Disney, Coherent, SurveyMonkey & more
Check out some of the largest moving companies on the pre-market:
Walt Disney (DIS) – Disney reported quarterly earnings of 32 cents per share, surprising analysts who expected a loss of 41 cents per share. Disney saw a not unexpected slump in theme park attendance and box office results due to Covid, but the success of its Disney + streaming service continues. Disney + now has 94.9 million subscribers after adding more than 21 million in the quarter. Disney shares rose 1.4% in premarket trading from 7:30 a.m. ET.
Newell Brands (NWL) – The company behind consumer brands like Rubbermaid, Sharpie and Sunbeam posted quarterly earnings of 56 cents per share, beating estimates by 8 cents per share. Income was also above estimates. Newell forecast full year earnings of $ 1.55 to $ 1.65 per share, compared to a consensus estimate of $ 1.68 per share. This is due to the weakness of the writing business, which leads to strong performances in areas such as home appliances and cookware. The stock fell 2.5% before going public.
Coherent (COHR) – Electronic components maker II-VI (IIVI) is planning a $ 6.5 billion bid on the laser maker, according to people familiar with the matter who spoke to the Wall Street Journal. The offering is valued at $ 260 per share in cash and in shares, surpassing the $ 226 per share agreement Coherent already entered into with Lumentum Holdings (LITE) and a bid of $ 240 per share by MKS Instruments ( MKSI). Coherent rose 16.4% in premarket trading while II-VI fell 4.3%.
Moody’s (MCO) – Higher costs caused the rating agency to miss estimates by 6 cents per share, with quarterly earnings of $ 1.91 per share. Revenue exceeded Wall Street projections, but its projected profit margin for full year 2021 is well above analysts’ projections. Moody’s also increased its quarterly dividend from 56 cents per share to 62 cents per share.
Expedia (EXPE) – Expedia was down 1.6% prior to entering the market after reporting it lost $ 2.64 per share in the most recent quarter, above its analysts’ forecast of $ 1.97 per share . The online travel service provider’s revenue fell short of forecasts as bookings fell 67% due to the resurgence of Covid-19 cases and lockdowns.
Affirm Holdings (AFRM) – Affirm fell 7.6% ahead of its IPO after posting a 45 cents per share loss in its first results since going public on Jan. 13. That was less than Wall Street’s expected loss of 81 cents per share. Buy-now and pay-later loan providers also exceeded sales forecasts. However, confirm that sales volume for the current quarter is weaker than expected as the online shopping boom caused by the pandemic slows.
SurveyMonkey (SVMK) – SurveyMonkey fell 10.8% in the pre-market after the online survey firm issued weaker than expected forecasts for the current quarter. SurveyMonkey posted earnings of 3 cents per share for the last quarter compared to expectations for a breakeven quarter.
Marathon Oil (MRO) – Marathon has laid off about 100 U.S. workers, or about 5% of its workforce, according to a company official who spoke to Reuters. Marathon said his move was part of his ongoing effort to optimize its cost structure.
AstraZeneca (AZN) – AstraZeneca expects to double monthly production of Covid-19 vaccines by April after manufacturing issues are addressed. That would bring monthly production to 200 million cans.
Bausch Health (BHC) – Bausch Health rose 6.3% before it entered the market after it was announced that billionaire Carl Icahn has acquired a 7.8% stake, according to a report by the Securities and Exchange Commission. Icahn plans to contribute to the pharmaceutical company’s strategies and possibly seek a board member.
Datadog (DDOG) – Datadog reported better-than-expected quarterly results and sales, but the cloud monitoring services provider sees its stocks drop 4.7% pre-market after releasing a weaker-than-expected outlook.
VeriSign (VRSN) – VeriSign stock rose 5.1% pre-market after the company reported better-than-expected quarterly results for domain name registration and revenue matched Wall Street projections. VeriSign added $ 747 million to its share buyback program.