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Check out some of the biggest movers in the premarket:
Adobe (ADBE) Adobe reported quarterly earnings of $3.03 per share, 21 cents per share above estimates. The software company’s revenue also exceeded Wall Street’s forecasts, and Adobe provided a stronger-than-expected outlook for the current quarter. The stock rose 3.1% in premarket trading.
Smith & Wesson (SWBI) Smith & Wesson reported better-than-expected earnings and sales for the last quarter, as the arms maker’s sales rose 67% from the same quarter a year earlier. The company notes that its shipments are up 70% compared to an overall industry growth of 42%. Shares rose 4.7% in premarket trading.
Orphazyme (ORPH) Orphazyme plunged 52.6% in pre-market after the Food and Drug Administration rejected its experimental treatment for a genetic condition known as Niemann-Pick type C disease. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it gained social media attention and fell 10.2% on Thursday after rising more than 61% on Wednesday.
Delta Air Lines (DAL) Shares rose 1.1% in the pre-market after a double upgrade at Wolfe Research from “underperform” to “outperform.” Wolfe said business travel will benefit from pent-up demand later this summer, although he doesn’t think it will return to pre-Covid levels.
Manchester United (MANU) Manchester United lost $30.2 million in the first three months of this year, largely due to the absence of fans from the games due to the coronavirus pandemic. All games of the team’s 2020-21 season were played without spectators.
ArcelorMittal (MT) ArcelorMittal sold its remaining 38.2 million shares of steelmaker Cleveland-Cliffs (CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in pre-market action, while Cleveland-Cliffs added 0.3%.
Carnival (CCL) The cruise line disclosed a data breach in March that may have exposed personal information of customers of the Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.
Fox Corp. (FOXA) Fox increased its share repurchase program by $2 billion to a total of $4 billion, driving its shares up 2.8% in the premarket.
Pilgrim’s Pride (PPC) Pilgrim’s Pride expanded its prepared foods and branded products business by acquiring Kerry Group’s meat and meal business. The poultry producer will pay the Ireland-based company about $947 million for that unit.
Hasbro (HAS), Mattel (MAT) The toy makers are on hold after a New York Post message warns of a possible shortage of toys for the upcoming holiday season. The paper said thousands of toys ready to ship are still being stored in China due to the lack of shipping containers available for export.
Biogen (BIIB) The drugmaker’s stock was upgraded from “overweight” to “neutral” at Piper Sandler, citing a number of factors, including the likelihood that doctors will prescribe Biogen’s newly approved Alzheimer’s drug Aduhelm. Biogen shares were up 1.7% in the premarket.
Citigroup (C) The bank’s stock remains on hold after declining for the past 11 consecutive trading days, losing 14% in that time.
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