Take a look at some of the biggest movers in the premarket:
Procter & Gamble (PG) – The consumer products giant earned $1.17 per share for its latest quarter, beating consensus estimates by 4 cents a share. Revenue came in below analysts’ projections. Organic sales were up 6% during the quarter thanks in large part to pandemic-related stockpiling, and the company maintained its prior forecast for organic sales. P&G cut its outlook for full-year revenue growth due to currency factors.
Gilead Sciences (GILD) – A report in a health care publication said Gilead’s experimental drug remdesivir was seeing clinical trial success in treating Covid-19 patients.
Schlumberger (SLB) – The oilfield services company beat estimates by a penny a share with quarterly profit of 25 cents per share. Revenue was below Street forecasts. Schlumberger slashed its quarterly dividend by 75% to 12 1/2 cents from 50 cents. Schlumberger took a one-time charge of $8.5 billion during the quarter related to impairments resulting from the coronavirus outbreak and the severe decline in oil prices.
Regions Financial (RF) – The bank reported quarterly earnings of 14 cents per share, missing the consensus estimate of 23 cents a share. Revenue also came in below forecasts. Regions increased its credit loss provision to $373 million from $96 million at the end of the prior quarter and said its capital and liquidity levels were strong as it deals with challenging conditions stemming from the coronavirus outbreak.
Moderna (MRNA) – The drugmaker will receive $483 million in government funding to help accelerate the development of its experimental coronavirus vaccine.
Boeing (BA) – Boeing will resume limited commercial jet production in the Seattle area on Monday, following a three-week shutdown. The jet maker had suspended all production in the region in response to virus concerns and travel restrictions.
Apple (AAPL) – Apple was downgraded to “sell” from “neutral” at Goldman Sachs, which points to the potentially significant effect of the coronavirus on demand for Apple’s iPhone.
Intuitive Surgical (ISRG) – The surgical device maker reported quarterly profit of $2.69 per share, beating consensus estimates by 15 cents a share. Revenue also topped expectations, driven by an 11% increase in the installed base of the company’s da Vinci surgical systems and an increase in procedures using da Vinci.
Uber Technologies (UBER) – Uber said results for the March quarter will take a roughly $2 billion hit, to write down the value of various minority equity investments that have been impacted by the coronavirus outbreak. The ride-hailing service also said a financial assistance program for drivers and delivery workers would cut up to $21 million off revenue for the first quarter and up to $80 million for the second quarter.
Southwest Airlines (LUV) – Southwest is asking its unions to consider potential concessions to aid in what’s expected to be a slow industry recovery, according to a Reuters report.
Facebook (FB) – Facebook canceled all large in-person events through June 2021, and said employees would be required to work from home through at least the end of May.
Lululemon (LULU) – Lululemon said Chief Financial Officer Patrick Guido will leave the company on May 8 to take a job in a different industry. Guido had joined the athletic apparel maker in 2018.
Cedar Fair (FUN) – The amusement park operator said it expects first-quarter revenue to fall by to $15 million from $25 million a year ago due to the virus outbreak, and that it has suspended up to $100 million in nonessential capital projects. Cedar Fair has also suspended the company’s quarterly distribution.