Stocks making the biggest moves in the premarket: Hilton, Restaurant Brands, Bausch Health & more
Take a look at some of the biggest movers in the premarket:
Hilton Worldwide (HLT) – The hotel operator lost 61 cents per share for the second quarter, wider than the 31 cents a share loss that Wall Street analysts had been anticipating. Revenue was also below estimates, with Hilton suffering from the pandemic-induced drop in travel demand.
Restaurant Brands (QSR) – The parent of Tim Hortons, Burger King and Popeyes earned 33 cents per share for its latest quarter, 4 cents a share above estimates. Revenue also beat Wall Street forecasts. The company said it was back to about 90% of the prior year's systemwide sales by the end of the quarter.
Bausch Health (BHC) – The company plans to spin off its Bausch & Lomb eye care unit into a separate publicly traded company. Bausch said it was taking the action to unlock unrecognized value in the eye care business.
Kontoor Brands (KTB) – The maker of Lee and Wrangler jeans reported a quarterly loss of 22 cents per share, compared to a consensus estimate of a 40 cents per share loss. Revenue was above estimates, with the company saying it was in good financial position despite the short-term negative impact of the pandemic.
ViacomCBS (VIAC) – The media company reported quarterly profit of $1.25 per share, beating the 95 cents a share consensus estimate. Revenue came in above forecasts as well. ViacomCBS pointed to rapid growth in its streaming business and said it is successfully managing through the effects of the pandemic.
Rocket Companies (RKT) – The parent of Quicken Loans makes its Wall Street debut today, after pricing its IPO at a lower-than-expected $18 per share and selling fewer shares than anticipated.
Bristol-Myers (BMY), Pfizer (PFE) – Bristol-Myers and Pfizer won a key patent case involving the blood thinner Eliquis, with a judge ruling that drug companies Sigmapharm, Sunshine Lake Pharma, and Unichem had infringed the product's patents. Bristol and Pfizer have a profit-sharing agreement involving Eliquis. Separately, Bristol-Myers beat estimates for both earnings and revenue for its latest quarter, and raised its full-year forecast based on expectations of greater use of its drugs in hospitals as delayed medical procedures are carried out.
Sonos (SONO) – Sonos saw quarterly sales beat Wall Street expectations, as the high-end speaker maker shifted its focus to digital sales amid pandemic-related store closures. Sonos did, however, report an overall loss for the quarter.
Live Nation (LYV) – Live Nation reported a quarterly loss of $2.67 per share, wider than the loss of $2.08 predicted by Wall Street analysts. The live event promoter also saw revenue come in well below estimates, with the pandemic virtually eliminating large gatherings and events.
Roku (ROKU) – Roku lost 35 cents per share for its latest quarter, smaller than the 50 cents a share loss that analysts had anticipated. Revenue also beat forecasts, but the shares have come under pressure after the streaming video device maker said advertising industry uncertainty will persist through the third and fourth quarters.
Zynga (ZNGA) – Zynga raised its full-year bookings forecast, after better-than-expected quarterly results. The digital game maker got a pandemic-related boost from increased engagement by players stuck at home during the pandemic.
Etsy (ETSY) – Etsy reported quarterly profit of 75 cents per share, well above the 39 cents a share consensus estimate. The online marketplace's revenue also beat Wall Street forecasts, as it saw nearly 19 million new and reactivated buyers.
Costco (COST) – Costco reported a July comparable sales increase of 13.2%, more than twice what Wall Street had anticipated. The warehouse retailer also saw a more than 75% jump in digital sales.