Take a look at some of the biggest movers in the premarket:
Apple (AAPL) – Bank of America Securities cut its price target for the stock to $320 per share from $350, as it lowers earnings estimates. BofA predicts supply constraints for Apple to last until April or May due to virus-related labor shortages.
Express (EXPR) – The apparel retailer reported quarterly earnings of 19 cents per share, a penny a share above estimates. Revenue also beat forecasts. Comparable-store sales fell by 3%, however, greater than the 2.7% drop predicted by analysts who were surveyed by Refinitiv. The company is also forecasting a larger-than-expected current-quarter loss.
DXC Technology (DXC) – DXC will sell its Medicaid services unit to private-equity firm Veritas Capital for $5 billion in cash. DXC had said in November it would consider alternatives for the unit, so it could focus on enterprise technology solutions. DXC was formed in 2017 through the merger of Computer Sciences and the enterprise services unit of Hewlett Packard Enterprise (HPE).
Bank of America (BAC) – Bank of America chief technology officer Howard Boville has left the bank, according to a source who spoke to Reuters. He will not be replaced, with his duties split across the bank’s various business segments.
Fiat Chrysler (FCAU) – Fiat Chrysler said it would temporarily close plants across Italy to minimize the risk of spreading the coronavirus. The automaker said administrative areas will continue normal activities, while complying with any directives from the Italian government.
Hilton Worldwide (HLT) – The hotel operator has withdrawn its financial guidance for the current quarter and the full year, due to the unknown impact of the coronavirus on its business.
Cloudera (CLDR) – Cloudera reported profit of 4 cents per share for its fiscal fourth quarter, compared to a consensus estimate of a loss of 3 cents per share. The cloud-computing company’s revenue also exceeded Wall Street forecasts, and it issued an upbeat outlook.
Korn Ferry (KFY) – Korn Ferry reported fiscal third-quarter profit of 75 cents per share, 2 cents a share above estimates. The consulting firm’s revenue also beat forecasts, however the company said the coronavirus outbreak has “clouded the near-term predictability of our business.”
Eli Lilly (LLY) – Eli Lilly was added to the “Conviction Buy” list at Goldman Sachs, which said the drugmaker’s growth profile is among the strongest in the U.S. large-cap biopharma sector.