Stocks making the biggest moves in the premarket: Dicks Sporting Goods, Stitch Fix, Tesla & more

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

Dick’s Sporting Goods (DKS) – The sporting goods retailer reported quarterly earnings of $1.32 per share, 10 cents a share above estimates. Revenue also beat forecasts. Comparable-store sales were up 5.3% compared to a Refinitiv-provided consensus estimate of up 3%, and the company also announced a 13.6% increase in the quarterly dividend.

Reynolds Consumer Products (REYN) – The maker of products such as Reynolds Wrap and Hefty trash bags reported lower than revenue for its latest quarter, in its first quarterly report since going public in January. Earnings were roughly in line with Wall Street projections.

Novavax (NVAX) – The biotech company was awarded $4 million by the Coalition For Epidemic Preparedness in initial funding to support the development of a Covid-19 vaccine.

Occidental Petroleum (OXY), Apache (APA), Marathon Oil (MRO) – These and other energy producers are among those set for double-digit percentage rebounds today, following a Monday drubbing resulting from the biggest drop in crude prices since the 1991 Gulf War.

Delta Air Lines (DAL), American Airlines (AAL), Southwest (LUV), United Air Lines (UAL), JetBlue (JBLU) – These and other airline stocks remain on watch, as travel continues to be impacted by coronavirus concerns. Major airlines are extending waivers for ticket change fees through April, and more news is expected to emerge from the airline sector today as companies present at a JPMorgan Chase investment conference. American announced this morning that it will cut flights even further, including a 10% reduction in international capacity.

Stitch Fix (SFIX) – Stitch Fix is under pressure after giving weaker-than-expected current-quarter and full-year guidance. The online clothing styling service pointed to the financial impact of promotional activity across the retail sector. Stitch Fix earned 11 cents per share for its second quarter, 5 cents a share above estimates. Revenue fell short of Wall Street forecasts.

Tesla (TSLA) – The automaker plans to increase production capacity for certain car parts at its Shanghai factory, according to a government document seen by Reuters.

Fifth Third (FITB) – The bank was charged by the Consumer Financial Protection Bureau with opening new accounts without customer consent, in order to meet sales goals. Fifth Third called the allegations “unnecessary and unwarranted.”

Wells Fargo (WFC) – Wells Fargo said Elizabeth Duke has resigned as the bank’s chair, replaced by board member and former Bank of America Chief Financial Officer Charles Noski. Duke is scheduled to testify before a House panel Wednesday on the bank’s efforts to reform its practices following its sales scandal, and was expected to face calls to step down.

Vail Resorts (MTN) – Vail Resorts reported quarterly earnings of $5.04 a share, missing the consensus estimate of $5.45 a share. Revenue was also short of estimates, and the company pulled its annual guidance and said it sees business continuing to decline.

United Parcel Service (UPS) – UPS was upgraded to “buy” from “hold” at Stifel, which notes the recent sell-off in the stock and that the delivery service has a steady earnings and cash flow profile that is attractive under current market conditions.

L Brands (LB) – L Brands was named a “Catalyst Call” at Deutsche Bank, which said it expects the buy-rated stock to outperform – in part because of a coronavirus-related stock-up at its Bath & Body Works chain.

Source: https://www.cnbc.com/2020/03/10/stocks-making-the-biggest-moves-in-the-premarket-dicks-sporting-goods-stitch-fix-tesla-more.html

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