Chewy, BlackBerry, BioNTech & more
Check out some of the largest moving companies on the pre-market:
Chewy (CHWY) – The pet products seller posted a surprise profit of 5 cents per share, compared to expectations of a 10 cents per share loss. Sales also beat estimates as net sales rose 47% year over year as local consumers ordered more pet food and other pet products. Chewy shares rose 10.4% in premarket trading.
BlackBerry (BB) – The communications software company’s shares fell 5.9% on the pre-market quarterly results. BlackBerry was consistent with adjusted quarterly earnings of 3 cents per share, but revenue fell short of forecasts due to slower demand for the company’s QNX care software.
Pfizer (PFE) – The drug manufacturer said the Covid-19 vaccine manufactured by Pfizer and German partner BioNTech (BNTX) was 100% effective and well tolerated in a study of 12 to 15 year olds. Given these results, Pfizer expects to ask regulators to approve the use of the shots for this age group. BioNTech shares rose 2.8% in premarket trading, while Pfizer rose 0.7%.
Walgreens (WBA) – The drugstore reported quarterly earnings of $ 1.40 per share, beating the consensus estimate of $ 1.11 per share. The company also raised its guidance for the full year. Walgreens said quarterly results were put under pressure in part by weaker sales of cold, cough and flu products. Walgreens shares rose 2.1% in the pre-market.
Lululemon (LULU) – The stock fell 1.8% before entering the market despite the sportswear and leisurewear company posting gains up and down. Lululemon beat estimates by 9 cents per share with quarterly earnings of $ 2.58 per share. Income was also above estimates. In-store sales fell 28% in the wake of the pandemic, but this was offset by an increase in digital sales.
Tilray (TLRY), Canopy Growth (CGC), Aphria (APHA) and Aurora Cannabis (ACG) – Marijuana inventories are rising after New York State passed bill making it the 15th state to legalize recreational use. Governor Andrew Cuomo expects this to sign it. Tilray was up 3.5% pre-market, Canopy Growth 1%, Aphria 3.9% and Aurora Cannabis 0.7%.
PVH (PVH) – The apparel company lost 38 cents per share in the last quarter, 4 cents per share more than analysts expected. Sales were also slightly below estimates. PVH said it expects to return to profits this fiscal year, but its projections lag behind analyst estimates and its shares fell 1.1% ahead of market entry.
Cleveland-Cliffs (CLF) – The steelmaker’s shares rose 6.8% ahead of the IPO after preliminary results for the quarter ended today were released. Projected earnings for the quarter and full year are well above Wall Street’s current projections.
Harley-Davidson (HOG) – The motorcycle maker’s shares rose 2.9% in premarket trading after Baird upgraded the shares from “neutral” to “outperform”. Note that it was the first time since 2016 that the stock was rated “outperform”, Baird said the company’s change in strategic direction and lean inventory were among the positive factors behind the upgrade.
Apple (AAPL) – UBS has switched Apple from “neutral” to “buy” and expects more stable iPhone demand and higher average sales prices in the long term. Apple rose 1.6% in the pre-market.
Applied Materials (AMAT) – The semiconductor manufacturing equipment maker has been rated in Bernstein as “above average” in terms of new reporting, which means a long-term positive structural stance. Applied Materials rose 2.8% in premarket trading.