Biogen, Novavax, Netflix, Verizon & more
A customer enters a Verizon store in San Francisco, California, U.S., on Tuesday, July 20, 2021.
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Check out the companies making headlines before the bell:
Anthem (ANTM) — The health insurer reported adjusted quarterly profit of $6.79 per share, beating the $6.37 per share consensus estimate from Refinitiv, with revenue also topping forecasts. Anthem also raised its full-year outlook amid higher premiums for its Medicare and Medicaid businesses.
Biogen (BIIB) — The drug maker’s stock rose 2.2% in the premarket after the company beat estimates on the top and bottom lines and raised its full year forecast. Biogen earned an adjusted $4.77 per share for the quarter, compared with a consensus estimate of $4.11 per share. The company is still optimistic about prospects for its Alzheimer’s drug Aduhelm, despite slower than expected adoption.
Novavax (NVAX) — The drug maker’s shares tumbled 26.1% in the premarket following a Politico report saying it was having trouble meeting Food and Drug Administration quality standards for its Covid-19 vaccine.
Winnebago (WGO) — The recreational vehicle maker beat estimates by 56 cents with adjusted quarterly earnings of $2.57 per share, while revenue exceeded estimates as well. Results were helped by strong consumer demand, which allowed the company to raise prices amid higher input costs. Winnebago added 2.4% in premarket trading.
Verizon (VZ) — Verizon beat estimates by 5 cents with an adjusted quarterly profit of $1.41 per share, though revenue was slightly below Street forecasts. Verizon also increased its full-year guidance, as growing 5G adoption boosts sales. Verizon rose 1% in the premarket.
Netflix (NFLX) — Netflix reported quarterly earnings of $3.19 per share, beating the Refinitiv consensus estimate of $2.56 per share, with revenue in line with forecasts. Netflix added 4.4 million new subscribers during the quarter, exceeding expectations, but it did forecast current quarter earnings below consensus. Netflix fell 2.2% in premarket action.
United Airlines (UAL) — United lost an adjusted $1.02 per share for the third quarter, smaller than the loss of $1.67 per share that Wall Street had anticipated. United said the spread of the Covid delta variant has slowed, but not derailed, its recovery. United shares were up 1.6% in the premarket.
Canadian National Railway (CNI) — The railroad’s CEO Jean-Jacques Ruest will retire at the end of January. Investors had been calling for his exit after the company’s failed bid for Kansas City Southern (KSU). The stock rallied 3.3% in the premarket.
Brinker International (EAT) — Brinker said its profit margins have been dented by higher labor and commodities costs. The parent of Chili’s and other restaurant chains said the surge in the Covid delta variant exacerbated those issues. Brinker tumbled 13.7% in premarket trading.
WD-40 (WDFC) — WD-40 shares slumped 11% in the premarket after the lubricant maker reported a lower-than-expected profit and revenue for its latest quarter. CEO Garry Ridge said the pandemic had created abnormal swings in the company’s sales results.
Tegna (TGNA) — Tegna gained 1.2% in premarket trading following a Bloomberg report that media mogul Byron Allen has received additional backing for his $23 per share offer for the TV broadcasting company.