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Stocks making the biggest move premarket: AMZN, P&G, SNAP, Dropbox and more in focus
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Loading...International Paper – International Paper announced a 5.3 percent increase in its quarterly dividend, bring it to 50 cents per share from 47 1/2 cents. The company also announced a new $2 billion share repurchase program.
Amazon.com, Travelers – The two companies have announced a home insurance partnership. Policyholders will receive discounts on Amazon Echo speakers, security cameras, and other devices, and Amazon's Alexa virtual assistant will be able to handle policy questions.
Nio – Nio shares are adding to Tuesday's gains, which followed news that major Tesla investor Baillie Gifford took an 11 percent stake in the China-based electric car maker.
Procter & Gamble – The consumer products giant received an exemption from the 25 percent tariffs imposed on imported steel from Japan and Sweden that is used in the company's Gillette and Venus razor blades.
PPG Industries — Nelson Peltz's Trian Fund Management took a stake in the Pittsburgh-based paint maker. Trian owns seven million shares in PPG, worth about $690 million and representing a 2.9 percent stake.
Campbell Soup — Daniel Loeb's Third Point raised its stake in Campbell Soup to nearly seven percent from 5.7 percent, according to an SEC filing.
Sears Holdings – The retailer has reached out to banks for possible bankruptcy financing, according to sources. The Wall Street Journal is reporting that a bankruptcy filing could come as soon as this week.
Amazon – Amazon's Web services unit has signed new cloud deals worth a total of $1 billion with business software maker SAP and cybersecurity software maker Symantec, according to a Bloomberg report.
McDonald's – McDonald's was upgraded to "buy" from "neutral" at Guggenheim Securities in a valuation call, with a price target of $200 per share. Guggenheim said the valuation discount between McDonald's and its large cap peers has widened to an unjustifiable level.
Snap – The Snapchat parent announced the introduction of Snap Originals, which will feature original content including serialized shows and new documentary series.
Fastenal – The maker of industrial and construction supplies reported quarterly profit of 69 cents per share, two cents above estimates, with revenue also beating Wall Street forecasts.
Kimberly-Clark, Church & Dwight, Clorox – Deutsche Bank downgraded the three consumer products stocks to "sell" from "hold". The firm notes that the sector has done well for the past few months, on an increased appetite for defensive stocks, but now thinks those companies will face increased challenges related to currency fluctuations, emerging market issues, and competitive pressures.
Dropbox – The online storage service's stock was added to the J.P. Morgan Analyst Focus list, with the firm seeing outperformance of up to 50 percent in the stock following its meetings with management last month.
Source: CNBC
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