Stocks making the biggest moves in the premarket: Costco, Gap, Starbucks, H&R Block & more

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

Costco (COST) – Costco reported quarterly earnings of $2.10 per share, 4 cents a share above estimates. Revenue also beat forecasts. Costco has been experiencing a surge in sales of consumer staples in recent weeks due to the coronavirus outbreak, and reported a 12.1% jump in comparable sales for February.

JPMorgan Chase (JPM) – CEO Jamie Dimon is said to be “recovering well” after undergoing emergency heart surgery Thursday. The bank said Dimon experienced an aortic dissection, an abnormal separation of tissues in the aortic wall.

Gap (GPS) – The apparel retailer appointed Sonia Syngal – the head of its Old Navy unit – as its new chief executive officer. She replaces interim CEO Robert Fisher, who took over after the exit of then-CEO Art Peck.

Starbucks (SBUX) – Starbucks cut its China sales forecast due to the coronavirus outbreak, and the coffee chain also announced that it would suspend new store openings in China. Starbucks expects same-store sales to drop by 50% in China for the second quarter.

American Outdoor Brands (AOBC) – American Outdoor reported adjusted quarterly earnings of 13 cents per share, falling short of the 23 cents a share consensus estimate. The Smith & Wesson parent also lowered its sales and earnings guidance for the current fiscal year. The company said it saw a shortfall in anticipated orders from certain strategic retailers across multiple product segments.

H&R Block (HRB) – The tax preparation firm reported a quarterly loss of 59 cents per share, 4 cents a share wider than anticipated. Revenue beat Wall Street forecasts. The bottom line was impacted by higher-than-anticipated expenses.

Okta (OKTA) – Okta reported a quarterly loss of 1 cent per share, smaller than the 5 cents a share loss projected by Wall Street analysts. The identity management software provider also reported better-than-expected revenue for the quarter, as subscription sales increased.

Big Lots (BIG) – Big Lots is the target of activist investors Macellum Advisors and Ancora Advisors, who have taken a more than 10% stake in the discount retailer. The funds have nominated nine directors, saying underperformance in earnings and the stock’s price necessitates a change.

Chipotle Mexican Grill (CMG) – William Blair upgraded the restaurant chain’s stock to “outperform” from “market perform,” following a 22% pullback in the past two weeks amid no discernible change in traffic trends.

BJ’s Wholesale (BJ) – JPMorgan Chase upgraded the warehouse retailer’s stock to “overweight” from “neutral,” saying a stock decline compared to peers is outsized given BJ’s earnings outlook. The firm also added the stock to its “US Equity Analyst Focus List” as a value play.

Lyft (LYFT) – Needham rates the ride-hailing service’s stock a “buy” in new coverage. The firm notes a 30% drop in the stock price since Lyft’s fourth-quarter earnings report, saying this creates an unreasonably wide valuation discount compared to competitor  (UBER).

Source: https://www.cnbc.com/2020/03/06/stocks-making-the-biggest-moves-in-the-premarket-costco-gap-starbucks-hr-block-more.html

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