Take a look at some of the biggest movers in the premarket:
IHS Markit (INFO) – The financial information and analytics provider reported quarterly profit of 69 cents per share, 2 cents a share above estimates. Revenue was slightly short of forecasts as organic revenue fell 7%. The company said the quarter was "challenging" due to the pandemic but that it expects profit and earnings growth this year and next.
Spirit AeroSystems (SPR) – Spirit AeroSystems is asking its lenders for financial relief, as it deals with the fallout of the Covid-19 pandemic and the production halt for Boeing's (BA) grounded 737 Max jet. Spirit is Boeing's largest supplier.
Starbucks (SBUX) – Starbucks is debuting the "Impossible Breakfast Sandwich" in its stores today, along with two new cold coffee beverages. That could impact shares of Impossible Foods competitor Beyond Meat (BYND), although Starbucks also carries some of Beyond's offerings.
Salesforce.com (CRM) – The business software provider announced a collaboration with Germany's Siemens on a workplace safety software suite. The software will help in aiding social distancing in various aspects of workplace operations.
T-Mobile US (TMUS) – Softbank has kicked off the sale of $21 billion in T-Mobile shares. The Japanese firm is seeking to raise funds for a $41 billion debt reduction and stock buyback plan.
Intuit (INTU) – The maker of TurboTax and other financial software cut 715 jobs, and said it is revamping its technology and sales strategies. Impacted workers will receive a minimum of four weeks salary as well as two additional weeks for every year of service.
ViacomCBS (VIAC) – ViacomCBS will debut its new "SpongeBob" movie on digital platforms in early 2021, bypassing movie theaters. "The SpongeBob Movie: Sponge On The Run" will first be available via pay-per-view, and then move exclusively to the company's CBS All Access streaming service.
American Airlines (AAL) – American Airlines will increase the aggregate size of planned convertible and secondary stock offerings to $2 billion from $1.5 billion, according to a Bloomberg report.
AbbVie (ABBV) – AbbVie was upgraded to "overweight" from "neutral" at Atlantic Equities, which points to increased earnings visibility for the maker of Humira and other drugs following the completion of its Allergan acquisition.
BlackRock (BLK) – BlackRock CEO Larry Fink said the asset management firm was committed to increasing its Black workforce by 30% by 2024. BlackRock also plans to double the percentage of Black senior leaders from the current 3%.
Peloton (PTON) – Cowen called the fitness equipment maker its best "SMIDCAP" idea, even though shares are already up 75% this year. Cowen points to an increase in engagement and subscriptions, helped by the pandemic as well as marketing efforts.
Mastercard (MA), Visa (V) – Oppenheimer downgraded Mastercard to "perform" from "outperform," while maintaining Visa as "outperform" and raising the price target to $202 per share from $190 a share. Oppenheimer bases the changes on expectations that Visa will regain market share and sees purchase volume accelerating in the European market.
Micron Technology (MU) – The chip maker's stock was downgraded to "market perform" from "outperform" at BMO Capital Markets, which cites a balanced risk/reward profile amid decelerating fundamentals for the memory chip market.
Source: cnbc.com