Wednesday, June 19, 2024
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Stocks making the biggest moves in the premarket: Nike, Albertsons, Amazon, Big Lots & more


Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike lost 51 cents per share for its latest quarter, well off the consensus forecast for a 7 cents per share profit. The athletic footwear and apparel maker’s revenue also came in far below expectations, hurt by lockdown-related store closures.

JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Citigroup (C) – These and other financial companies are under pressure, after the Federal Reserve imposed limits on dividends those companies could pay and suspended any share buyback plans following the latest round of stress tests.

Albertsons (ACI) – Albertson’s begins trading today on the New York Stock Exchange, after the supermarket operator’s initial public offering was priced at a lower-than-expected $16 per share. The IPO values the company at about $9.3 billion.

PG&E (PCG) – PG&E raised $5.5 billion through the sale of shares and equity units, as the California utility prepares to emerge from bankruptcy protection next week. (AMZN) – Amazon will pay a little more than $1 billion to buy self-driving startup Zoox, according to online publication The Information, citing sources. Separately, Amazon is buying the naming rights to Seattle’s NHL arena, planning to call it “Climate Pledge Arena” in recognition of its status as the first fully carbon-neutral arena. Amazon is also the subject of positive analyst reports at Deutsche Bank, which is raising earnings estimates and upping its price target to $3,333 per share, and SunTrust, which raised its price target to a Street high $3,400.

DraftKings (DKNG) – The online gambling website operator was rated “buy” in new coverage at Rosenblatt Securities. The firm sees a number of catalysts, including the return of live sports and a potential acceleration of gambling legislation due to Covid-19.

Big Lots (BIG) – The discount retailer said it is seeing a continuation of the strong demand that began in mid-April. It now expects second-quarter comparable sales to be up in the mid-to-high twenties, and adjusted earnings per share of $2.50-$2.75. The current second-quarter consensus estimate for Big Lots is 84 cents a share.

Harley-Davidson (HOG) – The motorcycle maker is eliminating 140 U.S. jobs amid cuts in its production volumes. Ninety jobs will be cut at Harley’s York, Pennsylvania, plant, while 50 jobs will be cut at its facility in Tomahawk, Wisconsin.

Office Depot (ODP) – The office supplies retailer announced that a 1-for-10 reverse stock split would become effective at the close of trading on June 30. Shareholders had approved the move at the company’s annual meeting in May.

Facebook (FB) – Verizon (VZ) is the latest and biggest company to join a Facebook ad boycott during July, lending its support to a campaign accusing the social media giant of not doing enough to stop hate speech on its platform.

Ford (F) – The automaker unveiled the first redesign of its popular F-150 truck in six years. The F-150 is the nation’s top-selling vehicle.

Progress Software (PRGS) – Progress Software reported quarterly earnings of 63 cents per share, one cent a share below estimates. Revenue was above Wall Street forecasts, however, and the cloud software company raised its full-year earnings guidance. The company plans to resume buying back stock after pausing buybacks due to the Covid-19 pandemic.

Virgin Galactic (SPCE) – Virgin Galactic had a second successful flight of its spaceship over Southern New Mexico, with pilots flying the ship at faster speeds than during the initial flight.


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