Take a look at some of the biggest movers in the premarket:
Casper Sleep (CSPR) – The retailer of mattresses and other sleep products lost $1.23 per share for its latest quarter, compared to a consensus estimate of an 84 cents per share loss. Revenue, however, beat Street forecasts, and its online platforms saw an increase in business as retail locations closed. Casper said the Covid-19 pandemic is having an impact on its revenue, and that it is furloughing some employees to save costs and cutting back on planned new store openings.
Ingersoll-Rand (IR) – The industrial equipment maker earned 25 cents per share for the first quarter, 3 cents a share shy of estimates. Revenue beat forecasts. The acquisition of Ingersoll-Rand by Gardner Denver was completed on Feb. 29, with Gardner Denver assuming the Ingersoll-Rand name.
Stanley Black & Decker (SWK) – The tool maker’s stock was downgraded to “neutral “from “buy” at Bank of America Securities, which noted that the company’s focus on cost savings in the face of Covid-19 could come at the expense of needed innovation.
Tesla (TSLA) – Tesla has resumed production at its California plant in defiance of local authorities. CEO Elon Musk tweeted about the restart, and asked that he be the only one arrested if officials decide to go that route.
Novavax (NVAX) – Novavax lost 58 cents per share, less than the 70 cents a share loss analysts were expecting. The biotech company’s revenue topped estimates. Novavax also announced that the nonprofit Coalition for Epidemic Preparedness will provide $384 million new funding for clinical trials of the company’s experimental coronavirus vaccine.
Eventbrite (EB) – Eventbrite lost $1.71 per share for its first quarter, much wider than the 24 cents a share loss expected by Wall Street. The event management company’s revenue was also well short of forecasts. Eventbrite said ticket sales trends have shown improvement from the mid-March low point, however.
Eldorado (ERI), Caesars Entertainment (CZR) – The casino operators both saw double-digit declines in revenue for the first quarter, as the Covid-19 pandemic took hold. Caesars’ revenue was down 14%, while Eldorado saw a nearly 26% decline. Eldorado announced a deal last year to buy Caesars for about $8.6 billion in cash and stock.
Simon Property (SPG) – The largest U.S. mall operator will open about half its properties within the next week, after closing them all in March due to the coronavirus outbreak. That news came as Simon released its latest quarterly numbers, showing a 20% drop in net income for the first quarter.
United Airlines (UAL) – The airline named Brett Hart as president, effective May 20. He will replace Scott Kirby, who is due to take over as CEO for Oscar Munoz next week.
Datadog (DDOG) – Datadog earned 6 cents per share for its latest quarter, compared to forecasts of a 2 cents per share loss. Revenue beat estimates. Datadog, a provider of monitoring and analytics platforms for IT departments and software developers, also raised its full-year forecast.
PNC Financial (PNC) – PNC will sell its 22% stake in asset management giant BlackRock (BLK). PNC CEO William Demchak said the time was right to “unlock the value of our investment.”
Logitech (LOGI) – Logitech reported a more than 23% rise in operating income for its latest quarter and a nearly 14% jump in sales, as the computer peripherals maker benefits from the increase in home-based work.
Toyota Motor (TM) – Toyota said it expected an 80% drop in profit for the current fiscal year to the lowest level in nine years. Automakers continue to face weak demand due to the coronavirus outbreak.
Tencent Music (TME) – Tencent Music posted better-than-expected profit for its latest quarter, although the China-based social entertainment company’s revenue came in short of analysts’ forecasts. Monthly average revenue per subscriber was down 13% during the quarter, although the number of paying users jumped 18.5%.
Hyatt Hotels (H) – Hyatt will lay off 1,300 workers globally as the Covid-19 pandemic saps travel demand. Hyatt is also cutting salaries for workers, board members, and senior management.
Hertz (HTZ) – Hertz raised doubts about its ability to continue as a going concern, as it tries to cut costs and avoid defaulting on its debts. The car rental giant’s CEO Kathryn Marinello said the company was doing everything it can to preserve liquidity.
Virgin Galactic (SPCE) – Richard Branson’s Virgin Holdings will sell as much as 12% of its Virgin Galactic space exploration unit, in an effort to boost the financial health of Virgin Group’s travel and tourism businesses.