NewsColony
Image default
News

Stocks making the biggest moves in the premarket: IBM, Sierra Wireless, Intuitive Surgical & more

Take a look at some of the biggest movers in the premarket:

IBM (IBM) – IBM reported quarterly profit of $2.07 per share, beating the $1.79 a share consensus estimate. Revenue missed Wall Street forecasts, however, as software sales posted a decline as pandemic-induced uncertainty kept some customers from striking long-term deals. The shares dropped more than 7% in premarket trading as of 7:43 a.m. ET.

Sierra Wireless (SWIR) – Sierra Wireless CEO Kent Thexton plans to retire on June 30, with the IoT solutions company launching a search for his successor. Thexton became CEO of Sierra Wireless in May 2018. The stock gained nearly 10% in premarket trading as of 7:43 a.m. ET.

Schlumberger (SLB) – The oilfield services firm reported quarterly earnings of 22 cents a share, beating estimates by 5 cents a share. Revenue also came in above analysts’ forecasts. Schlumberger’s bottom line was helped by a rebound in demand as oil prices rose, as well as cost cuts.

Huntington Bancshares (HBAN) – The bank fell 2 cents a share short of estimates, with quarterly profit of 27 cents per share. Revenue was essentially in line with expectations. The company said it was pleased with its performance given the low interest rate environment and economic challenges brought on by the pandemic. The shares fell 1% in premarket trading as of 7:43 a.m. ET.

Intuitive Surgical (ISRG) – Intuitive Surgical reported quarterly earnings of $3.58 per share, compared to a consensus estimate of $3.12 a share. Revenue came in above estimates as well. The maker of robotic surgical systems saw a pickup in procedure volume, although it placed fewer of its systems in hospitals due to the pandemic. The shares fell nearly 2% in premarket trading as of 7:43 a.m. ET.

Intel (INTC) – Intel earned an adjusted $1.52 per share for its latest quarter, compared to a consensus estimate of $1.10. The chip maker’s revenue also exceeded analyst projections, helped by continued strong pandemic-induced demand for personal computers and laptops. Intel also raised its quarterly dividend by 5 percent. The shares did come under pressure after incoming CEO Pat Gelsinger said the majority of Intel’s 2023 products will be made in-house rather than outsourced.

CSX (CSX) – CSX came in 3 cents a share above estimates, with quarterly earnings of $1.04 per share. The railroad operator’s revenue beat estimates as well, helped by a 4% increase in freight volume as the economy continued to rebound.

Seagate Technology (STX) – Seagate earned $1.29 per share for its fiscal second quarter, compared to a consensus estimate of $1.13 a share. The hard drive maker’s revenue was above forecasts as well. Both gross and operating profit margins fell from a year ago, however. The stock dropped more than 3% in premarket trading as of 7:43 a.m. ET.

Liberty Media Acquisition Corp. (LMACU) – Liberty Media Acquisition will begin trading today on the Nasdaq after pricing its IPO at $10 per share and raising $500 million. Liberty Media Acquisition is a special purpose acquisition company backed by Liberty Media.

Ford (F) – Ford is recalling 3 million vehicles for an airbag-related issue, including 2.7 million in the United States. The recall involves airbag inflators that could potentially rupture. The recall will cost Ford $610 million.

MicroStrategy (MSTR) – Microstrategy is under pressure in premarket trading, as its significant bitcoin holdings drop in value. The business analytics company made over $1 billion in bitcoin purchases during 2020.

PPG Industries (PPG) – PPG beat estimates by a penny a share, with quarterly profit of $1.59 per share. The paint and coatings maker’s revenue came in above forecasts as well. PPG said reduced levels of driving due to the pandemic continue to weigh on its car paint business.

Source: Cnbc

Related posts

The President’s advisers must surely be telling him that ‘that’s just impossible,’ the editor in chief of the highly respected medical journal says

NewsColony

Courteney Cox Joins David Arquette in Killer Return For Scream 5 – Here’s Who Else Could Be Joining

NewsColony

Coronavirus: ‘Up to 16 affected’ in County Down clusters

NewsColony

Leave a Comment