Market Insider

Stocks making the biggest moves in the premarket: Procter & Gamble, Travelers, Logitech & more

VIDEO1:3101:31
News Update – Pre-Markets

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

Procter & Gamble (PG) – The consumer products giant earned $1.63 per share for its latest quarter, beating the consensus estimate of $1.42 a share. Revenue came in above Wall Street forecasts as well. P&G also raised its full-year sales forecast, amid elevated demand for its household products. The shares rose 1.2% in premarket trading as of 7:40 a.m. ET.

Travelers (TRV) – The insurance company reported quarterly profit of $3.12 per share, beating the consensus estimate of $3.03 a share. Revenue was also above estimates, helped by higher net underwriting gains and an increase in net investment income. The stock added 3.3% in premarket trading as of 7:40 a.m. ET.

Lockheed Martin (LMT) – The defense contractor earned $6.25 per share for its latest quarter, beating the $6.09 a share consensus estimate. Revenue also came in above forecasts on improved aeronautics sales. Lockheed Martin also raised its full-year forecast.

Albertsons (ACI) – The supermarket chain reported quarterly earnings of 60 cents per share, more than double the 26 cents a share average estimate of analysts surveyed by Refinitiv. Revenue was also above estimates, helped by a 243% surge in digital sales. Albertsons shares rose 4% in premarket trading as of 7:40 a.m. ET.

Philip Morris (PM) – The tobacco producer beat estimates by 6 cents a share, with quarterly earnings of $1.42 per share. Revenue was above estimates as well, helped by a jump in sales of its IQOS electronic cigarette system. Philip Morris also raised its full-year forecast.

IBM (IBM) – IBM reported quarterly earnings of $2.58 per share, matching Wall Street forecasts. Revenue was slightly above estimates thanks to higher demand for cloud services. The stock came under pressure, however, after IBM declined to issue a current-quarter outlook due to pandemic-related uncertainty. IBM shares lost 2.8% in premarket trading as of 7:40 a.m. ET.

Logitech (LOGI) – Logitech earned $1.87 per share for its latest quarter, well above the 57 cents a share consensus estimate. Revenue exceeded expectations by a wide margin as well. The increase in remote work and education helped drive sales of Logitech's computer peripheral devices like mice and keyboards. The shares soared 17% in premarket trading as of 7:40 a.m. ET.

PPG Industries (PPG) – PPG beat estimates by one cent a share, with quarterly profit of $1.93 per share. The paint and coatings maker's revenue also came in above forecasts. PPG saw a double-digit decline in its aerospace business, a flat performance for automotive, and an increase in architectural coatings.

UBS (UBS) – UBS saw its quarterly profit double, driven by strong investment banking and a boost in profit from its wealth management division. The Swiss bank also set aside $2.5 billion for potential dividends and stock buybacks.

Moderna (MRNA) – Moderna CEO Stephane Bancel told a Wall Street Journal conference that the drugmaker's Covid-19 vaccine candidate could receive emergency use authorization from the Food and Drug Administration in December, depending on results expected next month from a large clinical trial. The shares added 3% in premarket trading as of 7:40 a.m. ET.

Goldman Sachs (GS) – Goldman has agreed to pay more than $2 billion to resolve a Justice Department probe into its role in a scandal involving Malaysian sovereign investment fund 1MDB, according to a Bloomberg report. Goldman had agreed to pay $3.9 billion to Malaysia in September, in return for having criminal charges dropped.

ACI Worldwide (ACIW) – Starboard Value boosted its stake in ACI Worldwide to 9%, according to a Securities and Exchange Commission filing. That was up from a 1.77% stake in the payment systems company at the end of the second quarter.

Intel (INTC) – Intel is selling its flash memory manufacturing business to South Korea's SK Hynix for about $9 billion. Intel had been considering exiting that business as flash memory prices have dipped. Intel added 0.8% in premarket trading as of 7:40 a.m. ET.

Parsley Energy (PE) – Parsley is in talks to be acquired by rival oil and gas producer Pioneer Natural (PXD), according to people familiar with the matter who spoke to The Wall Street Journal. The two sides are said to be discussing an all-stock deal that could be completed by the end of October.

Brookfield Asset Management (BAM) – Brookfield Asset Management is exploring the sale of its life-sciences real estate portfolio and seeking about $3 billion, according to a Bloomberg report.