Check out some of the biggest movers in the premarket:
Morgan Stanley (MS) – Morgan Stanley reported quarterly earnings of $ 1.01 per share, below the consensus estimate of $ 1.14 per share. Turnover was also below estimates. CEO James Gorman said the company had a good quarter in the face of the Covid-19 pandemic and that balance sheet and liquidity remain strong.
BlackRock (BLK) – The asset manager reported a quarterly profit of $ 6.60 per share, beating the consensus estimate of $ 6.36 per share. Sales also exceeded Wall Street’s forecasts. BlackRock saw a net inflow of $ 35 billion despite what it calls “challenging times.” Earnings fell 23% from the same quarter a year ago.
Abbott Laboratories (ABT) – The healthcare company reported quarterly earnings of 65 cents per share, 7 cents per share above estimates. Sales also exceeded forecasts. Abbott withdrew his annual guideline, citing uncertainties surrounding the coronavirus pandemic.
Bank of New York Mellon (BK) – The bank beat estimates by 17 cents per share, with a quarterly profit of $ 1.05 per share. Income also exceeded estimates. Profits were up year-on-year as market volatility increased fee income. The bank significantly increased its loan loss provision to $ 169 million from $ 7 million a year ago.
Square (SQ) – Raymond James lowered the company’s stock for mobile payments to underperform versus “market performance”, saying there is a disconnect between the company’s recent outperformance and the company’s underlying fundamentals.
Costco (COST) – Costco increased its quarterly dividend by 7.7% to 70 cents per share, counteracting the general trend in U.S. business since the virus outbreak. The warehouse dealer takes advantage of Americans who stock household items.
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond earned an adjusted 38 cents per share for the fiscal fourth quarter, beating the consensus estimate of 20 cents per share. Sales also exceeded Wall Street forecasts, but sales from the same stores fell 5.6% in the quarter, just before the pandemic halted large parts of the US economy. The company said the outbreak would negatively impact results for the rest of this year.
Hertz Global (HTZ) – According to sources who have spoken to the New York Post, Hertz is seeking government help to avoid bankruptcy. The car rental giant will face a budget deficit of up to $ 1.5 billion in the coming months.
Mylan (MYL) – Mylan appointed Chairman Robert Coury to the position of Executive Chairman, a position he held with the drug manufacturer from 2012 to 2016. The company said Coury’s experience would help address the significant impact of the Covid-19 pandemic.
United Airlines (UAL) – United has reduced its May flight schedule by 90%, as travel demand had essentially fallen to zero. The airline also warned of possible job losses.
Lazard (LAZ) – Lazard added former Skadden Arps partner Chris Mallon as a senior advisor in his global restructuring unit. The investment bank is looking for new customers from companies that are in financial difficulties due to the virus outbreak.
Jack In The Box (JACK) – Jack In The Box pulled its 2020 guideline as a result of the Covid-19 pandemic. The company said sales of the same restaurant were down 17% for the last five weeks of the quarter ended April 12. It is also taking steps to help its franchisees and is postponing some rent and fee payments due this month.
J.M. Smucker (SJM) – J.M. Smucker was upgraded to “neutral” from “underperform” at Credit Suisse, which expects food producers to take advantage of the increased food consumption at home as a result of the virus outbreak.