6% gain in comparable-store sales for the athletic footwear and apparel retailer. Foot Locker also reinstated its quarterly dividend program. Foot Locker had forecast quarterly earnings of 66 cents to 70 cents per share in a preliminary second-quarter report on Aug. 10.
The Buckle (BKE) – The accessories and footwear retailer earned 71 cents per share for the second quarter, well above the 6 cents a share consensus estimate. Revenue also beat forecasts. Results were hurt by store closures, but the company’s online sales nearly doubled during the quarter.
General Electric (GE) – GE extended the contract of CEO Larry Culp through August 2024. It also approved a new performance-based stock grant for Culp, who replaced John Flannery as CEO in 2018.
ViacomCBS (VIAC) – ViacomCBS is asking about $5.5 million for a 30-second ad in next year’s Super Bowl game, according to a Wall Street Journal report. The paper said the company’s CBS network is also requiring ad buyers to appear in the streaming broadcast of the game at an additional cost of $200,000. Advertisers, however, are said to be asking for a way out of their commitment if the game is not played.
Pfizer (PFE), BioNTech (BNTX) – Pfizer and partner BioNTech said regulatory review for their Covid-19 vaccine candidate could come as early as October. The drugmakers say their ongoing studies are showing promising safety and immune response data.
Ross Stores (ROST) – Ross Stores reported a 33% drop in sales for its fiscal second quarter, struggling with store closures and the impact of the Covid-19 pandemic, although its revenue number was better than Wall Street analysts had expected. The discount retailer said sales were better than expected when stores first reopened in May, but subsequently saw a negative impact from depleted inventory levels.
Tesla (TSLA) – Tesla remains on watch after exceeding $2,000 per share for the first time on Thursday. The automaker’s shares are up 40% in August, and has nearly quintupled in value this year. Today is the “record” date for Tesla’s 5-for-1 stock split, with split-adjusted trading set to begin Aug. 31.
Sorrento Therapeutics (SRNE) – The drugmaker bought gene-encoded therapeutics company SmartPharm for $19.4 million in stock. Sorrento said the acquisition will help it build a pipeline of gene-encoded therapeutic antibodies, starting with treatments for cancer and Covid-19.
Keysight Technologies (KEYS) – Keysight reported quarterly earnings of $1.19 per share, beating the consensus estimate of 83 cents a share. Revenue also came in above Wall Street forecasts and the maker of electronics testing and measuring equipment issued an upbeat outlook.
TD Bank (TD) – TD Bank was fined $122 million for its overdraft enrollment practices, according to the Consumer Financial Protection Bureau. The CFPB said the bank charged consumers overdraft fees for ATM and debit card transactions without their consent.
