Yahoo Finance Stocks - Apple Falls in Premarket, Deal Boosts Legg Mason, Franklin
By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Tuesday, February 18th.
9:10 AM ET: HSBC (NYSE:HSBC) ADRs fell 4.6% after Europe’s largest bank by assets said profit fell by 53% in 2019 and announced radical job cuts and over $7.2 billion in exceptional charges as it tries to restore profitability.
The bank will shrink risk-weighted assets by cutting back investment banking in the U.S. and focusing more on the retail market there.
HSBC is still searching for a permanent CEO after forcing John Flint out last year.
9:05 AM ET: Medtronic (NYSE:MDT) stock fell 2.8% after the maker of medical devices warned of a slowdown in orders for its heart devices ahead of new product launches.
That led it to a slight miss on revenue in the three months through December. Earnings per share were ahead of expectations at $1.44 compared to forecasts of $1.38
The company also warned that the current quarter could be hit by factors related to the Covid-19 outbreak.
8:57 AM ET: Apple (NASDAQ:AAPL) stock fell 2.0% after the company warned it would miss its revenue guidance for the first three months of 2020, due to production constraints in China and an expected dip in Chinese sales, due to the covid-19 virus.
Walmart (NYSE:WMT) stock rose 0.9%, shrugging off disappointing results for the fourth quarter, in which sales rose by less than expected.
The company also said it expects online sales to grow about 30% in fiscal 2021, down from last year's growth of 37%, and down from some 35% in the fourth quarter of last year.
Legg Mason stock rose 24% after rival asset manager Franklin Resources (NYSE:BEN) agreed to buy it for $4.5 billion in cash. Franklin will also assume $2 billion of debt.
Franklin Resources (NYSE:BEN) stock rose 14%.
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