Take a look at some of the biggest movers in the premarket:
Dick’s Sporting Goods (DKS) – The sporting goods retailer lost $1.71 per share for the first quarter, wider than the 57 cents a share loss expected by Wall Street. Revenue and comparable-store sales also missed estimates, amid Covid-19-related store closures. Dick’s e-commerce sales surged 110% during the quarter, and the retailer added that the current quarter has gotten off to a strong start.
Lululemon (LULU) – Wells Fargo Securities downgraded the athletic apparel retailer to “equal weight” from “overweight,” saying the stock’s risk/reward profile is now balanced after a 125% runup since mid-March.
Lands’ End (LE) – In a preliminary report, the apparel retailer said it lost 64 cents per share for its first quarter, wider than the 56 cents a share loss that analysts had anticipated. Revenue was slightly below forecasts. Lands’ End said its company-operated stores had seen comparable-store sales growth of 14.2% in February, before its stores closed in mid-March due to the coronavirus outbreak.
Starbucks (SBUX) – Starbucks is asking workers to choose between more limited hours, or taking unpaid leave until at least September. The coffee chain does not expect a rebound in sales until then at the earliest.
Southwest Airlines (LUV) – Southwest is offering workers buyout packages and temporary paid leaves, in what CEO Gary Kelly said is an effort to ensure the airline’s survival. Southwest has never laid off or furloughed employees in its 49-year history.
Apple (AAPL) – Apple is cutting iPhone prices in China, as it seeks to extend the momentum it has enjoyed as the Chinese economy gradually reopens following virus-related lockdowns and closures. CNBC.com reports that although Apple’s own official Chinese website does not reflect price reductions, double-digit discounts can be seen on various reseller sites like Tmall.
Slack (WORK) – Slack was rated “outperform” in new coverage at Cowen, which said the shift to remote work has given the workplace messaging platform a “major booster shot” that is underappreciated.
Stitch Fix (SFIX) – Stitch Fix will cut 1,400 jobs in California and move some operations to a handful of lower-cost locations. The online clothing stylist said the move was related to the cost of doing business and California and not to the Covid-19 pandemic. The company also said it would offer new roles to all those affected by the move.
LabCorp (LH), Quest Diagnostics (DGX) – The medical lab operators were both rated “buy” in resumed coverage at Deutsche Bank. The firm notes a faster-than-expected rebound in routine testing, as well as a Covid-19 testing addressable market that it feels is currently underappreciated.
Visa (V) – Visa said U.S. payment volumes fell by 5% in May, slower than the 18% decline registered in April and a possible indication that consumer spending is recovering as coronavirus-related lockdowns are eased.
S.L. Green Realty (SLG) – The New York City-based commercial landlord said it had collected 89.1% of its April rent, amid challenges presented by the pandemic, with May collections on a similar trajectory. April figures show a 63.3% collection rate for retail tenants, 95.1% for renters of office space.
CORRECTION: This article has been updated to show that Dick’s Sporting Goods lost $1.71 per share for the first quarter, wider than the 57 cents a share loss expected by Wall Street.