Market Insider

Stocks making the biggest moves in the premarket: Netflix, BlackRock, Microsoft, Lyft & more

News Update – Pre-Markets

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

Netflix (NFLX) – The video streaming service saw its bottom line fall 22 cents a share below Wall Street forecasts with quarterly profit of $1.59 per share. Revenue and subscriber additions were above estimates. Projected subscriber additions for the current quarter of 2.5 million are well below the consensus estimate of 5.27 million.

BlackRock (BLK) – The asset management firm reported quarterly profit of $7.85 per share, beating the consensus estimate of $6.99 a share. Revenue also topped forecasts. Profit was up 21% from a year ago, with the firm seeing a 7% increase in assets under management.

Regions Financial (RF) – The bank reported a quarterly loss of 25 cents per share, compared to analysts' forecasts of a 5 cents per share profit. Revenue was above estimates. The loss was prompted by a larger-than-expected increase in the company's reserve for credit losses.

Microsoft (MSFT) – The company said it had trimmed its workforce across multiple functions and locations, although it did not elaborate on how many or which jobs it had cut. Business Insider earlier reported that under 1,000 jobs were cut at Microsoft.

United Airlines (UAL) – The airline reached an agreement with its pilots union designed to reduce the number of involuntary furloughs. Pilots aged 62 and older will have the option of an early retirement deal, and all pilots will be able to voluntarily reduce hours or take a leave of absence without losing health benefits.

Twitter (TWTR) – Twitter said about 130 accounts were targeted during this week's security incident, including those of prominent individuals like former President Obama, Bill Gates, former Vice President Joe Biden, and Tesla CEO Elon Musk.

Lyft (LYFT) – The ride-hailing service plans to distribute about 60,000 vehicle partition shields to its most active drivers, to protect against the possible spread of the coronavirus. It also plans to begin selling the custom-made barriers to other drivers later this summer.

JB Hunt Transport (JBHT) – The transportation company reported quarterly earnings of $1.14 per share, well above the consensus estimate of 80 cents a share. Revenue also exceeded expectations. Following the release of those results, Deutsche Bank upgraded the stock to "hold" from "sell."

Principia Biopharma (PRNB) – French drugmaker Sanofi (SNY) is said to be targeting biotech-related acquisitions in the U.S., according to a Bloomberg report. Principia, which already has a partnership with Sanofi, is said to be one of the possible targets.

PPG Industries (PPG) – The producer of paints and coatings reported quarterly earnings of 98 cents per share, well above the consensus estimate of 71 cents a share. Revenue also beat forecasts, helped by an increase in do-it-yourself painting projects by people remaining at home during shelter-in-place orders.

Carnival (CCL), Norwegian Cruise Line (NCLH), Royal Caribbean (RCL) – The volatile cruise line stocks remain on watch today, after the Centers for Disease Control and Prevention extended a no-sail order for the industry through the end of September. The order was first put in place in March, and was due to expire on July 24.

Lending Tree (TREE) – The online lender raised its revenue outlook, with refinancing demand increasing sharply as mortgage rates hit record lows.