Take a look at some of the biggest movers in the premarket:
Zoom Video (ZM) – Zoom reported quarterly profit of 92 cents per share, more than doubling the 45 cents a share consensus estimate. Revenue came in well above Street forecasts. Zoom also raised its annual revenue forecast by more than 30%, with the use of its video conferencing technology soaring as more workers and students operate remotely.
Walmart (WMT) – Walmart will launch its membership program Walmart+ on Sept. 15. The service – which will compete with Amazon’s (AMZN) popular Prime program – will cost $98 per year, compared to $119 for Prime. The new program will also offer discounted gasoline. Walmart+ members will need to meet a $35 minimum online order size to receive free shipping.
American Airlines (AAL), Delta Air Lines (DAL), United Airlines (UAL) – These and other airline stocks remain on watch, after falling yesterday on United’s announcement that it was eliminating ticket change fees. Delta and American followed later in the day with similar announcements, and analysts say most competitors will be forced to follow the move amid the slump in travel demand.
Schlumberger (SLB) – The oilfield services company will merge its North American fracking business with Liberty Oilfield Services (LBRT), and will hold a 37% stake in the newly combined company. The deal comes amid a significant drop in oilfield services activity amid the pandemic and slumping energy consumption.
Sanofi (SNY) – The French drugmaker said its rheumatoid arthritis drug Kevzara did not prove effective against Covid-19, with the treatment failing to significantly shorten hospital stays for patients in a 420-person study.
Ford Motor (F) – The automaker is planning to cut 1,000 salaried jobs in North America, according to a Bloomberg report. People familiar with the matter said the announcement could come this week, as Ford tries to improve its efficiency.
Eastman Kodak (KODK) – Hedge fund D.E. Shaw now has a 5.2 percent stake in Kodak, according to a Securities and Exchange Commission filing. Eastman Kodak shares have been extremely volatile in recent weeks, after the company was granted a government loan to produce drug ingredients. The loan was later put on hold amid a probe involving disclosure of the loan.
Apple (AAPL) – The company is asking suppliers to build at least 75 million 5G iPhones for a planned launch later this year, according to sources who spoke to Bloomberg.
Hawaiian Holdings (HA) – The parent of Hawaiian Airlines notified 400 pilots and flight attendants of upcoming job cuts. The workers will be furloughed on Oct. 1, following the expiration of government assistance for the airline industry.
Gogo (GOGO) – The provider of inflight broadband and entertainment announced a deal to sell its commercial aviation business to satellite operator Intelsat for $400 million in cash.