Take a look at some of the biggest movers in the premarket:
Constellation Brands (STZ) – The maker of Corona and other beer and spirit brands reported quarterly earnings of $2.06 per share, beating the consensus estimate of $1.65 a share. Revenue also came in above forecasts. The company is not providing any full-year guidance due to the COVID-19 pandemic.
Walt Disney (DIS) – Disney is furloughing workers in all its U.S. divisions, as it deals with the impact of the coronavirus outbreak. It did not say exactly how many workers would be furloughed.
3M (MMM) – President Trump said he was invoking the Defense Production Act against 3M to force the company to produce face masks. 3M told The Wall Street Journal that demand exceeds its production capacity for masks, but did not directly respond to the president’s action.
Tesla (TSLA) – Tesla delivered 88,400 vehicles during the first quarter, up 40% from a year ago. Tesla did not say how the coronavirus outbreak might impact future sales, however.
Novartis (NVS), Incyte Pharmaceuticals (INCY) – The drugmakers will test their bone marrow cancer drug Jakavi as a possible treatment for COVID-19 patients. They are the latest drugmakers to attempt repurposing drugs already on the market for other diseases as possible treatments for COVID-19.
Raytheon Technologies (RTX) – The former United Technologies begins trading today under its new name, following the completion of the merger between United Technologies and Raytheon. Two companies spun out of United Technologies, Otis Worldwide (OTIS) and Carrier Global (CARR), begin trading today as separate public companies. Raytheon Technologies remains in the Dow Jones Industrial Average.
Lululemon (LULU) – B Riley FBR upgraded the athletic apparel maker to “buy” from “neutral,” saying the stock is now at an attractive entry point and added that athletic retailers will benefit as consumers continue to exercise at home.
Peloton (PTON) – Rosenblatt Securities initiated coverage on the fitness bicycle maker with a “buy” rating, pointing to what it considers an attractive business model and increased demand based on more people exercising at home as the COVID-19 pandemic continues.
Apple (AAPL) – Apple plans to keep its U.S. stores closed until early May, according to a Bloomberg report. Apple is also said to be remaining flexible about arranging for staff to work from home.
General Electric (GE) – GE has furloughed half of the workers in its GE Aviation unit, as the aviation industry deals with the severe impact of the coronavirus outbreak. CEO Larry Culp told CNBC’s Jim Cramer on Mad Money that the company has sufficient liquidity to handle the crisis.
Bed Bath & Beyond (BBBY) – The housewares retailer is postponing dividends until further notice, and has also extended store closures until at least May 2. It will also reduce salaries by 30% across its executive team.
Caesars Entertainment (CZR) – Caesars furloughed 90% of its U.S. workforce, with the casino industry essentially shut down. Caesars said it would operate at the “minimum workforce needed to maintain basic operations.”
Chewy (CHWY) – Chewy lost 15 cents per share for its latest quarter, 2 cents a share less than Wall Street had been expecting. Revenue also came in above forecasts. The pet products seller noted increased sales of pet staples like cat food in the wake of the virus outbreak and said it had implemented additional sanitizing measures at its facilities.
Dave & Buster’s (PLAY) – The restaurant chain is speaking with private-equity firms about taking a possible stake, according to a Reuters report. Dave & Buster’s has shut all its locations due to the coronavirus outbreak.
The stocks making the biggest moves in premarket trading include Disney, 3M, Tesla, Apple, Peloton, and more.