Stocks making the biggest moves premarket: Southwest, Medtronic, Snowflake, Bath & Body Works & more
Check out the companies making headlines in premarket trading. Delta Air Lines — Shares retreated 0.8% after a Delta flight from Minnesota to Toronto crashed on landing Monday afternoon. At least 18 people were reported injured, according to local officials. Southwest Airlines — The value-focused carrier popped 2.4% after Southwest said it would cut 15% of its corporate workforce — a move that CEO Bob Jordan called “unprecedented.” Fluor — The engineering stock tumbled 5.5% on the back of weak fourth-quarter results and guidance for full-year earnings. Fluor earned 48 cents per share, excluding items, on $4.26 billion in revenue during the fourth quarter. Analysts surveyed by FactSet expected 78 cents a share and $4.42 billion in earnings and revenue. Medtronic — Shares fell 2.5% after the medical device maker reported disappointing quarterly revenue, even as it exceeded estimates for earnings, thanks to strong demand for its heart and diabetes products. Medtronic posted adjusted earnings of $1.39 per share on revenue of $8.29 billion for the third quarter. Analysts polled by FactSet expected earnings of $1.36 per share, excluding items, on revenue of $8.33 billion. Snowflake – The stock rose almost 3% after receiving an upgrade to outperform from peer perform at Wolfe Research. The firm pointed to better consumption trends as a catalyst for growth and believes the data analytics software maker will report “solid” fourth-quarter results next week. Bath & Body Works — The fragrance retailer popped nearly 4% following an upgrade to overweight from neutral at JPMorgan. Analyst Matthew Boss cited expanding operating margins and visible shareholder returns as catalysts for the upgrade. Venture Global — Shares of the liquified natural gas provider, which went public in late January, rose 3.7% on the heels of several Wall Street initiations. Goldman Sachs and Bank of America both opened coverage with buy ratings, while JPMorgan kicked things off with an overweight rating. RBC Capital Markets and Mizuho both have outperform ratings. Altice USA — The broadband and video services provider moved 5% higher following an upgrade at Raymond James to outperform from market perform. The firm believes operational changes made by management can show tangible results in the next 18 months. Tapestry — The apparel stock rose more than 2% after an upgrade to buy at Redburn Atlantic. Tapestry’s Coach brand still has momentum after a strong 2024, and the investment firm sees further margin improvement. — CNBC’s Lisa Kailai Han, Sean Conlon, Jesse Pound, Michelle Fox and Pia Singh contributed reporting.
