Take a look at some of the biggest movers in the premarket:
J.M. Smucker (SJM) – The food producer reported quarterly earnings of $2.57 per share, beating the consensus estimate of $2.29 a share. Revenue also beat forecasts, driven by increased consumer demand resulting from the Covid-19 pandemic. Smucker did forecast a 1% to 2% decline in overall sales for fiscal 2021, owing to weakness in its "away from home" business.
Navistar (NAV) – The truck maker reported a loss of 38 cents per share for its latest quarter, 3 cents a share smaller than analysts were anticipating. Revenue came in ahead of Wall Street estimates, with Navistar predicting a "gradual" recovery for its business.
Tiffany (TIF) – French luxury goods maker LVMH is exploring ways to renegotiate its $16.2 billion acquisition of its U.S. rival, according to a Reuters report. The deal was announced in November but has yet to close, and the pandemic and social unrest have weighed on Tiffany's results since that time.
Ciena (CIEN) – The maker of networking equipment and services earned an adjusted 76 cents per share for its second quarter, well above the 49 cents a share consensus estimate. Revenue was also above Wall Street forecasts, and Ciena said it has sufficient resources to weather the pandemic.
Michaels Cos. (MIK) – The arts and crafts retailer reported a quarterly loss of 43 cents per share, compared to analysts' expectations of a 14 cents per share profit. Revenue was also well below estimates, with same-store sales falling 27.6%. The company said pandemic-related store closures hurt its results, but said it is seeing encouraging trends as its stores reopen.
FedEx (FDX) – FedEx is adding surcharges to some U.S. shipments, following a similar move by rival United Parcel Service (UPS). The move is designed to manage rising costs and a surge in package shipments amid the coronavirus pandemic.
Carnival (CCL) – Carnival extended the suspension of some voyages of its Princess Cruises brand that travel to Australia, Canada, and Taiwan. Many cruise ports around the world remain shut due to the Covid-19 pandemic.
ZoomInfo Technologies (ZI) – ZoomInfo debuts today on the Nasdaq after the business intelligence platform's initial public offering priced at $21 per share, above the expected range and valuing the company at more than $8 billion.
Simon Property Group (SPG) – Simon is suing apparel retailer Gap (GPS) over nearly $66 million in unpaid rent, according to online real estate publication The Real Deal. Gap is the largest tenant for the nation's largest mall operator.
Costco (COST) – Costco reported a 5.4% increase in May comparable-store sales, compared to FactSet's estimate of a 0.3% decline. The warehouse retailer also saw e-commerce sales more than double compared to a year earlier.
Fossil (FOSL) – Fossil matched estimates with a quarterly loss of $1.51 per share, though the luxury goods maker's revenue exceeded estimates. The company anticipates that the pandemic will continue to pressure its sales throughout 2020.
Cloudera (CLDR) – Cloudera reported a quarterly profit of 5 cents per share, beating the consensus estimate of a breakeven quarter. The cloud computing company's revenue topped expectations as well. Cloudera gave weaker-than-expected current-quarter revenue guidance and that the impact of Covid-19 will peak in the second and third quarters and moderate in the fourth quarter.