Market Insider

Stocks making the biggest moves in the premarket: PepsiCo, Bed Bath & Beyond, Amazon & more

Wall Street is pointed higher amid stimulus talks

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

PepsiCo (PEP) – The snack and beverage giant reported quarterly profit of $1.66 per share, beating the consensus estimate of $1.49 a share. Revenue came in above estimates as well, boosted in part from increased snack purchases by homebound consumers. PepsiCo said it expected to earn $5.50 per share for the full year, above the consensus forecast of $5.36.

Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 50 cents per share, compared to expectations of a 23 cents per share loss. Revenue was above estimates as well. Bed Bath & Beyond also saw comparable-store sales up by 6%, compared with expectations of a 2.1% decline. Digital sales surged 89%.

Conagra (CAG) – The food producer reported quarterly profit of 70 cents per share, 13 cents a share above estimates. Revenue was also above expectations, boosted by a 15% increase in organic net sales. Separately, Conagra increased its quarterly dividend to 27 1/2 cents per share from the prior 21 cents a share. (AMZN) – Pivotal Research raised its price target for Amazon to $4,500 per share – the highest on Wall Street – from $3,925 a share, calling Amazon the best mega-cap stock on a multi-year basis.

Starbucks (SBUX) – The coffee chain raised its quarterly dividend to 45 cents per share from 41 cents a share.

Mountain Crest Acquisition (MCAC) – The special purpose acquisition company is taking Playboy Enterprises public through a reverse merger. Upon completion of the deal, the company will take on the Playboy name and change its ticker to "PLBY." The company best known for its flagship magazine was once publicly traded, but was taken private in 2011.

Goldman Sachs (GS) – Goldman is moving forward with a "modest number of layoffs," after suspending job cuts earlier this year in light of the pandemic. Bloomberg reports that the bank's job cuts will total about 400, or about 1% of its workforce.

Marathon Petroleum (MPC) – Marathon Petroleum is cutting 12% of its workforce or 2,050 jobs, amid weak energy prices, flagging demand and a global supply glut. It will take a $175 million charge as part of the restructuring.

Allstate (ALL) – Allstate is cutting about 3,800 jobs, or nearly 8% of the insurance company's workforce, as part of a restructuring effort. It will incur a $290 million charge related to the cutbacks.

Tesla (TSLA) – Tesla cut the starting price of its China-made Model 3 by about 8%, with the standard Model 3 to include a cheaper battery than the one currently used.

Royal Caribbean (RCL), Carnival (CCL), Norwegian Cruise Line (NCLH) – The Centers for Disease Control and Prevention extended a ban on U.S. cruise sailings by a month through Oct. 31, to allow more time for ship safety preparations to prevent the spread of Covid-19.

Medtronic (MDT) – Medtronic is the target of a Justice Department probe, according to The Wall Street Journal. The medical device maker is reportedly being investigated for allegedly limiting competition in ventilator manufacturing. Medtronic told the Journal the company is fully cooperating with DOJ's review.

AstraZeneca (AZN) – The Food and Drug Administration is widening its investigation of the illness of a patient in AstraZeneca's study involving its Covid-19 vaccine candidate, according to sources who spoke to Reuters. The drugmaker's late-stage trial has been on hold since Sept. 6, after a participant became ill with a rare spinal inflammatory disorder.

HP Inc. (HPQ) – The computer and printer maker will pay $6 million to resolve a Securities and Exchange Commission complaint over its sales practices and how they were used to meet sales and profit targets. HP did not admit or deny guilt in agreeing to the settlement, and the practices in question were changed back in 2016.

NextEra Energy (NEE) – NextEra CEO James Robo told an investment conference that the utility would not be embarking on any hostile takeover deals. His comment came a day after reports that NextEra had approached rival utility Duke Energy (DUK) about a takeover before being rebuffed, although Robo declined any specific comment on that report.

American Airlines (AAL), United Airlines (UAL) – The airlines both said they would move ahead with layoffs, in the absence of any new aid from lawmakers.