June 9, 2023


Be life confident

Campbell Soup, Coty, Tiffany, Zoom & more

3 min read

Take a look at some of the biggest movers in the premarket:

Campbell Soup (CPB) – The food producer reported quarterly earnings of 84 cents per share, 9 cents a share above estimates. Revenue also beat forecasts and Campbell raised its full-year guidance, noting an increase in demand across all its brands amid the Covid-19 pandemic.

Canada Goose (GOOS) – The outerwear maker matched analysts’ forecasts with a quarterly loss of 12 cents per share, while revenue came in above estimates. Canada Goose also said the pandemic-related negative impact on its business would be most pronounced during the current quarter, traditionally its slowest of its fiscal year.

Warner Music (WMG) – The music publisher priced its initial public offering at $25 per share, compared to the expected $23 to $26 range, and also upsized the offering to 77 million shares from the original 70 million. The stock is set to debut on Nasdaq today, in the largest initial public offering of 2020.

Express (EXPR) – The apparel retailer lost $1.55 per share for its first quarter, wider than the 47 cents a share loss that analysts had anticipated. Revenue also came in below forecasts, as the pandemic closed the company’s stores. Express is not providing guidance for the current quarter or the full year at this time.

Coty (COTY) – The cosmetics company is in talks with Kim Kardashian West about a possible beauty products collaboration, according to a Securities and Exchange Commission filing.

Tiffany (TIF) – Tiffany remains on watch this morning following a Women’s Wear Daily report that the planned $16.2 billion dollar takeover by France’s LVMH may not go through. LVMH is said to have called a Tuesday board meeting to discuss the matter, amid deteriorating U.S. market conditions.

Zoom Video (ZM) – Zoom reported a quarterly profit of 20 cents per share, more than double the 9 cents a share consensus estimate. Revenue was also well above Wall Street forecasts and Zoom nearly doubled its annual revenue outlook, as it continues to benefit from the increase in remote working.

Lyft (LYFT) – Lyft said rides booked through its platform jumped 26{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in May compared with the previous month. Demand has begun to rebound, with Lyft’s ridership figures rising for seven straight weeks. The May figure was, however, 70{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} below year-ago levels.

Amazon.com (AMZN) – Amazon is planning a “Summer Sale” event that would kick off June 22, according to a document viewed by CNBC. The event is designed to help sellers who have been hurt by the pandemic and the postponement of Amazon’s annual “Prime Day.”

General Motors (GM), Ford Motor (F), Fiat Chrysler (FCAU), Toyota (TM) – Auto stocks are on watch after automobile research firm Autodata reported that May auto sales came in at a better-than-expected 12.17 million unit annual sales rate.

Boeing (BA) – Boeing struck a compensation deal with TUI Group, Europe’s largest travel company, involving Boeing’s grounded 737 Max jet. Boeing will provide an undisclosed amount of compensation to TUI and provide the company with credits for future orders.

Twitter (TWTR) – Twitter named ex-Google chief financial officer Patrick Pichette as its board chairman, becoming the first company outsider to serve in that role. Pichette had been Twitter’s lead independent director since 2018.

Alphabet (GOOGL) – Alphabet’s Google unit faces a $5 billion lawsuit for allegedly tracking user browsing habits even when the users are in “private browsing” mode. Google said it would vigorously defend itself against the claim.

CrowdStrike (CRWD) – CrowdStrike posted a quarterly profit of 2 cents per share, compared to expectations of a 6 cents per share loss. The cybersecurity company also reported better-than-expected revenue, pointing to a pandemic-related surge in demand as well as a more favorable competitive environment.

Cheesecake Factory (CAKE) – Cheesecake Factory said it hoped to have most of its restaurants reopened by mid-June, and that the locations that have reopened have pushed sales close to prior levels. However, the restaurant did say that sales have been hurt by the recent protests.

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