Kansas City Southern, AutoNation, IBM & more

Check out some of the largest moving companies on the pre-market:

Kansas City Southern (KSU) – The rail operator’s shares rose 18.9% in premarket trading after Canadian National Railway (CNI) offered $ 325 per share in cash and shares for the company, an earlier offering of 275 Canadian Pacific (CP) share). Canadian National’s offering also includes $ 200 per share in cash compared to $ 90 for Canadian Pacific’s offering. Canadian National fell 6.3% while Canadian Pacific fell 4%.

AutoNation (AN) – The auto dealer earned an adjusted $ 2.79 per share last quarter, well above the consensus estimate of $ 1.87, while revenue also beat estimates. Sales in the same store increased by 27% compared to the previous year. The stock rose 2.5% before going public.

IBM (IBM) – IBM reported quarterly earnings of $ 1.77 per share, beating consensus estimates by 14 cents per share. Income also exceeded forecasts. Quarterly revenue growth was the best in over two years, helped by strong performance from the cloud computing unit. The share gained 3.4% in the pre-market.

Procter & Gamble (PG) – The consumer goods company beat estimates by 7 cents per share with quarterly earnings of $ 1.26 per share. Income also exceeded estimates. One of the positive factors for P&G is the continued strong demand for cleaning products. P&G also announced that it will raise prices for a variety of products by a mid-to-high single-digit percentage in September.

Travelers (TRV) – Strong underwriting results and improved investment returns helped Travelers beat estimates by 36 cents per share, with quarterly earnings of $ 2.73 per share. The company exceeded analysts’ expectations despite the winter storms that more than doubled its accident damage year-over-year. Travelers also raised the dividend and increased the share buyback program by $ 5 billion. The share rose 1.7% in premarket trading.

Lockheed Martin (LMT) – The defense company’s quarterly results beat Wall Street estimates, and the company raised its full-year guidance for a variety of financial metrics, including revenue and cash from operations. However, sales were slightly below the analysts’ forecasts.

Johnson & Johnson (JNJ) – Johnson & Johnson reported quarterly earnings of $ 2.59 per share, compared to a consensus estimate of $ 2.34 per share. Revenue also exceeded forecasts, aided by a recovery in medical devices as well as strong drug sales.

United Airlines (UAL) – United lost $ 7.50 per share in the first quarter, more than analysts’ anticipated loss of $ 7.08. The airline’s revenue was slightly below estimates for the quarter due to higher fuel costs and continued subdued demand from the Covid-19 pandemic. United expects a return to profitability later this year. Shares fell 3.3% ahead of the IPO.

British American Tobacco (BTI), Altria (MO) – These and other tobacco stocks remain under pressure this morning after the Wall Street Journal reported that the White House could instruct tobacco companies to lower nicotine levels in all cigarettes. British American Tobacco lost 3% in the pre-market while Altria fell 2.3%.

Tesla (TSLA) – Elon Musk, Tesla CEO, said company reviews revealed that autopilot was not enabled during a fatal crash in Texas over the weekend that killed two people. Police are still investigating but say no one was behind the wheel when the car hit a tree. Tesla fell 1% in the pre-market.

Zions Bancorp (ZION) – Zions reported quarterly earnings of $ 1.90 per share, compared to consensus estimates of $ 1.16 per share. Sales were also above estimates. The bank cited an improving credit environment and a so-called “major reversal” in loan loss provisions it had put in place at the heart of the pandemic.

Apple (AAPL) – Apple will host a virtual event today that is expected to showcase new iPads, iMacs, and AirTags that will allow users to track devices they don’t want to place.

Xerox (XRX) – Xerox fell 2.8% in premarket trading after missing estimates by 8 cents per share, with quarterly earnings of 22 cents per share. Sales were above forecasts. Xerox continued to see the impact from offices that remained closed due to the pandemic.

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