Check out some of the biggest movers in the premarket:
Procter & Gamble (PG) – The consumer products giant made $ 1.17 per share in the last quarter, beating consensus estimates by 4 cents per share. Sales were below analysts’ forecasts. Organic sales were up 6% during the quarter, largely due to pandemic storage, and the company maintained its previous organic sales forecast. P&G has lowered its full year growth forecast due to currency factors.
Gilead Sciences (GILD) – A report in a healthcare publication said Gilead’s experimental drug, remdesivir, saw clinical success in treating Covid-19 patients.
Schlumberger (SLB) – The oilfield services company beat estimates by a cent per share with a quarterly profit of 25 cents per share. Sales were below Street’s forecasts. Schlumberger reduced his quarterly dividend by 75% from 50 cents to 12 1/2 cents. Schlumberger charged a one-time charge of $ 8.5 billion during the quarter due to impairments resulting from the coronavirus outbreak and the severe decline in oil prices.
Regions Financial (RF) – The bank reported quarterly earnings of 14 cents per share and missed the consensus estimate of 23 cents per share. Sales also fell below forecasts. Regions increased the loan loss provision from $ 96 million at the end of the previous quarter to $ 373 million, saying that capital and liquidity were high as it faces difficult conditions due to the corona virus outbreak.
Moderna (MRNA) – The drug manufacturer is receiving $ 483 million in government funding to accelerate the development of its experimental coronavirus vaccine.
Boeing (BA) – Boeing resumes limited commercial jet production in the Seattle area on Monday, after a three-week shutdown. The jetmaker had halted production in the region in response to virus problems and travel restrictions.
Apple (AAPL) – Apple has been downgraded to “sell” from “neutral” at Goldman Sachs, indicating the potentially significant effect of the corona virus on demand for Apple’s iPhone.
Intuitive Surgical (ISRG) – The surgical instrument manufacturer reported quarterly earnings of $ 2.69 per share, exceeding consensus estimates by 15 cents per share. Sales also exceeded expectations, driven by an 11% increase in the installed base of the company’s Da Vinci surgical systems and an increase in procedures with da Vinci.
Uber Technologies (UBER) – Uber said the March quarter results will cost approximately $ 2 billion to write off the value of several minority equity investments affected by the corona virus outbreak. The ride hailing service also said a financial assistance program for drivers and delivery drivers would reduce up to $ 21 million in revenue for the first quarter and up to $ 80 million for the second quarter.
Southwest Airlines (LUV) – Southwest is asking its unions to consider potential concessions to help with what is expected to be a slow recovery of the sector, according to a report by Reuters.
Facebook (FB) – Facebook canceled all major personal events through June 2021 and said employees should be working from home until the end of May.
Lululemon (LULU) – Lululemon said that Chief Financial Officer Patrick Guido will leave the company on May 8 to take a job in a different industry. Guido joined the athletic apparel manufacturer in 2018.
Cedar Fair (FUN) – The amusement park operator said he expects Q1 revenues to fall by $ 15 million from $ 25 million a year ago as a result of the virus outbreak, and to suspend $ 100 million in non- essential capital projects. Cedar Fair has also suspended the company’s quarterly distribution.