Casper Sleep, Tesla, Eventbrite, Hertz and more


Take a look at some of the biggest drivers in the pre-market:

Casper Sleep (CSPR) – The retailer of mattresses and other sleep products lost $ 1.23 per share in its most recent quarter, compared to a consensus estimate of a loss of 84 cents per share. Revenues, however, exceeded Street’s forecasts and its online platforms saw their activity increase with the closure of stores. Casper said the Covid-19 pandemic is impacting their revenues, and helping some employees cut costs and reduce planned new store openings.

Ingersoll-Rand (IR) – The industrial equipment maker gained 25 cents a share for the first quarter, 3 cents a share, far from estimates. Revenues exceeded expectations. Gardner Denver’s acquisition of Ingersoll-Rand was completed on February 29, with Gardner Denver taking the name Ingersoll-Rand.

Stanley Black & Decker (SWK) – Toolmaker’s stock has been demoted to “neutral” to “buy” at Bank of America Securities, which noted that the company’s focus on cost savings in the face of Covid-19 could come at the expense of the need for innovation.

Tesla (TSLA) – Tesla has resumed production at its California plant in defiance of local authorities. CEO Elon Musk tweeted about the restart and asked that he be the only one arrested if officials decide to follow this route.

Novavax (NVAX) – Novavax lost 58 cents a share, less than the 70 cents expected by analysts. Biotechnology company’s revenues have exceeded estimates. Novavax also announced that the non-profit Epidemic Preparedness Coalition will provide $ 384 million in new funding for clinical trials of the company’s experimental coronavirus vaccine.

Eventbrite (EB) – Eventbrite lost $ 1.71 per share in its first quarter, far more than the 24 cents per share loss expected by Wall Street. Revenue from the event management company was also well below expectations. Eventbrite said ticket sales trends have improved since the mid-March low, however.

Eldorado (ERI), Caesars Entertainment (CZR) – Casino operators both recorded double-digit first quarter revenue declines as the Covid-19 pandemic set in. Caesars’s revenue fell 14%, while Eldorado fell nearly 26%. Eldorado announced last year a deal to buy Caesars for around $ 8.6 billion in cash and stocks.

Simon Property (SPG) – The largest US mall operator will open about half of its properties over the next week, having closed all of them in March due to the coronavirus outbreak. This news came when Simon released his latest quarterly figures, showing a 20% drop in net profit for the first quarter.

United Airlines (UAL) – The airline has named Brett Hart president, effective May 20. He will replace Scott Kirby, who is expected to succeed Oscar Munoz as CEO next week.

Datadog (DDOG) – Datadog gained 6 cents per share in its final quarter, compared to forecasts for a loss of 2 cents per share. Revenues exceeded estimates. Datadog, a provider of monitoring and analytics platforms for IT departments and software developers, also raised its forecast for the year.

PNC Financial (PNC) – PNC will sell its 22% stake in the asset management giant BlackRock (BLK). PNC CEO William Demchak said the time had come to “unlock the value of our investment”.

Logitech (LOGI) – Logitech announced a more than 23% increase in its operating profit for its last quarter and an increase of almost 14% in sales, as the manufacturer of computer peripherals takes advantage of the increase in work at home.

Toyota Motor (TM) – Toyota has said it expects profits to drop 80% in the current year to the lowest level in nine years. Car manufacturers continue to face weak demand due to the coronavirus epidemic.

Tencent Music (TME) – Tencent Music posted better-than-expected profit for its last quarter, although revenues from the China-based social entertainment company were lower than analysts’ forecasts. Average monthly revenue per subscriber fell 13% in the quarter, although the number of paying users jumped 18.5%.

Hyatt Hotels (H) – Hyatt will lay off 1,300 workers worldwide as the Covid-19 pandemic saps travel demand. Hyatt is also cutting the wages of workers, board members and senior management.

Hertz (HTZ) – Hertz has expressed doubts about its ability to continue operating as it attempts to cut costs and avoid defaulting on its debts. Car rental giant CEO Kathryn Marinello said the company is doing everything it can to preserve liquidity.

Virgin Galactic (SPCE) – Richard Branson’s Virgin Holdings will sell up to 12% of its Virgin Galactic space exploration unit, with the goal of improving the financial health of Virgin Group’s travel and tourism businesses.


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