Stocks – Harley, Pfizer, 3M Slump in Premarket; Delphi Tech Soars

By Geoffrey Smith

Investing.com — Stocks in focus in premarket trade on Tuesday, 28th January. Please refresh for updates.

9 AM ET: Juniper Networks (NYSE:) stock was down 1.9% after reporting a decline in fourth-quarter profit due to rising costs. Its guidance for the current year, in line with forecasts, failed to compensate for the disappointment.

• 8:56 AM ET: Xerox (NYSE:) stock rose 4.6% after the copier business reported a sharp rise in earnings in the fourth quarter, up from a low comparable base in 2018. It also forecast profit above consensus in 2020. The company’s revenue fell 2.4% from a year earlier as the trend toward paperless offices continued, however.

• 8:52 AM ET: United Technologies (NYSE:) stock fell 1.0% after the company warned of a hit of between $550 million and $600 in sales for its Collins Aerospace unit as a result of the grounding of the Boeing (NYSE:) 737 MAX. It also said it expects operating profit at the unit to suffer this year as a result.

• “We expect to be producing (parts for the 737 MAX) as we get into the second quarter, although at a significantly reduced rate, than where we were in 2019,” CFO Neil Mitchill told Reuters.

• 8:49 AM ET: Lockheed Martin (NYSE:) stock rose 1.5% after the U.S.’s biggest defense company reported a 20% rise in quarterly profit in the three months through December, due partly to expanding sales of the F35 combat jet. U.S. durable goods orders for December also showed a healthy bounce in military orders.
• • 8:42 AM ET: Delphi Technologies (NYSE:) stock rose 58% after rival BorgWarner (NYSE:) said it would buy the automotive components company in an all-stock deal valued at $3.3 billion. That’s still less than one-third of what Delphi was worth two years ago. BorgWarner stock fell 7.5% on perceptions that it is overpaying.
  • 3M (NYSE:) stock fell 1.6% after the industrial giant forecast below-consensus profit in 2020, after a fourth quarter bogged down by slow sales in Asia. Its guidance range for 2020 EPS, at $9.30-$9.75, had a midpoint around 1% below consensus forecasts. The company also said it will cut 1,500 jobs globally.
  • Pfizer (NYSE:) stock fell 2.0% after the company said it expects adjusted earnings to edge down in 2020, a year in which it intends to spin off its Upjohn division into generics specialist Mylan (NASDAQ:). The company said it expects adjusted revenue from operations to grow by around 8%. Pfizer’s fourth-quarter revenue and earnings declined as the loss of patent exclusivity hurt drug sales.
  • Harley-Davidson (NYSE:) stock fell 6.3% after the company reported another steep drop in revenues from its core motorcycle division, which is struggling to find new customers as its traditional user base ages. U.S. retail sales, by far the most important market for the company, fell 3.1%, a 12th straight quarterly drop. The midpoint of its guidance range for 2020 motorcycle revenues suggested that it expects them to be essentially flat this year.

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