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Business

Procter & Gamble, Johnson & Johnson, Travelers and more

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Take a look at some of the biggest movers in the premarket:

Procter & Gamble (PG) – The consumer products giant beat estimates by 2 cents a share, with quarterly earnings of $1.61 per share. Revenue also topped Wall Street forecasts. P&G said it was facing increasing commodity and transportation costs, however, and its shares fell 1.1% in the premarket.

Johnson & Johnson (JNJ) – J&J shares rose 1% in premarket trading after the company reported quarterly profit of $2.60 per share, 25 cents a share above estimates. Revenue was slightly below analysts’ forecasts. J&J also raised its full-year outlook, noting strength across all its businesses.

Travelers (TRV) – The insurance company’s stock jumped 3.3% in premarket action after it beat top and bottom line estimates for the third quarter. Travelers earned $2.60 per share, well above the $1.67 a share consensus estimate, helped by strong investment and underwriting results.

Bank of New York Mellon (BK) – The bank came in 3 cents a share ahead of estimates, with quarterly earnings of $1.04 per share. Revenue also came in above consensus, benefiting from funds released from credit loss provisions, as well as increased fee income.

Halliburton (HAL) – The oilfield services company matched forecasts, with quarterly profit of 28 cents per share. Revenue fell short of analysts’ predictions. Halliburton results were helped by rising oil prices, and the company expects that trend to continue. Its shares fell 1% in premarket trading.

Walmart (WMT) – Walmart added 1.9% in the premarket after Goldman Sachs added the retailer’s stock to its “Conviction Buy” list, citing the company’s increasing ability to generate earnings growth.

Philip Morris International (PM) – The tobacco producer came in 3 cents a share ahead of estimates, with quarterly earnings of $1.58 per share. An increase in shipment volumes helped revenue rise above forecasts as well.

Alibaba (BABA) – Alibaba announced it has developed a custom computer chip that the China-based tech giant will use to power its data center servers. The chip will not be available for use outside of Alibaba. The stock gained 1.8% in the premarket.

BioNTech (BNTX), Pfizer (PFE), Moderna (MRNA) – The drugmakers are on watch list after multiple reports that the Food and Drug Administration was set to approve “mix and match” Covid-19 vaccine booster doses this week, allowing people to receive boosters with a different vaccine than they originally received. BioNTech jumped 2.7% in premarket trading, while Moderna added 1.8%.

Sinclair Broadcast Group (SBGI) – Sinclair is still working to contain a cybersecurity breach that disrupted operations throughout its TV broadcast stations and networks. The company said it could not yet determine if the disruption will have a material impact on its financial results.

Zions Bancorp (ZION) – Zions beat estimates by 10 cents a share, with quarterly earnings of $1.45 per share. The bank’s revenue fell below Wall Street forecasts. Zions said loan demand has recovered after several weak quarters. Its stock slid 2.1% in the premarket.

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Business

Travelers, Halliburton, IBM, PPG & more

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Check out the companies making headlines before the bell:

Travelers – The insurance company earned $3.45 per share for its second quarter, easily beating the consensus estimate of $2.39. Revenue also topped forecasts, with Travelers benefiting from higher premiums, improved investment returns and lower catastrophe losses. 

Nasdaq – Nasdaq shares rose 1% in the premarket after the exchange operator announced plans to spin out its Nasdaq Private Market, its platform for private company shares, into a separate company. It will do so in partnership with a group of banks including Citigroup, Morgan Stanley and Goldman Sachs.

Halliburton – Halliburton jumped more than 2% in premarket trading, after beating estimates by 3 cents with quarterly earnings of 26 cents per share. The oilfield services company posted its second straight quarterly profit as rebounding oil prices boosted demand.

IBM – IBM beat estimates by 4 cents with adjusted quarterly earnings of $2.33 per share, while revenue beat estimates as well. IBM’s revenue increase of 3.4% from year-earlier levels was its strongest in 3 years, helped by IBM’s cloud and software businesses. IBM jumped roughly 3.5% in premarket action.

PPG Industries – PPG earned an adjusted $1.94 per share for its latest quarter, falling short of the $2.19 consensus estimate, though the paint and coatings maker did see revenue slightly above Wall Street forecasts. PPG also warned that input and other costs would increase during the current quarter. PPG tumbled roughly 6.5% in the premarket.

Johnson & Johnson, McKesson, Cardinal Health, AmerisourceBergen – U.S. states are expected to announce a $26 billion settlement this week with companies accused of fueling a nationwide opioid epidemic, according to multiple reports. The settlement would involve payments from drug maker J&J as well as the three drug distributors. McKesson jumped more than 5% in the premarket, with Cardinal Health adding 4.5%. 

Comcast, ViacomCBS – Comcast CEO Brian Roberts and ViacomCBS Chair Shari Redstone in recent weeks discussed a possible international streaming partnership, according to people familiar with the matter who spoke to the Wall Street Journal. ViacomCBS gained 1.3% in premarket trading, with Comcast up 0.1%.

Zions Bancorp – Zions earned $2.08 per share for the second quarter, well above the consensus estimate of $1.29, with the bank’s revenue topping Street forecasts as well. Its results were boosted by a reversal of pandemic-related loan loss provisions, among other factors. The company said future credit-related losses will be significantly less than previously expected. 

JB Hunt Transport – JB Hunt Transport came in 4 cents ahead of estimates with quarterly earnings of $1.61 per share, while the logistics company’s revenue also beat estimates. The company saw strong freight demand across all its segments during the quarter.

Crown Holdings – Crown Holdings reported adjusted quarterly earnings of $2.15 per share, compared to a consensus estimate of $1.78, with the maker of packaging products for consumer goods also seeing revenue top Wall Street forecasts. Its performance was helped in part by strong demand in the beverage can segment. Crown shares jumped nearly 4% in the premarket.

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Business

Kansas City Southern, AutoNation, IBM & more

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Take a look at some of the biggest movers in the premarket:

Kansas City Southern (KSU) – Shares of the rail operator surged 18.9% in premarket trading, after Canadian National Railway (CNI) offered $325 per share in cash and stock for the company, topping a prior $275 per share offer from Canadian Pacific (CP). The Canadian National offer also includes $200 per share in cash, compared to $90 for the Canadian Pacific offer. Canadian National tumbled 6.3%, while Canadian Pacific jumped 4%.

AutoNation (AN) – The auto retailer earned an adjusted $2.79 per share for its latest quarter, well above the consensus estimate of $1.87, while revenue topped estimates as well. Same-store sales were up 27% from a year earlier. The stock jumped 2.5% in premarket action.

IBM (IBM) – IBM reported quarterly earnings of $1.77 per share, beating consensus estimates by 14 cents a share. Revenue beat forecasts as well. Its quarterly sales growth was its best in more than two years, helped by a strong performance from its cloud-computing unit. The stock gained 3.4% in the premarket.

Procter & Gamble (PG) – The consumer products company beat estimates by 7 cents a share, with quarterly profit of $1.26 per share. Revenue topped estimates as well. Among the positive factors for P&G: continued strength in demand for cleaning products. P&G also announced it would increase prices by mid-to-high-single-digit percentages for a variety of products in September.

Travelers (TRV) – Strong underwriting results and improved investment returns helped Travelers beat estimates by 36 cents a share, with quarterly earnings of $2.73 per share. The company exceeded analysts’ expectations despite winter storms that more than doubled casualty losses compared to a year ago. Travelers also raised its dividend and added $5 billion to its share buyback program. The stock rose 1.7% in premarket trading.

Lockheed Martin (LMT) – The defense contractor quarterly results topped Wall Street estimates, and the company boosted its full-year forecast for a variety of financial metrics including sales and cash from operations. Revenue came in very slightly below analysts’ forecasts, however.

Johnson & Johnson (JNJ) – Johnson & Johnson reported quarterly earnings of $2.59 per share, compared to a consensus estimate of $2.34 a share. Revenue also beat forecasts, helped by a rebound in medical devices as well as strong pharmaceutical sales.

United Airlines (UAL) – United lost $7.50 per share for the first quarter, larger than the loss of $7.08 that analysts were anticipating. The airline’s revenue came in slightly below estimates for the quarter, amid higher fuel costs and still-dampened demand due to the Covid-19 pandemic. United said it anticipates a return to profitability later this year. Shares fell 3.3% in premarket action.

British American Tobacco (BTI), Altria (MO) – These and other tobacco stocks remain under pressure this morning, following a Wall Street Journal report that the White House may order tobacco companies to cut nicotine levels in all cigarettes. British American Tobacco lost 3% in the premarket, while Altria fell 2.3%.

Tesla (TSLA) – Tesla CEO Elon Musk said that company checks indicated that the “Autopilot” feature was not engaged during a fatal crash in Texas over the weekend that killed two people. Police are still investigating, but say no one was behind the wheel when the car crashed into a tree. Tesla fell 1% in the premarket.

Zions Bancorp (ZION) – Zions reported quarterly earnings of $1.90 per share, compared to consensus estimates of $1.16 a share. Revenue also came in above estimates. The bank cited an improving credit environment and what it called a “substantial reversal” of loan loss provisions that it had instituted in the heart of the pandemic.

Apple (AAPL) – Apple is set to hold a virtual event today at which it is expected to unveil new iPads, iMacs as well as “AirTags” which allow users to track devices they want to avoid misplacing.

Xerox (XRX) – Xerox fell 2.8% in premarket trade after it missed estimates by 8 cents a share, with quarterly earnings of 22 cents per share. Revenue came in above forecasts. Xerox continued to see an impact from offices remaining closed due to the pandemic.

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