Take a look at some of the biggest movers in the premarket:
Target (TGT) – The retailer joined the ranks of those withdrawing financial guidance, due to the uncertainty stemming from the coronavirus outbreak. Target said food and household goods sales are jumping, but profit may be squeezed by higher costs for staffing and cleaning stores.
Nike (NKE) – Nike reported quarterly profit of 78 cents per share, beating the consensus estimate of 59 cents a share. Revenue also exceeded forecasts, and the athletic footwear and apparel maker said business has rebounded in China following the coronavirus outbreak.
Facebook (FB) – Facebook said usage of its platforms has surged during the virus outbreak, but added that it is also seeing a weakening of its ad sales business.
Kraft Heinz (KHC) – The food producer was upgraded to “overweight” from “neutral” at JPMorgan Chase, which said that packaged food companies with higher levels of debt will benefit from the virus-related surge in business.
Occidental Petroleum (OXY) – Occidental Petroleum announced employee salary cuts of up to 30%, according to an internal memo seen by Reuters. CEO Vicki Hollub will take an 81% pay cut. The oil producer is trying to conserve cash during a period of tumbling oil prices.
Boeing (BA) – Boeing plans to restart 737 Max production by May, according to sources who spoke to CNBC. Several regulatory hurdles still remain, however, before the aircraft is ungrounded by the Federal Aviation Administration.
Peloton Interactive (PTON) – Peloton’s largest investor – Wellington Management – sold 4 million shares worth about $100 million during the past week as the fitness equipment maker’s stock jumped, according to regulatory filings. Wellington still holds 5.9 million shares.
Royal Caribbean (RCL) – Royal Caribbean extended the suspension of its cruises through May 12, as coronavirus cases around the world surge. The cruise line had previously suspended voyages through the end of April.
Whirlpool (WHR) – Whirlpool withdrew its 2020 guidance due to the coronavirus outbreak. The appliance maker is also cutting production in its US factories, due to supply chain disruptions.
Apple (AAPL) – Apple was upgraded to “buy” from “hold” at Deutsche Bank, which said the recent decline has changed its opinion that the stock was “too rich” from a risk-reward standpoint.
Hershey (HSY) – Hershey received a double upgrade at Piper Sandler to “overweight” from “underweight.” Piper points to valuation, and expects the chocolate maker to benefit from strong consumer demand and retail traffic.
TJX (TJX) – TJX was upgraded to “outperform” from “sector perform” at RBC Capital, based on the strength of the retailer’s balance sheet.
Winnebago (WGO) – The recreational vehicle maker reported quarterly earnings of 67 cents per share, matching estimates. Revenue beat Wall Street forecasts, however, and Winnebago said it is confident that the outdoor recreation industry will rebound in the future once the coronavirus outbreak is resolved.