Check out the companies making headlines before the bell:
Big Lots — Big Lots is the latest discount retailer to report a strong quarter amid the pandemic, earning an adjusted $1.26 per share compared with a 40 cent consensus estimate. Revenue exceeded forecasts as well, with same-store sales jumping 10.3% compared with a 1% FactSet consensus estimate. Big Lots said comparable store sales should increase a similar amount for the current quarter.
Canopy Growth — The cannabis producer lost $3.72 per share (Canadian) for its fiscal 4th quarter, including $743 million in impairment and restructuring charges. Analysts had predicted a loss of 59 cents per share. Revenue was short of forecasts, and the company said fiscal 2021 will be a transition year in which a strategy reset is fully implemented. Canopy also withdrew its financial outlook due to pandemic-related uncertainty.
Costco — Costco reported quarterly profit of $1.89 per share, 6 cents below estimates, though revenue was slightly above consensus. Costco saw comparable sales fall in April for the first time in over a decade, as social distancing rules limited visits, following a pandemic-related stockpiling surge in March.
Nordstrom — Nordstrom lost $3.33 per share for its latest quarter, more than triple than consensus estimate of a $1.07 per share loss. The retailer’s revenue also missed estimates, as nationwide lockdowns shut its stores. Overall sales were down almost 40% during the quarter.
Williams-Sonoma — Williams-Sonoma reported adjusted quarterly earnings of 74 cents per share, soaring past the consensus estimate of 3 cents, while revenue was also above forecasts. The housewares retailer was helped by a surge in online sales, with household essentials in demand amid widespread sheltering at home.
Salesforce.com – Salesforce beat estimates by a penny with adjusted quarterly earnings of 70 cents per share, with the business software company’s revenue slightly above estimates as well. However, the company cut its annual profit and revenue forecast, due in part to allowing clients to defer payments as well as paying one-time commissions to its sales team.
Ulta Beauty – Ulta lost $1.39 per share for its latest quarter, surprising analysts who had predicted a 48 cents per share profit. Revenue missed estimates as well, as the cosmetics retailer’s comparable store sales sank 35%.
Dell Technologies – Dell reported adjusted quarterly earnings of $1.34 per share, beating the consensus estimate of 92 cents, with revenue beating forecasts as well. Dell benefited from workstation purchases by companies moving more employees to home-based work.
General Motors – GM will increase North American production next week, adding shifts at plants that produce crossover vehicles and pickup trucks.
Eli Lilly – Eli Lilly won FDA approval for its radioactive agent that can detect a key marker for Alzheimer’s disease.
Cisco Systems – Cisco is buying ThousandEyes, whose software helps companies monitor computer network outages. Terms were not disclosed, but multiple reports say the purchase price was approximately $1 billion.
AstraZeneca – The drug maker reported success in a phase 3 trial involving the use of its Tagrisso lung cancer drug to treat in EGFR (epidermal growth factor receptor) mutated lung cancer.
Okta – Okta lost 7 cents per share for its latest quarter, smaller than the 18 cent loss anticipated by Wall Street. The maker of ID management technology also saw revenue beat estimates. The company said it remains confident in long-term success, but said it did expect some near term headwinds related to the Covid-19 pandemic.
Tyson Foods – The meat producer will temporarily close its Storm Lake, Iowa, pork processing plant, after 555 employees tested positive for the coronavirus. It plans to resume operations next week after additional deep cleaning and sanitizing of the plant.
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