Take a look at some of the biggest movers in the premarket:
IBM (IBM) – IBM said it would spin off the managed infrastructure services unit of its global technology services division into a separate public company, to allow it to focus on its hybrid cloud growth strategy. The spin-off will be accomplished through a tax-free distribution to IBM shareholders.
Eaton Vance (EV) – The investment firm agreed to be acquired by Morgan Stanley (MS) for $56.50 per share in cash and stock, for a total value of about $7 billion. The news comes just a few days after Morgan Stanley completed its acquisition of E*Trade Financial.
Domino’s Pizza (DPZ) – Domino’s earned $2.49 per share for its latest quarter, shy of the $2.79 per share consensus estimate. Revenue beat forecasts, however, and a U.S. comparable-store sales rose 17.5% compared with the 13.9% estimate of analysts polled by FactSet.
Coty (COTY) – The cosmetics company announced the expansion of its “Kylie Skin” line of beauty products, launching direct-to-consumer websites in the U.K., France, Germany and Australia.
Roku (ROKU) – Needham raised its price target on the streaming video service’s stock to a Street-high of $255 per share from $190 a share, noting rapid growth in Roku’s installed base as well as an increase in the number of streaming-only homes.
Chevron (CVX) – Chevron workers are being asked to reapply for their jobs as part of a cost-cutting initiative, according to people familiar with the matter who spoke to Reuters. Chevron is seeking to cut up to 15% of its workforce. Separately, Chevron passed rival Exxon Mobil (XOM) in market value for the first time ever in Monday’s session, following a more than 2% gain for its stock. Both have seen their value tumble this year, however, in the wake of falling energy prices.
Regeneron Pharmaceuticals (REGN) – Regeneron has applied for emergency use authorization for its Covid-19 antibody cocktail. The treatment is the same one President Donald Trump received following his Covid-19 diagnosis.
Citigroup (C) – Citi will pay $400 million and formulate a plan to address managerial and operational issues. The Federal Reserve and the Office of the Comptroller of the Currency said they had warned the bank repeatedly about those issues but that Citi had failed to address them. Citi said it had “significant remediation projects” underway to resolve those issues.
JPMorgan Chase (JPM) – The bank pledged $30 billion over the next five years to address racial inequality. The money will go toward mortgages for minority borrowers as well as affordable housing projects, small business loans and philanthropy.
Costco (COST) – The warehouse retailer reported a 15.5% increase in September comparable sales, compared to the 9.2% increase expected by analysts polled by FactSet.
Target (TGT) – The retailer was added to the “Catalyst Call” list at Deutsche Bank, which believes Target has experienced an acceleration of recent positive trends and that it is poised to continue to take more market share.
Medtronic (MDT) – Medtronic was upgraded to “buy” from “hold” at Stifel Financial, which expects positive change from the medical device maker’s new CEO Geoff Martha.
Nikola (NKLA) – Nikola is seeking to rebuild investor confidence ahead of the Nov. 30 expiration of share lockups, according to a story in today’s Financial Times. The paper said the electric truck maker is hoping that the technology it will present at today’s “Mission Hydrogen” conference will help negate doubts generated by last month’s critical report from short-seller Hindenburg Research.