Premarket Winners and Losers
The main US markets rose as February’s CPI data alleviated fears about a comeback of inflation.
Top Gainers
Oracle (NYSE:ORCL) shares jumped over 11% after reporting higher-than-expected quarterly profitability due to increasing demand for its AI solutions.
3M (MMM) shares increased 4% after the company selected William Brown as its new CEO.
IBM (NYSE:IBM) gained 3.7% after BofA Securities confirmed its ‘buy’ rating on the company.
Boeing (NYSE:BA) shares fell 3.3% after Chilean authorities announced they had opened an inquiry into a Latam aircraft of a Boeing 787 Dreamliner that experienced “strong movement” while flying from Sydney to Auckland.
Carvana (CVNA) shares rose as analysts upgraded the used vehicle company to “Hold.”
Top losers
Acadia Pharmaceuticals (ACAD) fell 16% after the company canceled plans to perform additional studies of its pimavanserin medication after a Phase 3 research failed to fulfill its primary goal.
Southwest Airlines (NYSE:LUV) shares fell 14% after the airline announced a net loss for the first quarter owing to slower-than-expected aircraft deliveries from Boeing.
On Holding (ONON) fell 14% after the footwear and sports apparel firm reported lower-than-expected fourth-quarter net sales.
American Airlines (NASDAQ:AAL) fell 4% after informing investors that it expects EPS to be around the low end of its forecast range in the first quarter.
Stocks in focus
Delta Air Lines (DAL) shares fell 1% in pre-market trade despite the top U.S. carrier maintaining its current quarter and yearly expectations. In a regulatory filing, Delta (DAL) stated it expects Q1 2024 adjusted profits per share of 25 cents to 50 cents on overall Y/Y revenue growth of 3% to 6% as Americans go abroad and the dollar strengthens. Southwest Airlines (LUV) fell more than 8% after revising its financial projections owing to reduced Boeing aircraft deliveries, putting Delta (DAL) shares under pressure.
Before the bell, ADM (NYSE:ADM) shares rose almost 3%. The food processing and agriculture major said an internal examination into material flaws in its nutrition segment led to adjustments but did not affect its consolidated results. After the probe was revealed in January, ADM placed finance head Vikram Luthar on administrative leave. Last week, Reuters reported that FBI investigators had sent grand jury subpoenas to current and former ADM workers.
On (ON) Class A shares fell more than 14% before market open as the Swiss footwear maker’s Q4 2023 net loss worsened Y/Y and sales below expectations. As we extend our footprint in the worldwide luxury sportswear sector, we’re focusing on clothing awareness. Recent success, new and updated goods, and our retail store rollout should help us grow this category in the next years “On (ONON) executive co-chairman David Allemann said.
3M (MMM) rose over 7% pre-market. The industrial conglomerate’s appointment of former L3Harris Technologies (LHX) CEO William Brown as its new CEO, starting May 1, appeared to please investors. Brown will succeed Michael Roman as 3M’s (MMM) executive chairman. Brown was Harris Corp’s CEO before its 2019 merger with L3 Technologies. After becoming CEO of the merged firm, he was executive chair from June 2019 until June 2022. Roman was 3M’s (MMM) CEO since July 2018.
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3M (MMM) rose over 7% pre-market. The industrial conglomerate’s appointment of former L3Harris Technologies (LHX) CEO William Brown as its new CEO, starting May 1, appeared to please investors. Brown will succeed Michael Roman as 3M’s (MMM) executive chairman. Brown was Harris Corp’s CEO before its 2019 merger with L3 Technologies. After becoming CEO of the merged firm, he was executive chair from June 2019 until June 2022. Roman was 3M’s (MMM) CEO since July 2018.
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