Stocks making the biggest moves premarket: Lululemon, GameStop, Boston Beer, RH and others
Check out the companies making headlines before the bell:
Lululemon (LULU) – Lululemon reported adjusted quarterly earnings of $1.65 per share, easily beating the consensus estimate of $1.19. The apparel maker's revenue also topped estimates, helped by a surge in direct-to-consumer sales. Lululemon also raised its full-year guidance. The stock surged 13.5% in the premarket.
GameStop (GME) – GameStop skidded 7.5% in premarket action after it reported an adjusted loss of 76 cents per share for its latest quarter, 9 cents wider than analysts were anticipating. Revenue did top Wall Street forecasts, and the videogame retailer saw its loss narrow from a year ago as sales grew by more than 25%.
Boston Beer (SAM) – Boston Beer tumbled 9.6% in premarket trading after the brewer of Sam Adams beer pulled previously issued financial guidance. The company said it had underestimated demand for its Truly hard seltzer brand ahead of the summer.
RH (RH) – RH beat consensus estimates by $2.00 with adjusted quarterly earnings of $8.48 per share, and revenue above Street forecasts. The home furnishings company said it continues to see elevated demand from consumers spending more time at home. RH also raised its full-year outlook, and the stock added 2.1% in the premarket.
United Airlines (UAL) – The airline trimmed its outlook due to the surge in Covid-19 cases that has cut into passenger demand. United is adjusting its capacity in response and said if current trends continue, it will report an adjusted fourth-quarter loss. United shares fell 1.4% in premarket action. Southwest Airlines (LUV), JetBlue (JBLU) and American Airlines (AAL) followed with similar warnings. JetBlue lost 1.4%, American fell 1.2% and Southwest was down 0.9% in premarket trading.
Caesars Entertainment (CZR) – Caesars struck a deal to sell the non-U.S. assets of its William Hill sports betting unit to British gambling firm 888 Holdings for about $3 billion. Caesars had acquired William Hill earlier this year.
NetEase (NTES), Bilibili (BILI) – NetEase and Bilibili are among the U.S.-traded China gaming and media stocks under pressure after the companies were summoned by authorities to ensure that new rules for those sectors were being implemented and followed. NetEase fell 5.5% in the premarket, while Bilibili was down 7.2%.
Analog Devices (ADI) – Analog Devices said it expected its 2020 purchase of rival semiconductor maker Maxim would add to adjusted earnings 12 months after closing, 6 months sooner than it had initially anticipated. Analog Devices also added $2.5 billion to its share repurchase program.
Warner Music Group (WMG) – The music publisher's shares fell 2.1% in the premarket after StreetAccount reported that a 3.15 million share block was being shopped through Morgan Stanley.
Macy's (M) – Macy's gained 1.2% in premarket trading after Cowen upgraded the retailer's stock to "outperform" from "market perform", noting better inventory and pricing management as well as a more robust digital strategy.
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