Stocks making the biggest moves premarket: Campbell Soup, PVH, Ambarella, CrowdStrike and others
Check out the companies making headlines before the bell:
Campbell Soup (CPB) – The food producer beat top and bottom-line estimates for its latest quarter, earning an adjusted 55 cents per share and beating consensus by 7 cents. It issued a fiscal 2022 adjusted earnings outlook of $2.75-$2.85 per share, compared with a consensus estimate of $2.87, as it deals with higher input costs and a constrained labor market. Shares were initially up more than 1% in premarket trading but subsequently trimmed those gains.
PVH (PVH) – PVH reported adjusted quarterly earnings of $2.72 per share, well above the $1.20 consensus estimate, while the apparel maker's revenue topped forecasts as well. The company behind the Tommy Hilfiger and Calvin Klein brands also raised its full-year revenue forecast. PVH shares surged 7.8% in the premarket.
Ambarella (AMBA) – Ambarella rallied 9.1% in premarket trading after it came in 10 cents above estimates with an adjusted quarterly profit of 35 cents per share. Revenue also beat analyst projections. The maker of chips for cars and cameras said demand is high and that revenue could reach a 5-year high for the current quarter.
CrowdStrike (CRWD) – CrowdStrike beat Street forecasts by 2 cents with adjusted quarterly earnings of 11 cents per share, while revenue came in above estimates as well. The cybersecurity company also raised its full-year outlook, but shares fell 2.2% in premarket action.
Philips (PHG) – Philips received permission from the FDA to begin repairing and replacing its DreamStation respiratory devices after the agency approved its proposal for replacing sound abatement material. The Dutch technology company issued a recall in June for up to 4 million of the devices to fix a potential toxicity problem with sound abatement foam. Philips gained 2.3% in the premarket.
Sunrun (RUN) – The solar energy company's stock jumped 3.6% in the premarket following two positive analyst mentions. It was added to the U.S. Analyst Focus List at JPMorgan Chase, and it was also among clean energy stocks rated "market overweight" in new coverage at Wolfe Research. Wolfe said the clean energy transition is a secular trend that will last well past the current economic cycle.
Nio (NIO) – The China-based electric vehicle maker's shares slid 4.6% in premarket trading after it cut its third-quarter delivery outlook, citing supply chain constraints.
Intuit (INTU) – Intuit is in talks to buy e-mail marketing firm Mailchimp for more than $10 billion, according to people familiar with the matter who spoke to Bloomberg. Such a deal would add to the personal finance software company's tools for small businesses, which include QuickBooks and Credit Karma.
Southwest Airlines (LUV) – Southwest pilots are suing the airline over changes made to working conditions as the Covid-19 pandemic took hold. The pilots contend those changes should have been subject to bargaining with its union, while the company said such bargaining was not required.
Canadian National Railway (CNI) – Canadian National will not be allowed to use a temporary voting trust as part of its $30 billion deal to buy Kansas City Southern (KSU), following a ruling from the Surface Transportation Board. That could present a significant obstacle to completing the deal, and another opportunity for Canadian Pacific Railway (CP), which has also offered to buy Kansas City Southern.
Sprouts Farmers Markets (SFM) – Sprouts said its Chief Financial Officer Denise Paulonis is leaving the natural foods supermarket chain, with board member Lawrence Molloy succeeding Paulonis on Sept. 25.
Source: Read Full Article