Take a look at some of the biggest movers in 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. Those people say an agreement between the two companies could be reached within weeks if the talks go smoothly. Constellation gained 2.2% in the premarket while Monster Beverage rallied 3.1%.
Arista Networks (ANET) – Arista Networks reported quarterly earnings of 82 cents per share, 9 cents a share above estimates. The networking software and services company’s revenue topped Wall Street forecasts as well. Arista also issued an upbeat forecast, helping its shares surge 10.1% in the premarket.
Restaurant Brands (QSR) – The restaurant operator beat estimates by 4 cents a share, with quarterly earnings of 74 cents per share. Revenue came in above estimates as well. Burger King’s comparable-store sales beat analysts’ forecasts, helping to offset misses at the Tim Hortons and Popeyes chains.
BorgWarner (BWA) – The automotive components maker reported quarterly profit of $1.06 per share, well above the 75 cents a share consensus estimate. Revenue also came in above forecasts. BorgWarner’s full-year earnings forecast is shy of analysts’ estimates, however, despite an expected improvement in organic sales. BorgWarner rose 1% in premarket trading.
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, 31 cents a share above estimates as occupancy rates increased amid a rise in vaccinations.
Zoetis (ZTS) – Zoetis was up 2% in premarket trading on better-than-expected quarterly results. Zoetis beat estimates by 4 cents a share, with quarterly earnings of $1.00 per share as improvement in its pet products business offset tepid results for livestock product sales.
Tower Semiconductor (TSEM) – Intel (INTC) announced a deal to buy the Israeli chipmaker for $53 per share, or $5.4 billion, a 60% premium over Tower’s Monday closing price. Tower makes chips for a wide variety of industries including medical, automotive and consumer products. Tower Semiconductor soared 44.6% in premarket action, while Intel added 1.6%.
Advance Auto Parts (AAP) – Advance Auto Parts beat estimates by 10 cents a share, with quarterly profit of $2.07 per share. The auto parts retailer’s revenue also beat analysts’ forecasts. Advance Auto’s sales were higher than a year before, but profit was lower as it dealt with inflationary headwinds. Shares fell 1% in premarket action.
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. The maker of the popular TurboTax software maintained its full-year forecast, however, suggesting the company believes revenue was simply be pushed to a later quarter. Intuit fell 1% in premarket trading.
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