LOS ANGELES, CA – MARCH 29: Delta Air Lines unveiled its new $1.9 billion Terminal 3 at Los Angeles International Airport on Tuesday, March 29, 2022 in Los Angeles, California.
Irrfan Khan | Los Angeles Times | Getty Images
Check out the companies making the biggest moves in pre-market trading:
delta airlines — Shares surged 2% in premarket trading after the airline forecast “record summer bookings.” It expects sales in the current quarter to rise 15% to 17% from last year, above a Refinitiv estimate of 14.7%. Delta forecast adjusted earnings per share of between $2 and $2.25, compared with analysts’ expectations of $1.66.
united airlines, American airlines — Shares of other airlines also rose after Delta Air Lines signaled strong demand for travel. United Airlines rose more than 2 percent, while American Airlines gained 1.9 percent.
first solar — Solar shares fell 1.4% after Deutsche Bank downgraded its rating to hold from buy. The stock is expensive after recent gains, the company said.
Merck — The pharma giant rose 1% in premarket trading after being upgraded to buy from neutral by Citi, saying its drug pipeline was undervalued. The Wall Street firm raised its price target on the stock to $130, up 14% from Wednesday’s close.
steven madden — Shares rose about 2.7 percent after Citigroup upgraded its rating to buy from neutral. The Wall Street firm said it expects Steve Madden to start seeing stronger wholesale reorders in the second quarter.
Novo Nordisk — Diabetes and weight-loss drug makers Ozempic and Wegovy rose about 2 percent in premarket after they were upgraded to outperform from neutral by Credit Suisse. The Wall Street firm said growth in the drugs “significantly exceeded” its expectations.
Harley-Davidson — Shares fell nearly 4 percent in premarket trading after UBS said the motorcycle maker’s retail sales decline in the first quarter was likely to be worse than expected. Retail sales at U.S. dealerships could drop nearly 20%, the Wall Street firm said.
— CNBC’s Alex Harring contributed reporting.
