Check out some of the biggest movers in the premarket:
Walt Disney (DIS) – Disney reported quarterly profit of 32 cents a share, surprising analysts who expected a loss of 41 cents a share. Disney saw a not unexpected drop in theme park visitors and box office results due to Covid, but the success of its Disney + streaming service continues. Disney + now has 94.9 million subscribers, after more than 21 million in the quarter. Disney shares were up 1.4% in premarket trading from 7:30 a.m. ET.
Newell Brands (NWL) – The company behind consumer brands like Rubbermaid, Sharpie and Sunbeam reported quarterly profit of 56 cents a share, beating estimates by 8 cents a share. Sales were also above estimates. Newell forecasts full-year earnings at $ 1.55 to $ 1.65 per share, compared to a consensus estimate of $ 1.68 per share, amid the softness of the writing industry showing strong performance in areas such as appliances and cookware . The stock fell 2.5% in pre-market action.
Coherent (COHR) – Electronic component manufacturer II-VI (IIVI) plans a $ 6.5 billion bid for the laser maker, according to people familiar with the issue and speaking to The Wall Street Journal. The offer is worth $ 260 per share in cash and stock, above the $ 226 per share agreement that Coherent already has with Lumentum Holdings (LITE), as well as a $ 240 per share offer from MKS Instruments (MKSI). Coherent was up 16.4% in premarket trading, while II-VI was down 4.3%.
Moody’s (MCO) – Higher costs caused the credit rating agency to miss estimates by 6 cents a share, with quarterly earnings of $ 1.91 a share. Revenue exceeded Wall Street forecasts, but the projected profit margin for the full year 2021 is largely above analyst forecasts. Moody’s also increased its quarterly dividend from 56 cents a share to 62 cents a share.
Expedia (EXPE) – Expedia lost 1.6% premarket after reporting it lost $ 2.64 per share for the last quarter, more than the $ 1.97 per share loss analysts had expected. The company’s online travel services revenues fell short of forecasts amid a 67% decline in bookings due to the Covid-19 business resurgence and lockdowns.
Affirm Holdings (AFRM) – Affirm tumbled 7.6% for the premarket after reporting a loss of 45 cents a share in its initial results since its IPO on January 13. That was less than the 81 cents a share that Wall Street was expecting, and the buy-now, pay-later loan provider also saw sales better than forecasts. However, confirm weaker-than-expected sales volume for the current quarter as the pandemic-induced boom in online shopping slows.
SurveyMonkey (SVMK) – SurveyMonkey plunged 10.8% in the premarket after the online survey company posted weaker-than-expected expectations for the current quarter. SurveyMonkey reported earnings of 3 cents a share for the most recent quarter, compared to expectations for a break-even quarter.
Marathon Oil (MRO) – Marathon has laid off about 100 U.S. workers, or about 5% of its workforce, according to a company official speaking with Reuters. Marathon said his move was part of his ongoing effort to optimize its cost structure.
AstraZeneca (AZN) – AstraZeneca said it expects to double monthly Covid-19 vaccine production by April after resolving production issues. That would bring the monthly production to 200 million doses.
Bausch Health (BHC) – Bausch Health jumped 6.3% premarket after news that billionaire investor Carl Icahn has taken a 7.8% stake, according to a filing from the Securities and Exchange Commission. Icahn plans to provide input on the drug company’s strategies and potentially seek representation on the board.
Datadog (DDOG) – Datadog reported better-than-expected quarterly earnings and earnings, but the cloud monitoring provider sees its market share plummet by 4.7% after issuing a weaker-than-expected outlook.
VeriSign (VRSN) – VeriSign shares rose 5.1% in the premarket, after the domain name registrar reported better-than-expected quarterly earnings, with earnings that matched Wall Street’s forecasts. VeriSign has also added $ 747 million to its share buyback program.