Stocks making the biggest moves premarket: Tiffany, Hibbett Sports, Nike, Gamestop & more
Check out the companies making headlines before the bell:
Tiffany — Tiffany came in 7 cents a share above estimates, with quarterly profit of $1.67 per share. The luxury goods retailer's revenue was short of forecasts, however, and Tiffany's comparable sales fell 1 percent compared to analysts' projections of a 0.8 percent increase.
Hibbett Sports — The athletic apparel and footwear retailer earned an adjusted 57 cents per share for its latest quarter, beating the consensus estimate of 38 cents a share. Revenue also topped forecasts and Hibbett's comparable-store sales rose by 3.8 percent — analysts had been expecting a decline. Hibbett issued a better-than-expected full-year earnings outlook, however, and the company said CEO Jeff Rosenthal would retire after the company names a successor.
Nike — Nike reported quarterly earnings of 68 cents per share for its fiscal third quarter, 3 cents a share above estimates. Revenue was in line with forecasts, however the athletic footwear and apparel maker also warned of a sales slowdown for the current quarter.
GameStop — GameStop named George Sherman as its new chief executive officer. Sherman had most recently been CEO of privately owned Victra, a retailer of Verizon products. Sherman had previously worked at Home Depot and Best Buy, and will start his new role at the video-game retailer in April.
Murphy Oil — Murphy Oil sold its Malaysian oil and gas assets to Thai energy producer PTTEP for $2.13 billion. Murphy Oil said the proceeds would be used to pay down debt, buy back shares, and to make possible acquisitions.
Boeing — New software for Boeing's 737 MAX jets will be tested by American Airlines pilots on simulators this weekend, according to a pilots union representative who spoke to Reuters. Separately, Indonesian carrier Garuda said it was seeking to cancel an order for 49 737 MAX jets.
Tesla — Tesla CEO Elon Musk sent an email to employees saying that vehicle deliveries should be a "primary priority" for all employees as the quarter draws to a close.
Hyatt Hotels, Marriott, Wyndham — These and other hotel chains lost a bid to have a class action suit dismissed. The hotel companies are accused of agreeing not to advertise against each other on online travel sites like Orbitz and Expedia.
Anheuser-Busch InBev — The beer brewer was sued by rival MillerCoors over its Bud Lite ad campaign. MillerCoors said the ads deceive consumers into believing that its Miller Lite and Coors Lite brands contain corn syrup.
Newmont Mining — Newmont's deal to merge with Goldcorp is running into opposition from hedge fund Paulson & Co., one of Newmont's biggest shareholders. The fund sent a letter to Newmont CEO Gary Goldberg saying that under current terms, it could not support the transaction.
Novartis — The drugmaker set an April 9 date for the spin-off of its Alcon eye-care business. The spin-off will be done with a distribution to current shareholders, with Alcon listing on its own on the New York Stock Exchange in the U.S.
Best Buy — Best Buy was upgraded to "outperform" from "perform" at Oppenheimer, based on improved sales and stronger earnings at the electronics retailer.
Cintas — Cintas reported adjusted quarterly profit of $1.84 per share, 13 cents a share above consensus forecasts. The provider of uniforms and other workplace services saw revenue come in slightly below forecasts, however, and its full-year revenue outlook was also below expectations.