Take a look at some of the biggest movers in the premarket:
Halliburton (HAL) – The oilfield services company reported quarterly profit of 31 cents per share, 7 cents a share above estimates. Revenue also beat Wall Street forecasts. Halliburton warned North American activity will sharply decline during the current quarter, due to oversupply and a massive drop in oil demand.
M&T Bank (MTB) – The bank earned $1.95 per share for its latest quarter, well below the consensus estimate of $2.47 a share. M&T increased its provision for credit losses to $250 million from $22 million a year ago, and $54 million at the end of the prior quarter. The company said the impact of Covid-19 on its operations could be material.
Walt Disney (DIS) – Disney is suspending pay for more than 100,000 employees, according to a report in the Financial Times. The move would save the entertainment giant up to $500 million per month. Separately, UBS downgraded Disney to “neutral” from “buy,” saying the pandemic is hitting every Disney business, most especially the theme parks.
PepsiCo (PEP) – The beverage and snack company’s purchase of Rockstar Energy Beverages has won Federal Trade Commission approval, according to the New York Post. The nearly $3.9 billion deal was announced on March 11 and should close in the next few days.
Walmart (WMT) – Walmart sales jumped nearly 20% in March, according to documents reviewed by The Wall Street Journal, as consumers stockpiled household essentials amid the virus outbreak. The retail giant is also now requiring its workers to wear masks.
DuPont (DD) – The chemical company said it expected first-quarter profit of 82 cents to 84 cents per share, compared to a consensus estimate of 68 cents a share. DuPont is suspending full-year guidance due to uncertainty about the impact of the coronavirus outbreak and said it has suspended operations at several manufacturing facilities that serve the auto industry.
Shake Shack (SHAK) – Shake Shack returned a $10 million loan it had received from the U.S. government after the restaurant chain was able to raise additional capital on its own.
Novartis (NVS) – Novartis won Food and Drug Administration approval to conduct a trial using its malaria drug hydroxychloroquine to treat Covid-19. The Swiss drugmaker said trials will begin within a few weeks and that it will report the results as soon as possible.
Philips (PHG) – Philips pulled its 2020 outlook as the coronavirus outbreak takes an increasing toll on the Dutch health technology company’s bottom line. Demand for the company’s ventilators has increased worldwide, but Philips is also seeing a significant decline in demand for its personal health products.
Wynn Resorts (WYNN) – Chief Executive Officer Matt Maddox is calling for a mid-to-late May reopening of the Las Vegas Strip, with extensive safety measures in place. Maddox’s call came in an opinion column published on the Nevada Independent news website.
Norwegian Cruise Line (NCLH) – Norwegian has hired Goldman Sachs to explore various financing alternatives including a possible stake sale, according to The Wall Street Journal. Norwegian is attempting to navigate the financial difficulties caused by the virus-induced industrywide shutdown.
Macy’s (M) – Macy’s is exploring a rescue financing package to boost its liquidity, according to a Bloomberg report. The retailer would reportedly sell bonds back by assets including some of its real estate.