Stocks making the biggest moves in the premarket: Coca-Cola, Big Lots, Gap, Workday & more

Stock Market

Take a look at some of the biggest movers in the premarket:

Coca-Cola (KO) – The beverage giant announced a reorganization which will see the current 17-unit business structure changed to nine business units. The realignment will result in an undetermined number of both involuntary and voluntary job cuts, with Coca-Cola planning to offer voluntary buyouts to 4,000 workers.

Big Lots (BIG) – The discount retailer beat estimates by 5 cents a share, with quarterly earnings of $2.75 per share. Revenue topped estimates as well. Comparable-store sales were up 31.3%, beating the consensus FactSet estimate of a 28.1% rise. Additionally, Big Lots announced a $500 million stock buyback program.

Hibbett Sports (HIBB) – The retailer of athletic fashion apparel reported quarterly earnings of $2.95 per share, blowing past the consensus estimate of $1.15 a share. Revenue was also well above forecasts, with comparable-store sales up more than 79% and e-commerce sales more than tripling during the quarter.

Gap (GPS) – Gap reported a quarterly loss of 17 cents per share, smaller than the 41 cents a share loss that Wall Street had anticipated. The apparel retailer’s revenue also beat estimates, as it benefited from the pandemic-related shift to casual clothing and also sold $130 million in masks.

HP Inc. (HPQ) – HP beat estimates by 6 cents a share, with quarterly profit of 49 cents per share. The computer and printer maker’s revenue was also above estimates. HP’s results got a boost from a surge in demand for laptops, as more people were forced to work at home due to the pandemic.

Workday (WDAY) – Workday earned 84 cents per share for its latest quarter, beating the 66 cents a share consensus estimate. The maker of cloud-based human resources and finance software’s revenue came in above analysts’ forecasts. Workday also increased its revenue forecast, and named co-president Chano Fernandez as a new co-CEO working alongside current CEO Aneel Bhusri.

Dell Technologies (DELL) – Dell reported quarterly profit of $1.92 per share, 52 cents a share above estimates, with the computer and data center company also reporting better-than-expected revenue. Remote working helped boost demand for Dell’s notebooks and software products.

Ulta Beauty (ULTA) – Ulta reported better-than-expected profit for its latest quarter, despite revenue that came in very slightly below Street forecasts. The cosmetics retailer saw sales rebound through the quarter as stores reopened, and e-commerce sales more than tripled from a year earlier.

Abbott Laboratories (ABT) – Abbott remains on watch, following a jump Thursday on news of the Food and Drug Administration’s emergency approval of its new rapid test for Covid-19. That news also hit the shares of competitors hard, with Quidel (QDEL), Hologic (HOLX), Beckton Dickinson (BDX) and Thermo Fisher (TMO) all falling in Thursday trading.

Okta (OKTA) – Okta reported quarterly profit of 7 cents per share, compared with forecasts of a loss of 2 cents per share. The maker of identity management software’s revenue came in better than expected, and also raised its revenue forecast. The company said, however, that it would be “prudent” to expect some near term economic uncertainty due to the business impact of Covid-19.

Kellogg (K) – Citi initiated coverage of the cereal maker’s stock with a “buy” rating, noting an expected improvement in market share and the lagging performance of its stock so far this year.

DraftKings (DKNG), Penn National Gaming (PENN) – Morgan Stanley downgraded both gaming stocks to “equal weight” from “overweight.” The firm thinks much of the increased value in both stocks is valid, but adds that both have more than doubled in 2020 and that investor expectations may be too high.

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