Stocks making the biggest moves in the premarket: Hasbro, Moderna, Albertsons, Biogen & more

Market Insider

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

Hasbro (HAS) – The toymaker reported quarterly earnings of 2 cents per share, short of the 23 cents a share consensus estimate. Revenue also came in well short of forecasts, hurt by store closures and product shortages despite strong consumer demand. The company added that it sees an improved environment for the current quarter.

Albertsons (ACI) – The supermarket operator earned $1.35 per share for its fiscal first quarter, 5 cents a share above estimates. Revenue was in line with Wall Street forecasts, helped by a 26.5% jump in comparable-store and digital sales.

Avery Dennison (AVY) – The maker of labels and industrial bonding solutions reported adjusted quarterly profit of $1.27 per share, 14 cents above estimates, with revenue slightly ahead of forecasts as well. Avery Dennison does expect 2020 sales and earnings to decline, though it sees the most recent quarter as the trough.

Moderna (MRNA) – Moderna said it had received an additional $472 million in government assistance for development of its Covid-19 vaccine candidate, and that a phase 3 study has now begun.

Biogen (BIIB) – The drugmaker’s stock was double-upgraded to “overweight” from “underweight” at Morgan Stanley, based in large part on prospects for the success of Biogen’s Alzheimer’s drug aducanumab.

Johnson & Johnson (JNJ) – Johnson & Johnson said proposed IRS regulations involving its opioid settlement might materially impact its results. The company said those regulations could limit the tax-deductibility of settlement payments.

Kontoor Brands (KTB) – Goldman Sachs issued a double upgrade of the apparel maker’s stock to “buy” from “sell,” saying all its anticipated negative catalysts for the maker of Lee and Wrangler jeans had now come to pass and been priced into the stock. These included negative earnings estimate revisions and a dividend cut.

Intel (INTC) – Intel placed orders for 6-nanometer chips with Taiwan Semiconductor (TSM), according to a report in the China Times. The publication said the two chipmakers will start collaborating in the second half of this year. Intel shares had fallen sharply Friday after the company announced a delay in its 7-nanometer chip.

SAP (SAP) – SAP will spinoff Qualtrics through an initial public offering, less than two years after it bought the U.S.-based company for $8 billion. The German business software giant had been criticized by investors for overpaying for Qualtrics, which specializes in measuring online consumer sentiment.

Garmin (GRMN) – Garmin is experiencing a global outage of its systems, according to a note on its website. Garmin did not elaborate further, but multiple reports say the fitness and GPS device maker is the victim of a ransomware attack. The company is reportedly being asked to pay $10 million to free its systems.

Boeing (BA) – Boeing plans to delay the introduction of its new 777X jet by up to a year, according to sources who spoke to CNBC. The delay is due to the drop in jet demand stemming from the Covid-19 pandemic, and the sources say an official announcement could come this week.

AstraZeneca (AZN) – AstraZeneca will pay up to $6 billion to Japanese drugmaker Daiichi Sankyo, in the second multibillion cancer drug collaboration in a year between the two companies.

General Mills (GIS) – The food maker is boosting the ranks of manufacturing partners to meet a surge in packaged food demand. Chief supply chain and global business solutions officer John Church told Dow Jones the increase in the number of manufacturing partners could rise as high as 20%.

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