Stocks Making The Biggest Moves In The Pre-Market: Macy’s, Home Depot, Walmart, Tesla & More
Check out some of the largest moving companies on the pre-market:
Macy’s (M) – The retailer made 39 cents per share in the first quarter, including 1 cent per share from property-related gains, compared to expectations of a loss of 41 cents per share. The retailer’s sales also beat estimates, as sales in like-for-like stores rose more than 60%. The company also raised its guidance for the full year. Macy’s shares rose 6% in the pre-market.
Home Depot (HD) – The hardware store retailer reported earnings of $ 3.86 per share for the first quarter, beating the consensus estimate of $ 3.08 per share. Sales also exceeded Wall Street forecasts as sales in like-for-like stores rose 31% better than expected. Analysts surveyed by FactSet had expected a sales increase of 20.2% in comparable branches. Home Depot shares rose 2.2% in premarket trading.
Walmart (WMT) – Walmart earned $ 1.69 per share for the first quarter, compared to a consensus estimate of $ 1.21 per share. Revenue also exceeded analysts’ forecasts. Revenue from comparable stores in the US increased 6% against a FactSet estimate of 0.9%. Walmart also raised its outlook for the second quarter and full year. Walmart stock was up 3% before entering the market.
Tesla (TSLA) – Tesla stock fell 1% in premarket trading after falling 2.2% on Monday. This was the fifth drop in six sessions. It was followed by news that The Big Short investor Michael Burry had placed a $ 534 million short bet on the automaker.
Fisker (FSR) – Fisker lost 11 cents per share in the first quarter, less than analysts’ forecast 19 cents per share. The electric vehicle maker had no earnings for the quarter, as expected, but stocks came under pressure after Fisker left its investment guidance unchanged for the year. The Fisker share fell 1% in the pre-market.
Toyota (TM) – Toyota shares hit a record high in Japanese market trading, beating the previous record set in 2015. Toyota has regained favor with investors after forecasting a return to pre-pandemic profitability levels and successfully addressing the global semiconductor shortage .
MGM Holdings (MGMB) – Amazon.com (AMZN) is in talks to buy the MGM film studio, according to multiple reports. Sources say the price under discussion is in the $ 7 billion to $ 9 billion range as Amazon tries to improve its video library.
Tencent Music Entertainment (TME) – Tencent Music posted better-than-expected earnings and revenue in the most recent quarter thanks to subscription growth and improved advertising revenue for its music streaming platform.
Berkshire Hathaway (BRK.B) – Berkshire has acquired $ 943 million in insurance company Aon (AON) according to Berkshire’s quarterly filing. Berkshire also sold large portions of its holdings in Wells Fargo (WFC) and Chevron (CVX). Aon gained 1.5% in the pre-market.
Eastman Kodak (KODK) – Eastman Kodak could face an insider trading lawsuit by New York attorney general Letitia James, according to the company and people familiar with the matter who spoke to Reuters. The case concerns stock purchases made by Kodak’s executive director prior to announcing a $ 765 million drug ingredient contract with the US government. Eastman Kodak’s shares fell 1.9% in premarket trading.
Twilio (TWLO) – Twilio gained 1.5% pre-launch after closing a deal to purchase SMS company Zipwhip for approximately $ 850 million in cash and stock. Zipwhip becomes part of the cloud computing company’s messaging business.
Canadian National Railway (CNI) – Canadian National suffered a procedural error in its attempt to purchase US rail operator Kansas City Southern (KSU). US Surface Transportation declined Canadian National’s filing because it did not contain a detailed merger agreement. Canadian National said it would resubmit its plan along with the additional information required, calling the rejection a minor setback. Canadian National gained 1.4% in premarket trading.
FIX: This article was updated to show that “The Big Short” investor Michael Burry placed a $ 534 million short bet on the automaker. In addition, Eastman Kodak has signed a $ 765 million drug ingredient contract with the US government.