By Geoffrey Smith
- Stocks in focus in premarket trade on Thursday, May 7th. Please refresh for updates.
- Peloton (NASDAQ:PTON) stock leaped 18.7% after maker of fitness bikes reduced its net loss to 2 cents a share in the first quarter as the pandemic and related lockdown measures drove a boom in working out from home.
- Fox Class B (NASDAQ:FOX) stock rose 4.6% after the broadcaster announced better-than-expected earnings for the first quarter, helped by a bump in revenue from the Super Bowl.
- Net earnings fell from a year ago but adjusted for one-offs were 93c, nearly one-third better than consensus forecasts.
- PayPal (NASDAQ:PYPL) stock was up 10.2% after the company promised a strong second quarter, reflecting the surge in e-commerce volumes caused by lockdown measures.
- The payments company’s first-quarter earnings fell well short of expectations, however, as it set aside $237 million in reserves against credit losses.
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Bristol-Myers Squibb (NYSE:BMY) stock rose 2.1% after the pharma giant comfortably beat expectations for quarterly earnings as the benefits from its merger with Celgene (NASDAQ:CELG) kicked in.
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However, the company revised down the midpoint of its full-year EPS guidance to 47c from 85c previously amid the pandemic-related uncertainty.
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Wynn Resorts (NASDAQ:WYNN) stock rose 0.4%, despite the casino operator reporting a predictably dire first-quarter result.
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The company swung to a loss of $402 million on a 42% drop in operating revenue as the closure of its casinos in Macau and Las Vegas hit hard.
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Chief executive Matt Maddox said he expected the company to benefit from pent-up demand as lockdowns across the U.S. are lifted.
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DraftKings (NASDAQ:DKNG) stock was up 1.3% as the fantasy sports company appeared to have more than enough demand to absorb a big block of shares being placed by long-term shareholders.
- Danaher (NYSE:DHR) stock fell 3.7% after the maker of medical devices began a placement of $2.5 billion in new capital, split equally between common stock and mandatory convertible preferred stock.
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Spirit Airlines (NYSE:SAVE) stock fell 15.2% as the company began a placement of 12 million new shares, together with $150 million of five-year convertible debt.
