Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange (NYSE) ahead of Virgin Galactic (SPCE) trading in New York, U.S., October 28, 2019.
Brendan McDermid | Reuters
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9:26 am: Here are Wednesday’s biggest analyst calls of the day
8:58 am: Blue Apron sinks 7%, explores “strategic alternatives” including a possible sale
Shares of the meal kit service slid more than 7% in Wednesday’s premarket trading after the company reported disappointing fourth quarter earnings and said that it was considering “strategic alternatives.” For the quarter Blue Apron lost $1.66 per share, which was larger than the $1.60 loss analysts polled by FactSet had been expecting. Revenue also missed estimates. As the company struggles – shares have shed more than 80% in the last year – the company said it was exploring options. “These alternatives could include, among other things, a strategic business combination, a capital raise through the public or private markets, a transaction that results in private ownership or sale of the company or its assets, or some combination of these,” a press release said. -Stevens
8:56 am: Garmin jumps 8% following earnings
Shares of Garmin gained more than 8% ahead of the market’s open following the company’s fourth quarter earnings results, which topped analyst expectations on the top and bottom line. The fitness device maker posted earnings of $1.29 per share, compared to the consensus of $1.05, according to estimates from FactSet. Revenue came in at $1.10 billion, ahead of the $1.01 billion expected. The company also gave upbeat guidance, and raised its dividend. -Stevens
8:53 am: Producer prices post biggest increase in more than a year
The producer price index jumped by 0.5% in January, the biggest one-month advance since October 2018, as costs in health care and hotel accommodation services climbed, the Labor Department said. Wednesday’s print easily beat a Reuters estimate of a 0.1% gain. Producer prices also gained 2.1% in the 12 months through January. —Imbert