Stocks making the biggest moves premarket: Apple, CVS, Blackstone, Wynn Resorts and more
Check out the companies making headlines before the bell:
Apple – B of A Securities downgraded Apple to "neutral" from "buy", while raising its price target on the stock to $470 per share from $420. The firm said there are many positives for Apple but risks as well, and that risk/reward is balanced at current price levels.
CVS Health – CVS reported better-than-expected profit, revenue, and same-store sales for the second quarter, and also raised its full-year forecast. Among the factors helping the bottom line: lower medical costs for the company's pharmacy benefits management business due to the pandemic.
Walt Disney – Disney reported adjusted quarterly profit of 8 cents per share, compared with a consensus estimate of a 64 cent loss. Disney's bottom line was hit hard by pandemic-related theme park closures and the lack of live sports for its TV networks, but it did report strong growth for its Disney+ streaming service.
Beyond Meat – Beyond Meat lost an adjusted 2 cents per share for its latest quarter, matching estimates, with revenue for the plant-based burger maker coming in above Street forecasts. However, the company spent more than expected dealing with Covid-19 related operation costs.
WW – WW reported lower-than-expected profit and revenue for the second quarter, hit by the pandemic-related halt of its in-person meetings. The company formerly known as Weight Watchers did offset part of that drop through its digital offerings.
Novavax – The drug maker reported positive results in an early study of its coronavirus vaccine candidate, saying it produced promising immune responses and was well tolerated by patients.
Blackstone – The private equity firm has a deal in place to buy Ancestry.com for $4.7 billion, according to sources who spoke to CNBC.
Activision Blizzard – Activision Blizzard is raising its full-year forecast, after the videogame maker reported stronger-than-expected bookings for the second quarter. As with other gaming companies, Activision benefited from a jump in gaming activity from users forced to stay at home due to the pandemic.
Wynn Resorts – Wynn lost $6.14 per share for its latest quarter, wider than the loss of $4.98 that analysts were expecting. The casino operator's revenue also fell short of forecasts, as the Covid-19 pandemic kept customers away.
Nikola – The electric vehicle maker lost an adjusted 16 cents per share for its latest quarter, wider than the 13 cent loss that Wall Street analysts were anticipating. Nikola said it was impacted by a pandemic-related supply chain disruption.
Exxon Mobil – The energy giant will suspend matching 401(K) contributions to employee accounts beginning in October, according to a memo to workers seen by Reuters.
Square – The payments processor posted a quarterly loss, but saw a 64% jump in second quarter revenue and nearly tripled its transaction volume. Square's businesses got a boost from the surge in people shopping online due to the pandemic.
Match Group – The operator of Tinder and other dating services reported better-than-expected second-quarter revenue, and gave an upbeat forecast for the current quarter. The company's dating services attracted more users amid the pandemic, with stay-at-home orders limiting face-to-face meetings.
Palo Alto Networks – The cybersecurity company's stock was upgraded to "buy" from "neutral" at BTIG, which cited solid demand and good sales execution for Palo Alto's core firewall business.
Livongo – The maker of remote health monitoring technology is merging with Teladoc Health, a provider of virtual physician visit services, in an $18.5 billion cash and stock deal. Livongo shareholders will receive a little over 0.59 shares plus $11.33 in cash for each share they now own.