Take a look at some of the biggest movers in the premarket:
Pfizer (PFE) – Pfizer jumped 4% in the premarket after the drugmaker reported better-than-expected profit and revenue for the third quarter. Pfizer earned $1.34 per share, 25 cents a share above estimates. The company also issued an improved full-year forecast on strong demand for both its Covid-19 vaccine and non-Covid treatments.
Under Armour (UAA) – The athletic apparel maker's shares surged 9.2% in premarket trading after it more than doubled the 15 cents a share consensus estimate, with quarterly earnings of 31 cents per share. Under Armour also raised its full-year outlook, as consumers maintain a high interest in comfortable daily wear.
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Generac (GNRC) – Generac shares slid 5.5% in the premarket after beating bottom-line estimates but reporting lower-than-expected quarterly sales. Separately, the maker of home and commercial generators announced it is buying Canada-based smart thermostat maker Ecobee in a cash-and-stock deal that could be worth up to $770 million, depending on whether Ecobee reaches certain performance targets.
DuPont (DD) – DuPont fell 1.9% in premarket action after the chemical maker beat estimates but cut its full-year outlook citing decelerating orders from customers due to the worldwide chip shortage. DuPont came in 3 cents a share above estimates, with third-quarter profit of $1.15 per share. Separately, DuPont announced the acquisition of materials technology company Rogers Corp. (ROG) in a $5.2 billion deal, with Rogers soaring 27.3% following news of the deal.
Estee Lauder (EL) – The cosmetics maker's stock dropped 1.9% in the premarket, as it beat Street forecasts but cut its annual sales outlook due to inflation and supply chain disruptions. Estee Lauder earned $1.86 per share for the quarter, compared to a $1.70 share consensus estimate.
Avis Budget (CAR) – Avis Budget reported quarterly earnings of $10.74 per share, well above the $6.52 a share consensus estimate. Revenue also topped Wall Street forecasts. Heavy demand for rental cars and higher rental rates gave a significant boost to Avis Budget's results. The stock rallied 7% in premarket trading.
Simon Property (SPG) – Simon nearly doubled the $1.09 per share consensus estimate, with quarterly earnings of $2.07 per share. The mall operator's revenue also came in above analysts' projections. Simon saw improved occupancy rates for its shopping malls during the quarter as well as an increase in shopper traffic. Simon shares rallied 4.1% in premarket action.
Clorox (CLX) – Clorox beat estimates by 18 cents a share, with quarterly earnings of $1.21 per share. The household products maker posted better-than-expected revenue as well, and Clorox backed its prior full-year forecast. Its stock was up 2.2% in the premarket.
Chegg (CHGG) – Chegg shares tanked 31.5% in the premarket after the online education company reported lower-than-expected quarterly sales and merely matched Street estimates, with quarterly earnings of 20 cents per share. Chegg said enrollment did not bounce back as it had expected.
Nutrien (NTR) – Nutrien raised its full-year profit outlook, amid strong global demand and higher prices for the Canadian fertilizer maker's products.
McKesson (MCK) – The drug distributor earned $6.15 per share for its latest quarter, easily beating the consensus estimate of $4.66 a share. Revenue topping estimates as well, driven by strong delivery numbers for more expensive specialty drugs as well as its government contract to distribute Covid-19 vaccines. McKesson shares gained 3.4% in the premarket.