Take a look at some of the biggest movers in the premarket:
Clover Health (CLOV), Wendy’s (WEN) – The two stocks increased their profits in pre-trading after rising yesterday due to increased social media exposure. Clover – a health insurance seller who went public in October via a SPAC deal – is up nearly 86% in the past six days, up nearly 86% on Tuesday. It was up 24.2% in the pre-listing, while Wendy’s – up nearly 26% in yesterday’s trading – was up another 4.3% this morning.
Campbell Soup (CPB) – The food maker reported quarterly earnings of 57 cents per share and missed consensus by 9 cents per share. Revenue also missed forecast, as the results fell short of the previous year’s figures, which were strengthened by the pandemic-related demand. Campbell also lowered its full year forecast, reflecting both these quarterly results and the recent sale of its Plum baby food and snack business. The Campbell share lost 5.8% early on the market.
Lordstown Motors (RIDE) – Lordstown Motors said there were “significant doubts” about the company’s ability to continue as a going concern. The electric truck maker said in a filing with the Securities and Exchange Commission that it was having trouble financing vehicle production. Lordstown slumped more than 16% yesterday before the news and lost another 4.2% in pre-trading hours.
Target (TGT) – The retailer increased its quarterly dividend from 68 cents to 90 cents per share, a jump of 32%. The improved payout will go to registered shareholders on August 18th and will be paid out on September 10th.
Merck (MRK) – The drug maker has reached an agreement to supply the government with molnupiravir, an oral drug used to treat mild to moderate cases of Covid-19. The drug, which Merck is developing together with the private company Ridgeback Biotherapeutics, is currently being evaluated in a phase 3 study.
Fastly (FSLY) – Fastly apologized for the widespread internet outage on Tuesday, with the cloud computing company saying the incident was caused by a software bug that was triggered when a customer changed settings. 2.4% rose quickly in the premarket.
Sherwin-Williams (SHW) – Sherwin-Williams raised its sales and earnings forecast for the year as the paint maker sees continued pandemic demand for its products even as the pandemic recedes. In addition, the company is increasing its prices in order to do justice to the higher raw material costs. Sherwin-Williams lost 1.3% in the premarket.
Casey’s General Stores (CASY) – Casey’s reported quarterly earnings of $ 1.12 per share beat consensus estimate of 88 cents per share. The sales of the convenience store chain also exceeded the estimates. Sales in the same store, excluding gasoline purchases, increased 12.8% as customer traffic increased steadily.
Fox Corp. (FOXA) – Fox gained 1.8% pre-IPO after Wells Fargo Securities was upgraded from Equilibrium to Overweight as the stock believes the stock will hold up despite the pressure from cable scrapping could benefit from Fox in sports gambling.
Abercrombie & Fitch (ANF) – The apparel retailer has been upgraded to Buy from Hold at Jefferies, indicating continued benefits from years of efforts to improve the brand and increase profit margins. Abercrombie was up 2.9% in pre-trading.
GameStop (GME) – The video game retailer will report quarterly results after today’s closing bell. The GameStop share rose in the past two days due to renewed purchases in the so-called “meme” shares.
Ferrari (RACE) – Ferrari named STMicroelectronics (STM) Chairman Benedetto Vigna as its new CEO, filling a position that has been vacant for six months since Louis Camilleri retired as head of the automaker. Vigna – who heads the largest division of chip maker STMicro – will begin his new role at Ferrari on September 1st.