Take a look at some of the biggest movers in the premarket:
CarMax (KMX) – The auto retailer reported quarterly earnings of $1.30 per share, 17 cents a share above estimates. Revenue also beat forecasts. CarMax said it has seen demand progressively deteriorate amid the spread of the coronavirus.
Walgreens (WBA) – The drugstore chain came in 5 cents a share ahead of estimates, with quarterly profit of $1.52 per share. Revenue also came in above Wall Street projections, however the company said the financial impact of COVID-19 outbreak is still uncertain.
Stanley Black & Decker (SWK) – The toolmaker withdrew its 2020 financial outlook, saying the virus pandemic will hurt its results due to demand disruptions. The company is also reducing non-essential staffing.
Walt Disney (DIS) – Disney was upgraded to “overweight” from “neutral” at Atlantic Equities, which has cut estimates for Disney but said it believes the recent weakness in the stock has been overdone.
Zoom Video Communications (ZM) – Zoom said daily users of its video conferencing technology soared to more than 200 million in March, compared to a prior high of 10 million.
AMC Entertainment (AMC) – AMC has hired restructuring lawyers, according to The Wall Street Journal. This comes as the movie theater operator’s locations are all closed due to the COVID-19 pandemic.
Carnival (CCL) – The cruise line operator raised $6.25 billion in a new debt and equity sale, including $4 billion in bonds with a yield of 11.5%. Carnival had paid just a 1% yield when it raised debt in October.
Altria (MO) – Altria was sued by the Federal Trade Commission, in a move aimed at forcing the tobacco producer to sell its stake in e-cigarette maker Juul Labs. The FTC claims Altria’s move to buy the stake in Juul was an anti-competitive move. Altria said it disagreed with that charge and that the FTC has misunderstood the facts.
Shopify (SHOP) – Shopify suspended its 2020 forecast, with the Canadian e-commerce company pointing to uncertainty surrounding the coronavirus outbreak.
General Electric (GE) – GE is seeking to replace its $20 billion in revolving loans with a $15 billion in shorter-maturity credit, according to a Reuters report.
PVH Corp. (PVH) – PVH reported quarterly profit of $1.88 per share, beating the consensus estimate of $1.81 a share. The apparel maker’s revenue also came in above forecasts, however PVH said the COVID-19 pandemic is having a significant impact on the company’s business.