Stocks making the biggest moves in the premarket: Chevron, Verizon, Vir Biotechnology & more

Market Insider

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

Hilton Worldwide (HLT) – The hotel operator reported a quarterly loss of 10 cents per share, surprising analysts who had expected a profit of 4 cents per share. Revenue also fell short of estimates. The loss came as Covid-19-related disruptions led to a 59.2% drop in comparable revenue per available room compared with a year ago. Hilton shares are down 2.3% in premarket trading.

Garmin (GRMN) – The maker of fitness and navigation devices beat estimates by 44 cents a share, with quarterly profit of $1.73 per share. Revenue also topped analysts’ forecasts. Garmin saw strong growth in most of its segments, led by marine and outdoor. Its shares are higher by 1.9% in the premarket.

Vir Biotechnology (VIR) – Vir shares jumped 14.4% in premarket trading following an announcement that its Covid-19 antibody partnership with GlaxoSmithKline (GSK) will be expanded to research therapies for other diseases.

Shopify (SHOP) – Shopify earned $1.58 per share for the fourth quarter, beating the $1.26 a share consensus estimate. Revenue came in above forecasts as well. Shopify benefited as more merchants adopted its e-commerce tools to sell their products and services online. Shares are up 1% in premarket action.

Chevron (CVS), Verizon (VZ) – Warren Buffett’s Berkshire Hathaway bought a $4.1 billion stake in Chevron and $8.6 billion in Verizon shares during the fourth quarter, according to Berkshire’s latest 13-F filing. Berkshire also sold its stakes in drugmaker Pfizer (PFE) and JPMorgan Chase (JPM) while trimming its holdings of Wells Fargo (WFC). Chevron is chalking up a 3.8% gain in the premarket, while Verizon is up by 3.6%.

Slack (WORK), (CRM) – Slack and Salesforce were asked by the Justice Department’s antitrust division to provide more information related to the $27.7 billion purchase of Slack by Salesforce. The deal is still expected to close by July 31. Slack shares dropped 2.4% in premarket trading.

Tribune Publishing (TPCO) – Tribune will be taken private by hedge fund Alden Global for $17.25 per share in cash. Alden already had a 32% stake in the publisher of the Chicago Tribune, New York Daily News and Baltimore Sun newspapers. Tribune shares are up 6.5% in premarket action.

Morningstar (MORN) – Morningstar was sued by the Securities and Exchange Commission for allegedly violating securities laws in its commercial mortgage-backed securities ratings. The financial information provider said it had complied with all regulations and that it had stopped using the method in question in 2018. Morningstar shares slid 1% in premarket trading.

Treehouse Foods (THS) – Jana Partners increased its stake in Treehouse to 7.3% and is pushing the packaged food company to explore options including a possible sale. In its quarterly 13-F filing, Jana also disclosed a new stake in medical lab operator LabCorp (LH).

La-Z-Boy (LZB) – La-Z-Boy shares fell 5.2% in the premarket after the furniture maker announced that CEO Kurt Darrow would retire on April 25, to be replaced by CFO Melinda Whittington. The furniture retailer also reported a drop in quarterly profit on higher costs due to Covid-19-related supply chain disruptions.

Cedar Fair (FUN) – Cedar Fair reported a fourth-quarter loss of $105.5 million compared to a $2.78 billion profit a year earlier as the pandemic continued to impact attendance at the amusement park operator’s properties. Cedar Fair slid 1.6% in premarket action.

SolarEdge Technologies (SEDG) – The maker of solar energy equipment beat estimates by 11 cents a share, with quarterly earnings of 98 cents per share. Revenue came in above estimates as well. It is also projecting better-than-expected sales for the current quarter, driven in part by a strong residential market in the United States. SolarEdge shares rose 3.2% in the premarket.

QuantumScape (QS) – QuantumScape shares jumped 6.2% in premarket trading, even though the electric vehicle battery maker reported a loss in its first quarterly release as a public company. Investors are encouraged by QuantumScape’s progress in developing multilayer battery cells.

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