Take a look at some of the biggest drivers in the pre-market:
Hilton Worldwide (HLT) – The hotel operator reported a quarterly loss of 10 cents per share, surprising analysts who expected a profit of 4 cents per share. Revenue also fell short of estimates. The loss came when the Covid-19-related interruptions led to a 59.2% drop in comparable revenue per available room compared to the previous year. Hilton’s shares fell 2.3% in the pre-market.
Garmin (GRMN) – The maker of fitness and navigation devices beat estimates by 44 cents a share, with quarterly earnings of $ 1.73 per share. Revenue also exceeded analysts’ forecasts. Garmin saw strong growth in most of its segments, led by marine and outdoor. Its shares are 1.9% higher in the pre-market.
Vir Biotechnology (VIR) – Vir’s shares jumped 14.4% in the pre-market after the announcement that its Covid-19 antibody partnership with GlaxoSmithKline (GSK) will be expanded to research therapies for other diseases.
Shopify (SHOP) – Shopify earned $ 1.58 per share in the fourth quarter, exceeding the consensus estimate of $ 1.26 per share. Revenue was also above expectations. Shopify has benefited as more merchants have adopted their e-commerce tools to sell their products and services online. The shares rose 1% in pre-market share.
Chevron (CVS), Verizon (VZ) – Warren Buffett’s Berkshire Hathaway bought a $ 4.1 billion stake in Chevron and a $ 8.6 billion stake in Verizon during the fourth quarter, according to the latest document Berkshire 13-F. Berkshire also sold its stakes in pharmaceutical Pfizer (PFE) and JPMorgan Chase (JPM) while reducing its stakes in Wells Fargo (WFC). Chevron is recording a 3.8% gain in the premarket, while Verizon is growing 3.6%.
Slack (WORK), Salesforce.com (CRM) – Slack and Salesforce were asked by the Justice Department’s antitrust division to provide more information related to Salesforce’s $ 27.7 billion purchase of Slack. The deal is yet to close on July 31. Slack’s shares fell 2.4% in the pre-market.
Tribune Publishing (TPCO) – Tribune will be deprived by the hedge fund Alden Global for $ 17.25 per share in cash. Alden already had a 32% stake in the editor of the Chicago Tribune, New York Daily News and Baltimore Sun newspapers. Tribune’s shares were up 6.5% in the premarket.
Morningstar (MORN) – Morningstar was sued by the Securities and Exchange Commission for allegedly violating securities laws in its classifications of commercial mortgage-backed securities. The financial information provider said it complied with all regulations and that it stopped using the method in question in 2018. Morningstar’s shares fell 1% in pre-market trading.
Treehouse Foods (THS) – Jana Partners has increased its stake in Treehouse to 7.3% and is pressing the packaged food company to explore options, including a possible sale. In her quarterly 13-F deposit, Jana also revealed a new stake in the medical laboratory operator LabCorp (LH).
La-Z-Boy (LZB) – La-Z-Boy shares fell 5.2% in the pre-market after the furniture maker announced that CEO Kurt Darrow would retire on April 25, being replaced by CFO Melinda Whittington. The furniture retailer also reported a drop in quarterly profit at higher costs due to interruptions in Covid-19’s supply chain.
Cedar Fair (FUN) – Cedar Fair reported a fourth-quarter loss of $ 105.5 million compared to a profit of $ 2.78 billion the previous year as the pandemic continued to impact the frequency on the operator’s properties. amusement parks. Cedar Fair fell 1.6% in the pre-market share.
SolarEdge Technologies (SEDG) – The manufacturer of solar power equipment exceeded estimates by 11 cents per share, with a quarterly profit of 98 cents per share. Revenue was also above estimates. It is also projecting better-than-expected sales for the current quarter, driven in part by a strong residential market in the United States. SolarEdge’s shares rose 3.2% in the pre-market.
QuantumScape (QS) – QuantumScape’s shares jumped 6.2% in the pre-market, although the battery maker for electric vehicles reported a loss in its first quarterly launch as a public company. Investors are encouraged by QuantumScape’s progress in the development of multilayer battery cells.