Take a look at some of the biggest movers in the premarket:
Starbucks (SBUX) – Starbucks said its fiscal second-quarter profit would likely drop by 47% due to the coronavirus impact, and that it was abandoning its full-year forecast. The coffee chain is also suspending its share buyback program, although it will continue to pay its dividend.
Costco (COST) – Costco reported a 9.6% jump in March same-store sales, thanks in large part to virus-related stockpiling.
Walt Disney (DIS) – Walt Disney said subscribership numbers for its Disney+ streaming service have now surpassed 50 million globally. The jump has been driven by global stay-at-home orders, as well as the introduction of the service in India where 8 million people have signed up.
Anthem (ANTM) – The health insurer's stock was downgraded to "hold" from "buy" at Jefferies, which said a virus-induced recession will push more managed care organization members into the lower margin Medicaid category.
Visa (V), Mastercard (MA) – The payment networks have both had swipe fee increases in the works for months, according to The Wall Street Journal. The increases were planned before the COVID-19 pandemic, and the paper said it is unclear whether the fee hikes will be rolled out if the pandemic persists.
Diageo (DEO) – The spirits maker pulled its 2020 sales and profit forecast, and also suspended its $5.6 billion stock buyback program. However, the company did say it would pay its April dividend as planned.
United Parcel Service (UPS) – The delivery service was downgraded to "neutral" from "buy" at UBS, citing a drop in business-to-business volume and an overall reduction in earnings.
Big Lots (BIG) – The discount retailer was upgraded to "neutral" from "sell" at JPMorgan Chase, both on a valuation basis and on the easing of liquidity concerns.
Zoom Video (ZM) - The U.S. Senate has told members not to use Zoom's conferencing app due to security concerns, according to the Financial Times. That follows Google's move Wednesday to ban employees from using Zoom on their laptops.
UBS (UBS), Credit Suisse (CS) – The Swiss banks will postpone part of their 2019 dividends, bowing to pressure from European regulators. The banks were the last two major banks to make such a move, arguing that their financial positions were strong enough to support dividend payouts.
BlackRock (BLK) – BlackRock will not lay off any workers this year because of the coronavirus outbreak, according to CEO Larry Fink. He also said the world's largest asset manager will give full-time pay to support staff even if they cannot come to work.
Nautilus (NLS) – Nautilus is forecasting higher first-quarter sales, as stay-at-home orders boost demand for its exercise equipment.
Progressive (PGR) – Progressive is the latest auto insurer to announce refunds to customers due to a significant drop in driving. Progressive will be refunding about $1 billion, in the form of credits to April and May premiums. Allstate (ALL) and Berkshire Hathaway's (BRKB) Geico unit had been among those previously announcing such moves.
Stitch Fix (SFIX) – Stitch Fix pulled its 2020 guidance due to increasing uncertainty surrounding the coronavirus impact. CEO Katrina Lake said the online styling service had anticipated the impact on its business, but not the extent to which its distribution centers would be disrupted.