Stocks making the biggest moves premarket: Moderna, Energizer Holdings, Alibaba, Nike & more
Check out the companies making headlines before the bell:
Energizer Holdings (ENR) – The maker of batteries and other consumer products reported adjusted quarterly profit of 59 cents per share, short of the 81 cent consensus estimate. Energizer's revenue did beat estimates, but the company said it incurred higher COVID-related costs to help it meet the needs of its customers and employees. Energizer also announced a 7.5 million share buyback program. Separately, Energizer announced that CEO Alan Hoskins will retire on January 1, replaced by current President/COO Mark LaVigne. The shares lost 4.6% in premarket trading as of 7:35 a.m. ET.
Edgewell Personal Care (EPC) – The maker of razors and other personal care products beat estimates by 2 cents with adjusted quarterly earnings of 59 cents per share, with revenue beating estimates as well. The company behind brands such as Schick, Wilkinson, Edge and Playtex also said it expects sales for fiscal 2021 to increase in the mid-single digit range.
Moderna (MRNA) – The drugmaker said it had enough data from a late-stage trial of its COVID-19 vaccine candidate to begin a planned interim analysis. Moderna did not specify when it planned to release data on the vaccine's effectiveness. The shares were up 3% in premarket trading as of 7:35 a.m. ET.
Alibaba (BABA) – Alibaba reported record Singles Day sales of about $75 billion, with the event actually extending over several days this year. Alibaba shares have been under pressure on concerns about new regulations for tech companies and the postponement of Alibaba affiliate Ant Group's initial public offering.
Nike (NKE) – Nike was rated "outperform" in new coverage at RBC Capital Markets, which calls the athletic footwear and apparel maker a "best-in-class global athletic play" and predicts a faster than expected recovery from COVID-related disruption.
Jaws Acquisition (JWS) – Jaws Acquisition is merging with primary-care medical center operator Cano Health and taking it public in a deal that values Cano at $4.4 billion. Jaws Acquisition is a special purpose acquisition company backed by Starwood Capital Group founder Barry Sternlicht.
Brookfield Asset Management (BAM) – The alternative asset management company reported quarterly funds from operations of 65 cents per share, compared to a 48 cent consensus estimate, with revenue also beating forecasts. Brookfield also intends to distribute a special dividend in the form of a newly created unit called BAM Reinsurance, with a value of 33 cents per share.
Salesforce.com (CRM) – The business software giant was downgraded to "equal-weight" from "overweight" at Morgan Stanley, which said the dynamics of the company's subscription model may pressure earnings and free cash flow in the near term. The shares lost 2% in premarket trading as of 7:35 a.m. ET.
Wells Fargo (WFC) – Wells Fargo is exploring the sale of its private-label credit card unit, according to people with knowledge of the matter who spoke to Bloomberg. Wells Fargo is said to have begun reaching out directly to possible bidders.
Qiagen (QGEN) – Qiagen said it would begin selling a portable COVID-19 test in the United States, with that test able to process up to 30 swab samples in 15 minutes.
Vroom (VRM) – Vroom posted a smaller than expected loss for its latest quarter, with the online used car seller also reporting better than expected revenue. However, the company gave a weaker than expected current quarter forecast, expecting losses to widen. Shares dropped 11% in premarket trading as of 7:35 a.m. ET.
Fossil (FOSL) – Fossil shares are surging after the maker of watches, handbags and other luxury goods swung to a third quarter profit, thanks to e-commerce momentum and lower expenses. The shares gained 25% in premarket trading as of 7:35 a.m. ET.
Pinduoduo (PDD) – The China-based e-commerce company reported an unexpected profit for the third quarter as well as better than expected revenue, helped by an economic rebound in China.