Stocks making the biggest moves premarket: Pfizer, Boeing, Chewy.com, Caterpillar & more

Finance

Check out the companies making headlines before the bell:

Pfizer, BioNTech – Pfizer Chairman and CEO Albert Bourla said the vaccine candidate under development by the two drug makers could be ready for an Emergency Use Authorization application by late November. Separately, Pfizer and BioNTech are scaling up manufacturing capability for their experimental coronavirus vaccine, according to BioNTech CEO Ugur Sahin. Both companies have said they will be able to deliver the doses they’ve already agreed to provide to governments around the world, but Sahin said there will be a “struggle” to provide it more widely. Pfizer shares added 2.9% in premarket trading as of 7:30 a.m. ET.

CIT Group, First Citizens BancShares – The two banking companies announced an all-stock merger which will see CIT stockholders receive 0.0620 shares of First Citizens for each share of CIT they now own. The combined entity will be the 19th largest U.S. bank as measured by assets.

VF Corp. – The maker of North Face and other apparel brands reported adjusted quarterly profit of 67 cents per share, beating the consensus estimate of 49 cents, with revenue also above forecasts. VF said its results were helped by a 44% increase in digital revenue and improvement in China. VF also announced a dividend increase of 1 cent to 49 cents per share. VF Corp shares added 2% in premarket trading as of 7:30 a.m. ET.

Bank of New York Mellon – The bank reported quarterly profit of 98 cents per share, 4 cents above estimates, with revenue also above Wall Street forecasts. Provisions for credit losses fell to $9 million in the third quarter from $143 million in the second quarter. Bank of New York Mellon shares added 1.8% in premarket trading as of 7:30 a.m. ET.

Schlumberger – The oilfield services company reported adjusted quarterly profit of 16 cents per share, 3 cents above estimate, but revenue came in below analyst projections. Results were impacted by reduced drilling and rig activity in North America, although profit margins improved from the prior quarter.

Hewlett Packard Enterprise – Hewlett Packard Enterprise raised its fiscal 2021 outlook, saying Covid-19 had prompted an acceleration in the need for remote work solutions and that this has provided a significant opportunity for the company. The shares rose 2.9% in premarket trading as of 7:30 a.m. ET.

Ford Motor – Ford reported a 25% year-over-year increase in China sales, the second straight quarterly increase after three years of decline.

Boeing – Boeing’s 737 Max jet is safe enough to return to service, according to Europe’s top aviation regulator. The European Union Aviation Safety Agency’s Executive Director, Patrick Ky, told Bloomberg in an interview that the agency expects to issue a draft airworthiness directive next month. Boeing shares rose 3.9% in premarket trading as of 7:30 a.m. ET.

T-Mobile US – Evercore resumed coverage on T-Mobile with an “outperform” rating and a $150 price target, calling it the only growth story in the U.S. wireless industry.

Blackstone – The Blackstone fund that holds science building owner BioMed Realty Trust sold it to another Blackstone fund for $14.6 billion. The original fund would have been eventually required to exit its holdings and return all money to investors, but those investors wanted to continue to own BioMed and the new fund can hold it indefinitely.

Albertsons – The supermarket operator won a bankruptcy auction for 27 Kings and Balducci’s grocery stores with a bid of $96.4 million. A bankruptcy court must still approve the sale.

Intuitive Surgical – Intuitive Surgical reported adjusted quarterly earnings of $2.77 per share, beating the consensus estimate of $2.07, with revenue also exceeding forecasts. The company said procedures performed using its da Vinci surgical robot system have staged a significant rebound, but that a resurgence of Covid-19 in some areas has had an adverse impact on procedure volumes.

Chewy.com – The online pet products seller was upgraded to “buy” from “hold” at Jefferies, which cited a positive view of pet industry dynamics including pet adoption by “digital fluent” millennial households. Chewy shares rose 4.96% in premarket trading as of 7:30 a.m. ET.

Caterpillar – Wells Fargo upgraded the heavy equipment maker to “overweight” from “equal weight”, in anticipation of a substantial earnings improvement beginning in 2021. Caterpillar added 1.6% in premarket trading as of 7:30 a.m. ET.

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