Wall Street rebounded modestly from Monday’s decline, which was caused by nervousness about the spread of the delta variant of the coronavirus and weak manufacturing growth in the US.
Under Armor: +5.2%
Under Armor (UAA) – Shares in Get Report rallied after the sportswear company posted stronger-than-expected second-quarter earnings and raised its sales forecast for 2021. Revenue increased 91% to $1, 4 billion, surpassing analysts’ consensus estimate of $1.2 billion.
Shares in Alibaba (BABA) – Get Report tumbled after the Chinese e-commerce giant posted better-than-expected first-quarter earnings. Revenue rose 34% to 205.7 billion yuan ($31.8 billion), compared with analysts’ consensus forecast of 209.9 billion yuan.
Clorox (CLX) – Shares in Get Report tumbled after the domestic supplies icon missed Wall Street’s fourth-quarter earnings expectations. The company reported net income of $97 million, or 78 cents a share, compared with $310 million, or $2.41 a share, a year earlier. Adjusted earnings reached 95 cents per share, missing the FactSet consensus of $1.32.
Take-Two Interactive: -4.2%
Shares in Take-Two Interactive Software (TTWO) – Get Report tumbled after the video game publisher beat Wall Street’s first-quarter earnings expectations but offered disappointing guidance for the second quarter and said major titles will be delayed . Take-Two forecasts second-quarter revenue of $815 million to $865 million, down from analysts’ consensus estimate of $868 million.
Translate Bio: + 29%
Translate Bio (TBIO) – Get Report shares soared after French drugmaker Sanofi (SNY) – Get Report agreed to buy its messenger RNA development partner for $3.2 billion in cash. Sanofi said it would pay $38 for each of Translate Bio’s shares.
Eli Lilly (LLY): -1.7%
The drugmaker’s shares lost 1.7% in the pre-market, after falling 2 cents a share earlier than estimates, with quarterly earnings of $1.87 a share. Revenue beat forecasts, but Lilly’s overall results were impacted by weaker sales of Covid-19 therapies as more Americans were vaccinated.
Marriott (MAR): +1.8%
The hotel operator’s shares gained 1.8% in pre-market trading after reporting quarterly gains of 79 cents a share, compared with 45 cents per stock consensus estimate. Revenue more than doubled from a year earlier, thanks to a rebound in travel demand, though it was slightly below Wall Street forecasts.
Take-Two Interactive (TTWO): -4.3%
Take-Two lost 4.3% in pre-market trading after issuing a weaker-than-expected outlook and announcing delays in new releases for some of its games. The video game maker beat estimates by 12 cents a share, with quarterly earnings of $1.01 a share. Take-Two’s revenue also beat Wall Street’s predictions.
BP (BP): +6.3%
BP rose 6.3% in pre-market trading after reporting better-than-expected quarterly earnings and revenue thanks to higher oil and gas prices. The energy producer also announced a 4% dividend increase and a boost to its share buyback program.
Stellantis (STLA): +5.3%
Stellantis raised its full-year profit margin outlook after the automaker reported strong first-half financial results, boosted by record margins in North America. The optimistic results came despite the impact of the global chip shortage, which cut production by 700,000 vehicles. Shares rose 5.3% in the pre-market.
Micron Technology (MU): +1.9%
Micron instituted its first dividend, with the chipmaker planning to pay 10 cents a share in cash payable on October 18th. Micron also said it has updated its share buyback policy to buy more when prices are low and less when prices are high. Micron shares gained 1.9% in the pre-market.
Simon Property Group (SPG): +2.8%
Simon Property shares rose 2.8% in the pre-market after it said sales at its shopping centers returned to pre-pandemic levels in June. The largest US shopping center owner hopes the better results will encourage retailers to sign new lease agreements and help them fill vacant space during the pandemic.
SolarEdge Technologies (SEDG): +11.4%
SolarEdge reported better-than-expected earnings and revenues in its last quarter, with the solar company also providing an upbeat forecast for the current quarter. SolarEdge grew 11.4% in the pre-market.
Reynolds Consumer Products (REYN): -3.6%
Reynolds beat estimates by one cent a share, with quarterly earnings of 39 cents a share. Revenue fell short of Street’s forecasts, however. The maker of products such as Hefty and Reynolds Wrap garbage bags said he was pleased with the results given the supply chain problems of higher input costs. Reynolds lost 3.6% in pre-market stock.