Check out some of the biggest drivers in the front market:
Kansas City Southern (KSU) – The rail operator’s shares rose 18.9% in market trading, after Canadian National Railway (CNI) offered $ 325 per share in cash and stock to the company, and above to a previous offer of $ 275 per share from Canadian Pacific (CP). The Canadian National offer also includes $ 200 per share in cash, compared to $ 90 for the Canadian Pacific offer. Canadian National tumbled 6.3%, while Canadian Pacific jumped 4%.
AutoNation (AN) – The car retailer earned an adjusted $ 2.79 per share in the last quarter, well above the $ 1.87 consensus estimate, while revenue was also up. Sales of the same stores increased by 27% from a year earlier. The stock jumped 2.5% in the market’s pre-sales.
IBM (IBM) – IBM posted quarterly earnings of $ 1.77 per share, beating consensus estimates by 14 cents per share. The revenue also showed forecasts. Its quarterly sales growth was the best in more than two years, aided by a strong performance from its cloud computing unit. The stock gained 3.4% in the forex market.
Procter & Gamble (PG) – The consumer products company beat estimates by 7 cents per share, with a quarterly earnings of $ 1.26 per share. The estimate is also above the income. Some of the positive factors for P&G: persistent demand for cleaning products. P&G also announced that they will increase prices by medium to high single-digit percentages for a range of products in September.
Travelers (TRV) – Strong underwriting results and improved investment returns helped travelers beat estimates by 36 cents per share, with quarterly earnings of $ 2.73 per share. The company exceeded analysts’ expectations despite the winter storms that more than doubled the loss of casualties compared to a year ago. Travelers also increased its dividend and added $ 5 billion to its repurchase program. The stock rose 1.7% in pre-trading.
Lockheed Martin (LMT) – On top of that, the quarterly defense contractor’s results met Wall Street’s estimates, and the company increased its full annual forecast for a variety of financial metrics, including sales and cash from operations. However, the income was much less than the forecasts of analysts.
Johnson & Johnson (JNJ) – Johnson & Johnson has quarterly earnings of $ 2.59 per share, compared to a consensus estimate of $ 2.34 per share. Turnover also beats the forecasts, aided by a recovery in medical devices as well as strong pharmaceutical sales.
United Airlines (UAL) – United lost $ 7.50 per share for the first quarter, larger than the $ 7.08 loss analysts had expected. The airline’s revenue fell slightly below estimates for the quarter, amid higher fuel costs and the still-subdued demand due to the Covid-19 pandemic. United said it expects a return to profitability later this year. Shares fell 3.3% in pre-market action.
British American Tobacco (BTI), Altria (MO) – These and other tobacco stocks remain under pressure this morning, following a Wall Street Journal report that the White House could order tobacco companies to lower nicotine levels in all cigarettes. British American Tobacco lost 3% in the futures market, while Altria fell 2.3%.
Tesla (TSLA) – Tesla CEO Elon Musk said the company’s investigations indicated that the “Autopilot” function was not involved in a fatal crash in Texas over the weekend in which two people were killed. Police are still investigating, but say no one was behind the wheel when the car crashed into a tree. Tesla fell 1% in the forex market.
Zions Bancorp (ZION) – Zions has quarterly earnings of $ 1.90 per share, compared to consensus estimates of $ 1.16 per share. The income also estimated the above. The bank cites an improved credit environment and a significant reversal of the loan loss provision it has instituted at the heart of the pandemic.
Apple (AAPL) – Apple will hold a virtual event today in which it is expected to introduce new iPads, iMacs as well as ‘AirTags’ that allow users to detect devices they want to avoid misplacing.
Xerox (XRX) – Xerox fell 2.8% in pre-trade after missing estimates of 8 cents per share, with quarterly earnings of 22 cents per share. The revenue came above the forecasts. Xerox still saw the impact of offices closed due to the pandemic.