Tuesday, July 7, 2020
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Stocks making the biggest moves in the premarket: Micron, Conagra Brands, Apple, Xilinx & more

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

Conagra Brands (CAG) – The food producer reported quarterly profit of 75 cents per share, 9 cents a share above estimates. Revenue also exceeded consensus and Conagra gave a current-quarter earnings forecast range that largely exceeds estimates as the pandemic helps spur a surge in demand.

Micron Technology (MU) – Micron beat estimates by 5 cents a share, with quarterly earnings of 82 cents per share. The chip maker’s revenue also beat forecasts and Micron gave upbeat revenue guidance as stay-at-home workers and students boosted demand for its computer and data center chips.

Simon Property Group (SPG) – Simon said it would reopen its five remaining closed retail properties within the next week. The mall operator also said many of its tenants have reported higher than expected sales since reopening their doors.

Apple (AAPL) – 5G iPhone shipments in 2020 may be much weaker than expected, according to sources who spoke to DigiTimes. Those sources put current estimates at 15 million to 20 million units this year compared to a prior forecast of 30 million to 40 million.

Xilinx (XLNX) – Xilinx raised its fiscal first-quarter revenue guidance, with the specialty chipmaker saying its business had been helped by the loosening of restrictions on sales to Chinese companies.

Royal Dutch Shell (RDS.A, RDS.B) – Royal Dutch Shell will take a $22 billion writedown on the value of its assets after the energy producer slashed its oil and gas price outlook.

Wells Fargo (WFC) – Wells Fargo said it would cut its dividend to preserve capital, with the size of the cut set to be announced along with its second-quarter earnings report on July 14. The Federal Reserve had asked banks not to increase dividends amid uncertainty surrounding the pandemic, following bank stress tests. JPMorgan Chase (JPM), Citigroup (C), Bank of America (BAC), Goldman Sachs (GS), and Morgan Stanley (MS) plan to hold their dividends steady.

Boeing (BA) – Norwegian Air canceled orders for 97 Boeing 737 Max and 787 jets, and plans to seek compensation for the grounding of the 737 and engine troubles related to the 787.

Lululemon (LULU) – Lululemon is buying home fitness company mirror for $500 million, in a move designed to allow the athletic apparel maker to take advantage of a pandemic-related surge in-home fitness activities.

Uber Technologies (UBER) – Uber is in discussions to buy food delivery service Postmates for $2.6 billion, according to The Wall Street Journal. Uber had engaged in ultimately unsuccessful talks last month to buy Grubhub (GRUB) and combine it with its Uber Eats food delivery unit.

Herman Miller (MLHR) – The office furniture maker reported a quarterly profit of 11 cents per share, compared to consensus forecasts of a loss of 10 cents per share. Revenue was short of Wall Street forecasts, however, as sales fell 29% from a year earlier amid the Covid-19 pandemic.

Crocs (CROX) – The casual shoemaker was upgraded to “buy” from “hold” at Loop Capital Markets, which cites brand momentum. Loop also increased its price target on the stock to $40 from its prior $22.

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