03/03/2024 7:14 PM


Be life confident

P&G, Gilead, Schlumberger, Boeing, Apple & more

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

Procter & Gamble (PG) – The consumer products giant earned $1.17 per share for its latest quarter, beating consensus estimates by 4 cents a share. Revenue came in below analysts’ projections. Organic sales were up 6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} during the quarter thanks in large part to pandemic-related stockpiling, and the company maintained its prior forecast for organic sales. P&G cut its outlook for full-year revenue growth due to currency factors.

Gilead Sciences (GILD) – A report in a health care publication said Gilead’s experimental drug remdesivir was seeing clinical trial success in treating Covid-19 patients.

Schlumberger (SLB) – The oilfield services company beat estimates by a penny a share with quarterly profit of 25 cents per share. Revenue was below Street forecasts. Schlumberger slashed its quarterly dividend by 75{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 12 1/2 cents from 50 cents. Schlumberger took a one-time charge of $8.5 billion during the quarter related to impairments resulting from the coronavirus outbreak and the severe decline in oil prices.

Regions Financial (RF) – The bank reported quarterly earnings of 14 cents per share, missing the consensus estimate of 23 cents a share. Revenue also came in below forecasts. Regions increased its credit loss provision to $373 million from $96 million at the end of the prior quarter and said its capital and liquidity levels were strong as it deals with challenging conditions stemming from the coronavirus outbreak.

Moderna (MRNA) – The drugmaker will receive $483 million in government funding to help accelerate the development of its experimental coronavirus vaccine.

Boeing (BA) – Boeing will resume limited commercial jet production in the Seattle area on Monday, following a three-week shutdown. The jet maker had suspended all production in the region in response to virus concerns and travel restrictions.

Apple (AAPL) – Apple was downgraded to “sell” from “neutral” at Goldman Sachs, which points to the potentially significant effect of the coronavirus on demand for Apple’s iPhone.

Intuitive Surgical (ISRG) – The surgical device maker reported quarterly profit of $2.69 per share, beating consensus estimates by 15 cents a share. Revenue also topped expectations, driven by an 11{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} increase in the installed base of the company’s da Vinci surgical systems and an increase in procedures using da Vinci.

Uber Technologies (UBER) – Uber said results for the March quarter will take a roughly $2 billion hit, to write down the value of various minority equity investments that have been impacted by the coronavirus outbreak. The ride-hailing service also said a financial assistance program for drivers and delivery workers would cut up to $21 million off revenue for the first quarter and up to $80 million for the second quarter.

Southwest Airlines (LUV) – Southwest is asking its unions to consider potential concessions to aid in what’s expected to be a slow industry recovery, according to a Reuters report.

Facebook (FB) – Facebook canceled all large in-person events through June 2021, and said employees would be required to work from home through at least the end of May.

Lululemon (LULU) – Lululemon said Chief Financial Officer Patrick Guido will leave the company on May 8 to take a job in a different industry. Guido had joined the athletic apparel maker in 2018.

Cedar Fair (FUN) – The amusement park operator said it expects first-quarter revenue to fall by to $15 million from $25 million a year ago due to the virus outbreak, and that it has suspended up to $100 million in nonessential capital projects. Cedar Fair has also suspended the company’s quarterly distribution.

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