Check out some of the largest moving companies on the pre-market:
Biogen (BIIB) – The drugmaker’s shares rose nearly 12% ahead of launch after it was revealed that the Food and Drug Administration extended the review period for its experimental Alzheimer’s treatment aducanumab by three months. Biogen will provide additional data to the FDA as part of the agency’s review.
Skyworks Solutions (SWKS) – Skyworks rose 13% after a significant profit jump in premarket trading. The cell phone chip maker earned $ 3.36 per share last quarter, well above the consensus estimate of $ 2.08 per share. Revenue was also above estimates, and Skyworks issued a positive forecast for the current quarter.
Novavax (NVAX) – The biotech company’s shares rose more than 40% in premarket trading after it was revealed that its Covid-19 vaccine candidate had an efficacy rate of 89.3% in a UK study. However, Novavax notes that this is preliminary data and that it would take two to three months for the company to be ready to apply for a permit.
Johnson & Johnson (JNJ) – The drugmaker’s shares were down 3% after Phase 3 study data showed the company’s Covid-19 vaccine was 72% effective in the US and other regions, including South Africa, but less effective.
Caterpillar (CAT) – The heavy equipment maker earned $ 2.12 per share in the fourth quarter, above its consensus estimate of $ 1.49 per share. Sales were largely in line with forecasts. The company said it was well positioned for the future and should come out of the pandemic stronger than before.
Eli Lilly (LLY) – The drug maker beat estimates by 40 cents per share with quarterly earnings of $ 2.75 per share. Revenue also surpassed Street’s projections, fueled by strong sales of its diabetes drugs and the introduction of Covid-19 antibody treatment. Lilly’s shares rose 1.8% in premarket trading from 7:45 a.m. ET.
Honeywell (HON) – The industrial conglomerate earned $ 2.07 per share in the fourth quarter, 7 cents per share above estimates, with sales falling. Honeywell said 2020 had been a challenging year, but noted that the sequential improvements in profits and sales had continued into the final three months of 2020.
Chevron (CVX) – Chevron lost 1 cent per share in the fourth quarter compared to consensus estimates of 7 cents per share earnings. Revenue also fell short of analysts’ forecasts and overall results for the company were negatively impacted by low margins on fuel and cost costs, among other things. Chevron shares fell 2% in the pre-market.
Colgate-Palmolive (CL) – The consumer goods company was one cent above estimates with quarterly earnings of 77 cents per share. The revenue also exceeded Wall Street forecasts. Colgate announced that organic sales will grow 3% to 5% in 2021 in line with its long-term goal.
Visa (V) – Visa beat estimates by 14 cents per share with quarterly earnings of $ 1.42 per share. The payment operator’s earnings also exceeded Wall Street’s forecasts. Visa benefited from an increase in online shopping during the holiday season, with total payment volumes increasing by 5%. The company also announced a $ 8 billion share buyback.
Mondelez (MDLZ) – Mondelez was one cent ahead of Street’s forecasts with quarterly earnings of 67 cents per share. The maker of Oreos and other snacks also reported better than expected sales. The consumers who stay at home have further increased their snack consumption. The company’s shares fell 2.2% in the pre-market.
Western Digital (WDC) – Western Digital reported quarterly earnings of 69 cents per share, 15 cents per share prior to consensus. The hard drive manufacturer’s revenues also exceeded forecasts. Western Digital saw increased demand for storage devices and solutions during the pandemic. The company’s shares rose 10% in premarket trading.
US Steel (X) – US Steel lost 27 cents a share in the most recent quarter, less than 68 cents, a stock drop analysts had expected. The steel manufacturer’s sales largely corresponded to the forecasts. The demand and prices in the steel industry have improved overall. US Steel recorded an increase in the average price for flat steel by 4.6 percent compared to the previous year. The company’s shares rose 6% in the pre-market.
AMC Entertainment (AMC) – AMC is looking into raising more capital, including a potential stock sale, according to a Reuters report. The cinema chain’s stocks are among stocks that have soared from Reddit-inspired traders as well as stocks like GameStop (GME) and Bed Bath & Beyond (BBBY).
Qualtrics (XM) – Qualtrics stays up to date after jumping 38 percent in its debut Thursday session. Qualtrics is an enterprise software company that was spun off from German software giant SAP (SAP).