Stocks making the biggest moves premarket: Chewy, Broadcom, Mattel, Comcast, Sony & more

Stock Market

Check out the companies making headlines before the bell:

Chewy – Chewy will debut on Wall Street today after pricing its initial public offering at $22 per share, above the expected range. It also sold more stock than originally planned. Chewy parent PetSmart will receive almost $900 million from the stock sale.

Broadcom – Broadcom reported adjusted quarterly profit of $5.21 per share, beating consensus estimates by 5 cents. The chip maker’s revenue missed forecasts, however, and the company predicted a slowdown in chip demand stemming from the trade conflict between the U.S. and China. Broadcom also cut its revenue forecast for 2019 by 8%. Other technology stocks sank on concern about what the Broadcom warning means for demand for technology products. Apple and Cisco were lower in premarket trading.

Mattel — MGA Entertainment CEO Isaac Larian told CNBC’s Closing Bell that Mattel is not worth more than $6 per share right now. MGA recently had a second takeover bid rejected by Mattel as not being in the best interests of shareholders, but Larian predicted Mattel would go into bankruptcy protection within a year or so if the status quo is maintained.

Comcast – The NBCUniversal and CNBC parent was rated “buy” in new coverage at Rosenblatt Securities, based on rising broadband market share and expanding cable profit margins.

Volkswagen – Volkswagen is hoping to raise about $2.1 billion from an initial public offering of its Traton trucks unit later this month. The automaker plans to sell a stake of at least 10%.

Sony — Hedge fund Third Point has called on Sony to spin off its semiconductor business, as well as sell stakes in other units. The fund run by investor Daniel Loeb wants Sony to position itself as a leading global entertainment company.

T-Mobile, Sprint — A judge has set a pre-trial hearing for next week in the attempt by 10 states to block T-Mobile’s $26 billion buyout deal for rival Sprint. The states say the deal would cost subscribers of the two services more than $4.5 billion annually.

Facebook — Facebook has gotten backing from more than a dozen companies – including Visa, Mastercard, PayPal, and Uber – for a new cryptocurrency. That’s according to The Wall Street Journal, which said the new currency will be unveiled next week and launch next year.

Barnes & Noble – A Barnes & Noble investor group said the bookseller’s recently-struck deal to sell itself to hedge fund Elliott Management undervalues the company, and wants Barnes & Noble to seek out other offers. Elliott recently agreed to buy Barnes & Noble for $6.50 per share or $475 million in cash.

CBS, Viacom – CBS and Viacom are expected to begin serious merger talks next week, according to people familiar with the matter who spoke to CNBC.

Blue Apron – Blue Apron announced a 1-for-15 reverse stocks split, effective after today’s market close. The meal kit provider said last month it was considering the split to increase the company’s stock price and improve liquidity.

Global Blood Therapeutics – The drug maker announced positive results in a late-stage clinical trial for its experimental sickle-cell disease treatment. The Food and Drug Administration has already granted the treatment “accelerated approval” status due to the need for such a treatment.

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