Stocks making the biggest moves premarket: PVH, Johnson & Johnson, Newsmax, Shake Shack and more
Check out the companies making headlines in premarket trading. PVH Corp — The fashion stock soared about 16% on the back of stronger-than-expected earnings for the fourth quarter. The Calvin Klein and Tommy Hilfiger parent earned $3.27 per share, excluding items, on $2.37 billion in revenue, beating the consensus forecasts of analysts polled by LSEG for $3.21 a share and revenue at $2.33 billion. Johnson & Johnson — Shares pulled back 4% after a U.S. bankruptcy judge denied the health-care product maker’s $10 billion settlement proposal tied to thousands of lawsuits alleging its baby powder and other talc products caused ovarian cancer. The judge said Johnson & Johnson’s plan did not have enough support from the women who allegedly got cancer from its products. Airlines — Several air carrier stocks slid after downgrades by Jefferies. American and Delta both fell nearly 2% after moving to hold ratings, while Southwest lost more than 3% following its downgrade to underperform. Xpeng — U.S.-listed shares of the Chinese electric vehicle company rallied 3%. Xpeng delivered 33,205 vehicles in March, marking an increase of more than 260% from the same month a year ago. Newsmax — Shares of the conservative cable news network surged more than 22% in the premarket, adding to gains from the previous session when Newsmax soared more than 700% in its public debut on the New York Stock Exchange. The stock, which opened at $14 a share and was priced at $10 a share, closed Monday at $83.51. Shake Shack — Shares of the burger chain rose 3% after Loop Capital Markets upgraded the stock to buy from hold. The investment firm said Shake Shack has a strong track record of beating sales expectations and that a recent pullback for the stock has created a buying opportunity. First Watch Restaurant Group — Shares advanced more than 3% after receiving an upgrade to buy from hold at TD Cowen. The firm said that it expects 2025 to see an improvement in same-store sales as a result of “more effective” marketing. — CNBC’s Sean Conlon, Sarah Min and Jesse Pound contributed reporting
