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Home Market Insider

GE, Eli Lilly, Campbell Soup and others

by admin
March 10, 2021
in Market Insider
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Check out the companies making headlines before the bell:

General Electric (GE) – GE struck a deal to combine its aircraft leasing unit, GE Capital Aviation Services, with Ireland’s AerCap (AER). It had been reported earlier this week that the two sides were in talks. Separately, GE’s board is recommending a 1-for-8 reverse stock split to put its outstanding share levels more in line with companies of comparable market capitalization. GE rose 2.2% premarket, while AerCap jumped 4.1%.

Eli Lilly (LLY) – The drugmaker said its combination Covid-19 antibody therapy reduced the risk of hospitalization and death by 87% in a late-stage study. It was the second study of the therapy – the first had used a higher dose of the drugs and reduced hospitalization and death by 70%.

Campbell Soup (CPB) – The food maker saw both adjusted earnings and revenue match analyst forecasts for its fiscal second quarter. Campbell is projecting full-year adjusted earnings of $3.03 to $3.11 per share, compared to a consensus estimate of $3.05.

Express (EXPR) – The apparel retailer lost an adjusted 66 cents per share for its latest quarter, smaller than the 83 cent loss that analysts were expecting. Revenue was larger than forecast, despite a greater than expected slide in same-store sales, and the stock soared 30% in pre-market trading.

Roblox (RBLX) – Roblox goes public today on the New York Stock Exchange through a direct listing, after the exchange set a reference price of $45 per share for the video game platform company’s stock.

Coherent (COHR) – Coherent announced a revised merger agreement with Lumentum (LITE) in which shareholders receive $175 per share in cash and 1.0109 Lumentum shares for each share they now hold. The revised bid for the maker of lasers and laser technology came after optoelectronic components maker II-VI (IIVI) came in with a bid for Coherent that had topped the original agreement that Coherent had struck with Lumentum in February. Coherent rose 2.2% premarket.

GameStop (GME) – GameStop surged another 15.2% In pre-market trading, following a 5-day win streak that saw its shares more than double. Other so-called “meme stocks” also rose in pre-market action, with AMC Entertainment (AMC) up 7.7% and Koss Corp. (KOSS) up 11.2%.

Levi Strauss (LEVI) – Levi Strauss Chairman Stephen Neal will step down on March 26 upon reaching the board’s mandatory retirement age of 72. He’ll be replaced as chairman of the apparel maker’s board by Robert Eckert, a current board member and former Mattel CEO. Levi Strauss shares fell 1% premarket.

MongoDB (MDB) – MongoDB reported a smaller than expected loss and better than expected revenue for its latest quarter, although the database company also forecast results for the full year that fell short of analyst forecasts. The stock gained 1.6% in premarket action.

Pfizer (PFE), BioNTech (BNTX) – The drug makers reached an agreement with the European Union to supply 4 million additional doses of their Covid-19 vaccine to EU member states. The doses will be delivered before the end of March. BioNTech shares added 2.1% in premarket trading.

Toll Brothers (TOL) – The luxury home builder’s shares rose 2% in premarket trading after it announced a 54% increase in its quarterly dividend to 17 cents per share from the prior 11 cents.

H&R Block (HRB) – H&R Block posted a wider quarterly loss and lower than expected revenue, citing a delay in the start of the tax filing season. However, the tax preparation company still expects to meet its full-year financial targets, and the stock gained 1.2% premarket.

Biohaven Pharmaceuticals (BHVN) – The FDA published a letter to Biohaven which said that a direct-to-consumer video makes false or misleading claims about Biohaven’s migraine treatment Nurtec ODT. The video features an interview with Khloe Kardashian, identifying her as a paid Biohaven spokesperson.

Apple (AAPL) – Apple cut iPhone production orders for the first half of this year by 20%, according to Japan’s Nikkei news service. The cuts are said to be concentrated in Apple’s iPhone 12 Mini model.

Conagra Brands (CAG) – Conagra is in talks to sell the Hebrew National hot dog brand to Brazil’s JBS, according to people familiar with the matter who spoke to the Wall Street Journal. A deal could be valued at around $700 million.



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