Disney, Tapestry, Sonos rise premarket; Cisco, Advance Auto Parts fall
Investing.com -- US stock futures edged higher Thursday ahead of a highly-anticipated speech by Fed chair Jerome Powell, which could provide clues over future monetary policy.
Here are some of the biggest premarket US stock movers today:
Disney (NYSE: DIS) stock surged 7% after the entertainment giant reported better-than-anticipated income and revenue in the fourth quarter, bolstered in particular by strength at its key streaming business, which helped power a 14% jump in revenue at its entertainment.
Tapestry (NYSE: TPR) stock rose 7.3% while Capri (NYSE: CPRI) fell 4.8% after the two US-based luxury fashion houses called off their merger after the deal was blocked by the Federal Trade Commission.
Cisco (NASDAQ: CSCO) stock fell 3.7% after the networking equipment manufacturer unveiled a tepid full-year outlook, while reporting a fourth straight quarter of declining revenue.
Advanced Micro Devices (NASDAQ: AMD) stock rose 1% after the chipmaker said it will lay off 4% of its global staff, or around 1,000 positions, cutting costs as it seeks to gain a stronger foothold in the growing artificial intelligence chip space.
Merck (NS:PROR) stock rose 0.3% after the US drugmaker signed a licensing agreement worth up to $3.3 billion with Shanghai-based LaNova Medicines to develop, make and sell an experimental cancer drug.
General Mills (NYSE: GIS) stock rose 0.4% after the consumer foods giant entered into a definitive agreement to acquire Whitebridge Pet Brands' North American premium Cat feeding and Pet treating business in a transaction valued at $1.45 billion.
Advance Auto Parts (NYSE: AAP) stock fell 5% after the automotive parts retailer reported disappointing third-quarter results and slashed its full-year outlook.
Sonos (NASDAQ: SONO) stock rose 7.2% after the audio equipment manufacturer launched new products for the holiday season, following software improvements.
Campbell Soup (NYSE: CPB) stock rose 1.3% after Piper Sandler upgraded its stance on the food company to ‘overweight’ from ‘neutral’, citing better long-term growth expectations with the company’s Rao’s brand.