By Geoffrey Smith
Investing.com — Stocks in focus in premarket trade on Thursday, February 27th. Please refresh for updates.
9 AM ET: Continental Resources (NYSE:) stock fell 23% after the shale oil and gas driller forecast lower-than-expected free cash flow for the year, as low prices neutralize the benefits of tighter cost control.
The company also slashed its forecast for production growth this year to a range between 4% and 6%, less than half its medium-term target of 12.5%.
8:54 AM ET: Best Buy (NYSE:) stock fell 3.4%, caught up in the general market malaise despite reporting fourth-quarter earnings and revenue that were better than expectations.
Chief financial officer Matt Bilunas said that the company expects a hit of some degree from the Covid-19 virus but added that he expects it to be temporary.
“We view this as a relatively short-term disruption that does not impact our long-term strategy and initiatives,” Bilunas said in a statement.
8:49 AM ET: Gilead (NASDAQ:) stock was up 5.0% at its highest in five months after the pharma company announced the start of two phase-3 tests for its anti-retroviral drug Remdesivir.
Last month, Chinese scientists announced that Remdesivir had helped treat patients with the Covid-19 virus, something that appears to have sped its route to market. The drug is still to receive authorization from the Food and Drug Administration.
8:43 AM ET: Virgin Galactic (NYSE:) stock fell 17%, after losing 15.5% already on Tuesday, as market participants took a more sober view of its outlook in the context of the global rout.
The stock has now lost one-third of its value since peaking a week ago, but has still more than doubled since listing late last year.
8:37 AM ET: Etsy (NASDAQ:) stock rose 9.0% to its highest in over three months after the online marketplace for handicraft work reported a 35% increase in revenue in the fourth quarter and earnings per share that were over 50% above consensus forecasts at 25c.
Etsy also said it expects revenue to grow another 27%-30% this year.
The brewer of Budweiser and Michelob said net income dropped 75% to $114 million while revenue slid 1.3% to $13.33 billion, despite an increase in sales volumes. ABI also said it expected EBITDA to fall some 10% in the first quarter, after the Covid-19 virus hit its operations in China particularly hard.
- 8:28 AM ET: Anheuser Busch Inbev (BR:) (NYSE:) stock fell 8.5% to an eight-year low after the company reported disappointing earnings for the last three months of 2019.
The company said it expected weakness in its personal computing division, which covers Windows software and Xbox gaming consoles. That accounts for over one-third of group revenue.
Booking (NASDAQ:) stock fell 2.0% after the company warned of a “significant and negative impact” to earnings from the coronavirus, although its fourth-quarter results came in ahead of expectations.
The company said EBITDA in the first quarter would be around $575 million, some 20% below consensus forecasts.
- Microsoft (NASDAQ:) stock fell 4.1% after the software giant joined Apple (NASDAQ:) in saying that it would miss its first-quarter sales guidance.
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