Stocks making the biggest moves in the premarket: Hilton, Scotts Miracle-Gro, Wendy’s & more

Stock Market

Take a look at some of the biggest movers in the premarket:

Hilton Worldwide (HLT) – The hotel operator reported a quarterly profit of 6 cents per share, compared to expectations of a 2 cents per share loss. Revenue, however, came in below Wall Street forecasts as comparable revenue per available room fell nearly 60% from a year earlier. Shares of Hilton were slightly higher in premarket trading.

Scotts Miracle-Gro (SMG) – The lawn and garden products company fell 4 cents a share short of forecasts, with quarterly profit of 6 cents per share. Revenue was above analysts’ estimates, however, and the company gave an upbeat fiscal 2021 full-year forecast. Shares of Scotts were off less than 3% in the premarket.

Wendy’s (WEN) – The restaurant chain beat estimates by 2 cents a share, with quarterly earnings of 19 cents per share. Revenue came in shy of forecasts. Global comparable-restaurant sales were up 6.7%, beating the FactSet consensus estimate of a 5.4% increase. Wendy’s shares were down 2.5% in the premarket.

Cedar Fair (FUN) – The theme park operator reported a third-quarter loss and lower-than-expected revenue, as the pandemic continued to weigh on attendance. Admissions revenue fell to less than 10% of the prior year’s level. The company’s shares were little changed in premarket trade.

Lyft (LYFT), Uber (UBER) – The ride-hailing stocks are getting a boost after California voters approved proposition 22, which allows these and other “gig economy” companies to classify workers as independent contractors rather than employees. Lyft and Uber shares were both up more than 11% in premarket trade.

Canopy Growth (CGC) – Canopy Growth is moving its U.S. stock listing to the Nasdaq from the New York Stock Exchange, saying greater cost-effectiveness. Rival cannabis producer Aphria (APHA) had made a similar move back in June. Canopy’s shares were down nearly 3%.

Alibaba (BABA) – Alibaba shares remain on watch following the suspension of affiliate Ant Group’s planned record $37 billion initial public offering. Chinese state media has called the move “necessary and reasonable”, citing concerns about fair competition and data privacy. Alibaba’s shares were up nearly 2% in the premarket.

Advanced Micro Devices (AMD) – AMD was upgraded to “buy” from “neutral” at Goldman Sachs, which cited the chip maker’s valuation, strong fundamentals and traction in the personal computer and server markets. AMD shares rose 3% in premarket trading.

Chemours (CC) – Chemours reported quarterly earnings of 47 cents per share, 14 cents a share above estimates. The chemical maker’s revenue came in slightly above forecasts. Chemours said it was on track to reduce costs this year by $160 million, and to reduce capital spending by about $125 million. Chemours shares were up 1.75% in premarket trading.

DraftKings (DKNG), Penn National (PENN) – These and other sports betting stocks are rising after voters in Louisiana, South Dakota and Maryland approved legalized sports betting measures. Shares of DraftKings and Penn were up more than 3% in the premarket.

First Solar (FSLR), Sunrun (RUN), SunPower (SPWR) – These and other solar stocks are lower in pre-market trading, after running up in recent weeks in anticipation of a Biden election win and more favorable alternative energy policy.

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