Stocks making the biggest moves in the premarket: DocuSign, Broadcom, Tesla, Grubhub & more
Take a look at some of the biggest movers in the premarket:
DocuSign (DOCU) – The provider of electronic signature technology reported quarterly earnings of 17 cents per share, more than doubling the 8 cents a share consensus estimate. Revenue also beat forecasts and DocuSign issued upbeat full-year guidance.
Broadcom (AVGO) – Broadcom came in 16 cents a share above estimates, with quarterly profit of $5.40 per share. The chip maker's revenue also came in slightly above analysts' forecasts. It also issued a better-than-expected current-quarter outlook amid expected 5G phone launches and strong demand for Broadcom's data center chips.
Yum China (YUMC) – The restaurant operator is set to raise more than $2.2 billion in a secondary listing in Hong Kong, according to sources who spoke to CNBC.
Tesla (TSLA) – The automaker's stock remains on watch after falling for three straight days and losing more than 18% of its value over that stretch. Tesla had reached an all-time intraday high on Tuesday before sliding that day on news of a $5 billion stock offering and finishing the day lower.
Navistar (NAV) – Volkswagen's truck unit plans to resume its push to buy Navistar, according to people familiar with the matter who spoke to Bloomberg. VW's heavy truck business Traton had offered $2.9 billion for Navistar in January, but the talks were put on hold due to the pandemic.
Goldman Sachs (GS) – Malaysia dropped criminal charges against three of the investment bank's units after Goldman agreed last month to a $3.9 billion settlement in the case involving Malaysia's state investment fund 1MDB.
Grubhub (GRUB) – Netherlands-based food delivery firm Just Eat Takeaway said it had received all necessary regulatory approvals for its $7.3 billion deal to buy Grubhub. It expects the deal to be completed in the first half of 2021, pending shareholder approval.
Cooper Companies (COO) – The medical device maker reported a quarterly profit of $2.28 per share, beating the consensus estimate of $1.52 a share. Revenue also topped Wall Street forecasts and it gave an upbeat current-quarter revenue outlook.
Smith & Wesson Brands (SWBI) – The firearms maker earned 97 cents per share for its fiscal first quarter, more than double the 48 cents a share consensus estimate. Revenue was well above analysts' projections. The company said it saw record revenue and unit sales during the quarter.
New York Times (NYT) – CEO Mark Thompson disclosed the sale of 58,600 shares in a Securities and Exchange Commission filing. Following the transaction, Thompson owns 258,100 shares of the newspaper publisher.
Lululemon (LULU) – Citi downgraded the athletic apparel maker to "neutral" from "buy," but raised its price target on the stock to $400 per share from $340 a share. Citi said it still likes the Lulu brand short and long term but that the stock is "pricing in perfection."
Michaels Companies (MIK) – Credit Suisse upgraded the arts and crafts retailer's stock to "outperform" from "neutral," saying the pullback in the stock provides a buying opportunity and that Michaels is exhibiting strong demand trends and improved profit margins.
Wayfair (W) – Bank of America Securities downgraded the online retailer of home goods to "neutral" from "buy," saying both expectations and valuation are high when compared to Wayfair's history.
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