Monster Beverage, Constellation Brands, Arista Networks and more
Here are some top movers of the premarket.
Monster Beverage (MNST), Constellation Brands (STZ) – Merger talks between Monster Beverage and Constellation Brands are progressing, according to people familiar with the matter who spoke to Bloomberg. If the negotiations go well, the people said that the companies could reach an agreement within weeks. Constellation gained 2.2%, Monster Beverage rose 3.1% in the premarket.
Arista Networks (ANET) – Arista Networks reported quarterly earnings of 82 cents per share, 9 cents a share above estimates. Wall Street estimates were also exceeded by the networking services and software company. Arista’s forecast was also positive, which helped its stock surge 10.1% in premarket.
Restaurant Brands (QSR) – The restaurant operator beat estimates by 4 cents a shareEarnings for the quarter were 74 cents per share. The revenue came in well above the estimates. Analysts’ predictions were exceeded by Burger King’s comparable store sales, which helped to offset the misses at Popeyes and Tim Hortons.
BorgWarner (BWA) – The automotive components maker reported quarterly profit of $1.06 per share, well above the 75 cents a share consensus estimate. Also, revenue came in ahead of expectations. However, BorgWarner’s earnings for the full year are below analysts’ expectations despite expected growth in organic sales. Premarket trading saw BorgWarner rise 1%.
Marriott (MAR) – Marriott shares jumped 3% in the premarket after the hotel operator beat top- and bottom-line forecasts for its latest quarter. Marriott earned $1.30 per Share, 31cs higher than estimates due to an increase in occupancy rates and rising vaccinations.
Zoetis (ZTS) – Zoetis was up 2% in premarket trading on better-than-expected quarterly results. Zoetis beat expectations by 4 Cents per share. Quarterly earnings were $1.00 per share. This was due to an improvement in Zoetis’ pet products business and tepid sales of livestock products.
Tower Semiconductor (TSEM) – Intel(INTC) has announced that it will buy Israeli chipmaker Tower for $53 per shares, $5.4 billion. That’s a 60% increase over Tower’s Monday closing prices. Tower manufactures chips for many industries, including consumer goods and automotive. Premarket activity saw Tower Semiconductor rise 44.6%, and Intel rose 1.6%
Advance Auto Parts (AAP) – Advance Auto Parts beat estimates by 10 cents a share, with quarterly profit of $2.07 per share. Analysts were also surprised by the auto parts retailer’s revenues. Advance Auto saw its sales rise by 1% over the previous year, however it lost more profit due to inflationary headwinds. Premarket activity saw shares fall 1%.
Avis Budget (CAR) – The company reported better-than-expected profit and revenue for its latest quarter, as increases in rental activity and in revenue per day helped offset higher expenses.
Intuit (INTU) – Intuit lowered its current-quarter forecast as tax season gets off to a slow start. TurboTax, which is the software company behind TurboTax, has maintained its full-year outlook. This suggests that revenue may have simply been moved to a later period. Premarket trading saw Intuit fall 1%.