Check out some of the biggest drivers in the front market:
Peloton (PTON) – Peloton calls a new Consumer Product Safety Commission advice ‘inaccurate and misleading’ and says the treadmills are safe if safety recommendations are followed. The CPSC said consumers with young children or pets should stop using the treadmills after the investigation into the death of a child revealed dozens of cases of injuries. The stock tumbled 6.7% in pre-trading.
Coca-Cola (CO) – Coca-Cola posted a quarterly earnings of 55 cents a share, beating estimates by 5 cents a share. Revenue also exceeded Wall Street forecasts and operating margins improved from a year earlier. The knock comes despite continued pressure in home sales due to the pandemic.
GameStop (GME) – George Sherman, CEO of GameStop, will retire on July 31 or earlier if a successor is found before then. The company said in a statement from a Securities and Exchange Commission that it had evaluated the executive leadership to make sure it was suitable for a changing business landscape. Separately, Keith Gill, the man known as ‘Roaring Kitty’, exercised options according to a Bloomberg report to buy another 50,000 shares of the video game retailer at a strike price of $ 12 per share. Gill now owns 200,000 GameStop shares. GameStop jumped 8.6% in pre-trading.
Harley-Davidson (HOG) – The motorcycle maker earned $ 1.68 per share for its last quarter, well above the 88 cents per share consensus estimate. The revenue was essentially in line with the forecasts. Harley also increased the full year-round direction for motorcycle revenue and profit margins, saying the steps it took to reform its business yielded positive results. Separately, Harley said it would appeal to a European Union ruling that could subject a major tariff increase to European sales. Shares gained 8.4% in action before the market.
Herman Miller (MLHR) – Shares of the office furniture maker tumbled 12% in market action after announcing a $ 1.8 billion deal with furniture and accessories company Knoll (KNL) and stock for sale. The deal is worth $ 25.06 a share, compared to Knoll’s closing price of $ 17.23 on Friday, and Knoll’s shares rose more than 28% in the futures market.
M&T Bank (MTB) – The bank earned $ 3.41 per share for its last quarter, compared to a consensus estimate of $ 3 per share. On top of that, the revenue met the estimates. Among other things, the bank noticed improvements in its residential mortgage and trust businesses, and the share rose 1.4% in pre-trading.
Coinbase (COIN) – Coinbase declined 2% in the forex market, with two notable transactions in which the stock was in the news. Cathie Wood’s ARK funds bought more shares on Friday, according to her firm’s daily trading summary, while government documents show that Coinbase CEO Brian Armstrong sold about $ 292 million in shares on Coinbase’s first trading day.
Church & Dwight (CHD) – Consumer product maker shares fell 1.9% after Morgan Stanley downgraded them to “underweight” from “equilibrium”, with rising commodity costs being a major factor driving profits let press.
Tribune Publishing (TPCO) – Swiss billionaire Hansjorg Wyss has dropped a bid on Tribune, according to The Wall Street Journal. This leaves Stewart Bainum, chairman of Choice Hotels, looking for a new partner in his bid for the newspaper publisher as he tries to offer the hedge fund Alden Capital to Tribune.
TESLA (TSLA) – Texas police officers investigating the fatal crash of a Tesla vehicle say they are almost certain no one was behind the wheel at the time. It is still uncertain whether the car’s “Autopilot” system was in operation when the accident occurred on Saturday. Tesla fell 1.9% in the futures market.
First Solar (FSLR) – The solar power business rose 3.1% in the pre-sale trade after being upgraded to buy ‘neutral’ from Citi. The firm points to ‘multiple positive catalysts’, including a possible extension of the federal solar credit for ten years.