Market Insider

Stocks making the biggest moves premarket: BAC, DVMT, WMT, HRS, LLL & more

News Update – Pre-Markets

Check out the companies making headlines before the bell:

Bank of America – The bank reported profit of 66 cents per share, beating consensus estimates by 4 cents a share. Revenue also exceeded forecasts. The bank's bottom line was helped by higher interest rates and last year's corporate tax cut.

Dell Technologies – Investor Carl Icahn issued a letter saying he now has an 8.3 percent stake in DVMT, which track Dell's investment in VMWare, and urged shareholders to vote against Dell's proposed buyout of those tracking shares. Icahn said Dell is trying to buy those shares at a bargain basement price.

Walmart – Walmart announced the acquisition of online lingerie retailer Bare Necessities for an undisclosed amount.

Harris Corp. – Harris and L3 Technologies will combine in the largest-ever merger of defense companies. The all-stock transaction has a value of more than $15 billion, exceeding the prior record held by the 1997 combination of Boeing and McDonnell Douglas. L3 shareholders will receive 1.3 Harris shares for each share they now own, with Harris shareholders owning 54 percent of the combined company.

Activision Blizzard – Activision was upgraded to "overweight" from "equal weight" at Barclays, with optimism over potential "Call of Duty" digital revenue for the video game maker among the factors cited.

Ralph Lauren – The apparel maker was upgraded to "overweight" from "neutral" at JPMorgan Chase. The firm thinks Ralph Lauren's earnings will accelerate to a low to mid-teens level, reversing the decline seen in recent years.

Zoetis – Zoetis was upgraded to "overweight" from "neutral" at JPMorgan Chase, which thinks the animal health drug maker will continue to grow sales faster than its peers.

Tapestry – Tapestry was downgraded to "hold" from "buy" at Loop Capital Markets. Loop is concerned about the competitive positioning of Tapestry, the parent of Coach and other luxury brands. – Amazon has reportedly offered more than $400 million for a minority stake in India-based retailer Spencer's Retail, according to the Business Standard newspaper.

Broadcom – Broadcom received final European Union antitrust clearance for its purchase of CA Technologies, and expects the deal to close on November 5.

Dollar Tree – The discount retailer's stock was downgraded to "hold" from "accumulate" at Gordon Haskett. The firm issued the downgraded following a review of stores in the Southeast and an evaluation of recent traffic trends.

Sears Holdings – Sears has filed for Chapter 11 bankruptcy protection, and plans to close 142 more of its stores. Appliance maker Whirlpool issued a statement following the news saying the Sears bankruptcy will have a limited impact on its finances, with only one percent of its accounts receivable related to Sears.

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Key Points
  • The Dow, S&P 500 and Nasdaq Composite fall again on Monday, adding to the steep losses from last week.
  • The major indexes alternate between gains and losses before ultimately closing lower.
  • "You have an oversold condition and the market knows it should try to find a bottom," says Robert Pavlik, chief investment strategist at SlateStone Wealth. "But you have a crosscurrent of factors that's preventing it from doing that."