Take a look at some of the biggest movers in the premarket:
Tiffany (TIF) â LVMH is considering buying Tiffany shares on the opening market, according to a Bloomberg report. The shares are currently selling below the $135 per share takeover price that LVMH agreed to pay when it struck its deal with the luxury goods retailer in November. Separately, Tiffany reported quarterly profit of $1.80 per share, 3 cents a share above estimates. Revenue was slightly below forecasts, but comparable-store sales exceeded estimates.
Hibbett Sports (HIBB) â The athletic apparel retailer fell 11 cents a share shy of forecasts, with quarterly earnings of 51 cents per share. Revenue came in above forecasts. Comparable-store sales were up 4%, shy of the 4.7% consensus estimate compiled by Refinitiv. Hibbett also said it did not anticipate any material disruption to its supply chain due to the coronavirus outbreak, although it said it has seen a slowdown in demand.
Nike (NKE) â The athletic footwear and apparel maker was upgraded to “buy” from “neutral” at Bank of America Securities, saying an overall challenging environment could enhance Nike’s momentum in increasing global market share.
Tesla (TSLA) â Tesla will suspend production at its Fremont, California, factory on March 24, and said its New York solar roof tile factory will also suspend production. Tesla added that it believes its level of liquidity is sufficient to navigate the uncertainty surrounding the coronavirus outbreak.
Crowdstrike (CRWD) â Crowdstrike reported a quarterly loss of 2 cents per share, smaller than the 8 cents a share loss that Wall Street had predicted. The cybersecurity company also gave upbeat guidance, with the coronavirus crisis spurring more to work at home and raising the need for more cyber protection.
Apple (AAPL) â Apple is limiting online purchases of iPhones to two per customer, as it deals with supply chain disruptions as well as the closing of its brick-and-mortar stores outside China.
Walmart (WMT) â Walmart is hiring 150,000 more hourly workers to deal with a virus-related surge in shoppers. That follows a similar move by rival Amazon.com (AMZN) earlier this week. Walmart also announced it would pay a cash bonus of $300 to full-tie hourly workers and $150 to part-time employees.
Boeing (BA) â Boeing is strongly considering a temporary suspension of production at its twin-aisle jet factories, according to people familiar with the matter who spoke to Reuters. The company has not made a final decision on timing, however. Separately, Bloomberg reports that Boeing is considering cutting its dividend and laying off workers, as it deals with the disruption caused by the coronavirus outbreak.
GameStop (GME) â GameStop told its stores to stay open even in the event of state or city lockdowns, according to a memo obtained by gaming website Kotaku. The memo said the videogame retailer considered itself an “essential retail” operation.
Hertz Global (HTZ), Avis Budget (CAR)Â â Hertz, Avis, and privately held Enterprise Holdings asked the Treasury Department to be included in any travel industry aid. Hertz CEO Kathy Marinello told Bloomberg that the car rental industry has been hit as hard as the airline industry has.
Carnival (CCL) â Carnival reported quarterly profit of 22 cents per share, 5 cents a share below estimates. Revenue beat forecasts, however. The quarter included cancellations and disruptions from the virus outbreak, and the cruise line operator said it cannot provide a full-year forecast as those disruptions escalate.
Oracle (ORCL) â Oracle was upgraded to “overweight” from “neutral” at JPMorgan Chase, which cited the business software giant’s resilience across business cycles as well as its relative valuation.
Cardinal Health (CAH) â The drug distributor received a double upgrade at Bank of America Securities, which now rates Cardinal a “buy” compared to the prior “underperform” rating. The firm said the drug distributors are one of the drug industry groups best positioned to manage through the COVID-19 outbreak.
Lululemon (LULU) â Citi upgraded the athletic apparel retailer to “buy” from “neutral,” noting a 41% drop in the stock since February 20 and saying the company is likely to fare better than peers and that its long-term earnings power is not at risk.