Stocks making the biggest moves premarket: TRV, VZ, NKE, BX, PM, AXP & more
Check out which companies are making headlines before the bell:
Travelers – The insurer earned an adjusted 91 cents per share for the third quarter, well above estimates of 43 cents a share. Revenue also beat forecasts. Travelers did suffer $700 million in catastrophe losses related to hurricanes Harvey and Irma.
Verizon – Verizon matched forecasts with adjusted quarterly profit of 98 cents per share, while revenue beat forecasts. Verizon said it had strong smartphone segment performance, with so-called "churn" continuing to remain low.
Nike – The athletic apparel and footwear maker was downgraded to "neutral" from "buy" at Goldman Sachs, which said it expects the stock to trade in a range while it works through excess U.S. inventory.
Blackstone – The investment firm reported economic net income of 69 cents per share, well above the 54-cent-a-share consensus estimate. Revenue also beat forecasts. Blackstone said it saw double-digit increases over a year earlier and now has a record $387 billion under management.
Philip Morris – The tobacco company missed estimates by 11 cents a share, with adjusted quarterly profit of $1.27 per share. Revenue also missed expectations due to weak shipment volume in all regions except Asia.
American Express – Amex reported quarterly profit of $1.50 per share, two cents a share above estimates. Revenue also exceeded forecasts, thanks to loan growth and higher spending by card members. Separately, the company announced the retirement of Chairman and CEO Kenneth Chenault on February 1 after 17 years at the helm.
United Continental – United beat estimates by eight cents a share, with adjusted quarterly profit of $2.22 per share. The airline company's revenue matching Street forecasts. United reported a $185 million pretax loss due to hurricane-related flight cancellations.
EBay – eBay earned an adjusted 48 cents per share for its latest quarter, matching consensus estimates. The online marketplace's revenue came in slightly above forecasts as it added nearly two million active buyers. eBay also said profits for the current quarter could be less than expected, however, as it spends more on marketing and a website revamp.
Adobe Systems – Adobe is forecasting better-than-expected revenue and profit for fiscal 2018, thanks to the software company's growth in its cloud business.
Blue Apron – Blue Apron cut approximately six percent of its workforce, as the meal kit company comes under pressure from intense competition. Blue Apron said the cuts would come in both corporate officers and in its fulfillment centers.
Gilead Sciences – The drug maker won Food and Drug Administration (FDA) approval for its immunotherapy treatment designed to treat lymphoma. The treatment had been developed by Kite Pharma, which Gilead acquired earlier this year. The price for the one-time treatment will be $373,000.
Taiwan Semiconductor – The chipmaker saw profit fall seven percent from a year ago during its third quarter, due to supply chain inventory shortages, but the Apple suppliers quarterly numbers did beat estimates.
Nestle – Nestle is speeding up a planned restructuring program in order to improve its profit margins.
SAP – SAP reported lower-than-expected third-quarter profits, as the business software company invests in shifting its business customers into cloud-based services.
Novo Nordisk – The Danish drugmaker won the backing of an FDA panel for its diabetes drug semaglutide. The FDA is due to give a final recommendation on the drug by December 5, with the agency usually following the recommendation of its panels. The drug would directly compete with Trulicity drug.
ADP — Chief Executive Officer Carlos Rodriguez told Reuters in an interview that the payroll processing company is already making many of the changes advocated by activist investor Bill Ackman, but that results will take time. Ackman is seeking three board seats in the voting at ADP's annual meeting in November.
General Electric – GE CEO John Flannery has said there will be "no sacred cows" in his strategic review of the conglomerate's operations, according to The Wall Street Journal.
United Rentals – The rental company reported quarterly profit of $3.25 per share, beating the consensus estimate of $2.98 a share. Revenue also topped forecasts and the company also raised its sales forecast for the year amid a strong overall market. United Rentals has been seeing its profit margins expand, as well.
Winnebago – The recreational vehicle maker beat estimates by nine cents a share, with quarterly profit of 79 cents per share. Revenue also beat forecasts, and Winnebago announced a new $70 million stock buyback program.