Take a look at some of the biggest movers in the premarket:
IHS Markit (INFO) – The financial information and analytics provider earned 77 cents per share for its latest quarter, 8 cents a share above estimates. Revenue was in line with forecasts. The company said it is seeing recovery at “varying speeds” in the markets it serves.
McCormick (MKC) – The spice maker came in one cent a share ahead of estimates, with quarterly earnings of $1.53 per share. Revenue also came in above Wall Street projections. McCormick saw strong growth in its consumer segment, although that was offset by lower demand in its restaurant and foodservice business. The company is projecting fiscal 2020 adjusted earnings per share of $5.64-$5.72, compared to a consensus estimate of $5.76. McCormick also announced a 2-for-1 stock split.
Walmart (WMT) – Walmart is in advanced talks to invest up to $25 billion in India-based conglomerate Tata Group’s “super app,” according to a report in the Mint newspaper. The app is set to launch in December or January, and would offer a wide range of products sold by Tata’s consumer business.
Amazon.com (AMZN) – Amazon launched a $4.99 per month personal shopping service for men, an expansion of its existing Prime Wardrobe service. The new service could put pressure on rival styling service Stitch Fix (SFIX).
Extended Stay America (STAY), Park Hotels (PK), Pebblebrook (PEB), Sunstone (SHO) – Bank of America Securities upgraded the hotel operators to “buy” from “neutral,” with the firm saying it was positioning for a possible Covid-19 vaccine and potential travel recovery. BofA acknowledges that demand in certain segments remains “extremely challenged.”
Big Lots (BIG) – The discount retailer said it expects to report current-quarter earnings of 50 cents to 70 cents per share, compared to a consensus estimate of 21 cents a share as demand for home goods remains strong. The company’s fiscal third-quarter ends Oct. 31.
Microsoft (MSFT) – Microsoft’s Office 365 and Azure cloud services suffered a disruption of several hours on Monday, impacting users of such services as Outlook email and the Teams office collaboration suite.
Universal Health Services (UHS) – Universal Health Services took its computer systems offline after the hospital operator was victimized by a malware attack. Universal Health said the outage did not cause any patient harm and that no patient or employee data appears to have been accessed.
Alphabet (GOOGL) – Alphabet’s Google unit will require app developers that distribute apps through the Google Play store to use its in-app payment system, which takes a 30% fee. Google did not specify apps that had been skirting the rule, but Netflix (NFLX) and Spotify (SPOT) are among those who prompt Android users to pay them directly using a credit card.
Polaris Industries (PII) – The recreational vehicle maker signed a 10-year deal with Zero Motorcycles to develop and sell electric off-road vehicles and snowmobiles. The partnership’s first vehicle is expected to debut by the end of 2021.
United Natural Foods (UNFI) – United Natural Foods reported quarterly earnings of $1.06 per share, beating the 74 cents a share consensus estimate. Revenue also exceeded forecasts. The largest U.S. publicly traded food wholesaler also gave a better-than-expected fiscal 2021 earnings outlook. Separately, the company announced that CEO Steven Skinner plans to retire next July 31 when his contract expires, or sooner if a successor is named.
Tiffany (TIF) – Tiffany was countersued by France’s LVMH, with the luxury goods maker accused of financial mismanagement during the Covid-19 pandemic. LVMH announced plans to walk away from its planned takeover of Tiffany earlier this month, and argued in court that the alleged mismanagement allows it to do so.
CORRECTION: This article has been updated to show that Polaris Industries signed a 10-year deal with Zero Motorcycles to develop and sell snowmobiles, not motorcycles.
