Take a look at some of the biggest movers in the premarket:
McDonald’s (MCD) – The restaurant chain reported quarterly profit of 66 cents per share, shy of the 74 cents a share consensus estimate. Revenue came in above Wall Street projections. Comparable-restaurant sales were down 23.9% globally, slightly wider than the 22.8% consensus estimate. U.S. comparable sales were better than expected, however, falling 8.7% compared to a consensus estimate of a 10.6% decline. McDonald’s also saw comparable sales improve sequentially through the three months of the quarter.
3M (MMM) – The maker of consumer, industrial and health-care products reported quarterly earnings of $1.78 per share, 2 cents a share below estimates. Revenue was also shy of forecasts. The company said results were significantly impacted by the Covid-19 pandemic.
Raytheon Technologies (RTN) – The defense contractor earned a second-quarter profit of 40 cents per share, well above the 12 cents a share consensus estimate. Revenue also beat analysts’ projections. Raytheon said its performance was impacted by challenges in commercial aerospace.
Pfizer (PFE) – The drugmaker beat estimates by 12 cents a share, with quarterly earnings of 78 cents per share. Revenue also beat estimates. Separately, Pfizer and partner BioNTech (BNTX) launched a late state study of their COVID-19 vaccine candidate. If the study is successful, the vaccine could be submitted for Food and Drug Administration approval as early as October.
Polaris (PII) – The recreational vehicle maker reported quarterly earnings of $1.30 per share, more than double the consensus estimate of 63 cents a share. Revenue also came in above forecasts, propelled by a 57% increase in North American retail sales.
DR Horton (DHI) – The home builder saw quarterly profit come in 42 cents a share above estimates at $1.72 per share. Revenue also came in above Wall Street forecasts, helped by what it called “increased buyer urgency” due to low mortgage rates and limited supply.
Harley-Davidson (HOG) – The motorcycle maker posted an unexpected loss of 60 cents per share, compared to expectations of a 4 cents per share profit. Revenue was well below analysts’ forecasts as well as the pandemic hurt sales.
LabCorp (LH) – The medical lab operator earned $2.57 per share for its latest quarter, well above the $1.00 a share consensus estimate. Revenue was also above forecasts, amid a surge in Covid-19 test volume. LabCorp is continuing to withhold any 2020 guidance due to uncertainties surrounding the pandemic.
Sherwin-Williams (SHW) – The paint and coatings maker earned $7.10 per share for its second quarter, above the consensus estimate of $5.85 a share. Revenue was slightly above forecasts. While some of the company’s markets were impacted by the pandemic, it did see an increase in do-it-yourself-related paint sales as consumers stayed at home due to Covid-19.
Intel (INTC) – Intel said Murthy Renduchintala, its chief engineering officer, was leaving the chipmaker, just a few days after Intel announced delays in its next-generation 7-nanometer chip. He’ll depart the company on Aug. 3, after having joined Intel in 2015 from rival chipmaker Qualcomm (QCOM).
Quest Diagnostics (DGX) – Quest said Covid-19 testing volume had surged, impacting test turnaround times. The medical lab operator said average result times are now two days for top priority patients and seven days for all others, adding that suppliers are doing all they can to provide sufficient quantities of chemical reagents and testing platforms.
Bausch Health (BHC) – In a Securities and Exchange Commission filing, Glenview Capital Management disclosed a 5.9% stake in the health products maker, and said it intended to put forth proposals regarding Bausch’s operations and strategy.
Tesla (TSLA) – Tesla was downgraded to “underperform” from “market perform” at Bernstein in a valuation call. The firm’s price target for the automaker’s stock remains at $900 per share, compared to yesterday’s close of $1,539.60.
Garmin (GRMN) – Garmin said its systems should be restored within the next few days, following a cyberattack that took those systems down last week. It was widely reported that the fitness and GPS device maker was the victim of a ransomware attack, but Garmin did not acknowledge a demand for or a payment of ransom.