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Tuesday, October 23, 2018

Stocks making the biggest move premarket: UTX, HOG, VZ, MMM, CAT & more

Check out the companies making headlines before the bell:

United Technologies – The industrial conglomerate earned an adjusted $1.93 per share for the third quarter, 12 cents above forecasts. Revenue also beat forecasts, and the company also raised its full year earnings forecast. United Technologies is being helped by increased sales of aircraft parts as manufacturers push aircraft production to record levels.

Harley-Davidson – The motorcycle maker beat estimates by 15 cents with profit of 68 cents per share, and beat on the top line as well. Harley's results were helped by improved European sales, and Harley maintained its full-year motorcycle shipment forecast. Separately, Harley announced a voluntary recall of about 238,000 units to address a possible issue with a hydraulic clutch assembly.

Verizon – Verizon earned an adjusted $1.22 per share for the third quarter, three cents above estimates, with revenue also above forecasts. Its wireless operation also saw better than expected subscriber additions.

3M – The diversified products manufacturer fell 12 cents short of estimates with quarterly profit of $2.58, with revenue also shy of analyst projections. 3M also cut its full year forecast, seeing increased headwinds from currency shifts.

Caterpillar – The heavy equipment maker came in one cent above estimates, earning an adjusted $2.86 per share for the third quarter, while Caterpillar revenue also beat forecasts. The company also reiterated its prior full year guidance.

PulteGroup – The home builder came in six cents above estimates with profit of $1.01 per share, while revenue also beat forecasts. PulteGroup's results were helped by tighter cost controls and a rise in sales.

Arconic – Arconic is the target of an $11 billion acquisition offer from Apollo Global Management, according to Reuters quoting people familiar with the matter. The offer values the aerospace and automotive components maker at between $23 and $24 per share, compared to Arconic's Monday closing price of $21.45.

TD Ameritrade – TD Ameritrade reported adjusted quarterly profit of 92 cents per share, four cents above estimates, with the online brokerage's revenue coming in slightly above Street forecasts. The company also raised its quarterly dividend by 43 percent to 30 cents per share.

Cadence Design Systems – Cadence beat estimates by eight cents with quarterly profit of 49 cents per share, while the software and engineering company's revenue also beat analyst projections. The company also raised its full year outlook.

Johnson & Johnson – J&J is buying the shares of Japanese cosmetics firm Ci:z Holdings that it doesn't already own for $2.015 billion. J&J had held 19.9 percent of the outstanding shares.

AstraZeneca – The drug maker is buying a 9.8 percent stake in French biotech company Innate Pharma to expand its presence in the cancer immunotherapy market.

Philip Morris – The tobacco producer released less expensive versions of its IQOS "heat but not burn" products in Japan, in an effort to boost sales in that country. The alternative cigarettes release less smoke and odor than regular cigarettes.

Qualcomm, Amazon – The two companies are teaming in an effort to spread the use of Amazon's Alexa digital assistance in more wireless headphones. Qualcomm's chips will be able to be used in any Bluetooth headphones to enable the use of Alexa.

Zions Bancorp – Zions reported quarterly profit of $1.04 per share, seven cents above estimates. The bank said it benefited from disciplined cost controls and strong credit performance.

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