Sign up USA
Proactive Investors - Run By Investors For Investors

PRE-MARKET MOVERS: Fastenal fires up in pre-market after earnings top estimates, while Pfizer fizzes higher too

Also in play in pre-market is Morgan Stanley and its promotion and retailer Macy's..
Shares on Wall Street are set to join other global indices on Wednesday to head lower

US benchmarks are seen starting lower on Wednesday but some stocks are bucking that trend.

Heading higher in before-the-bell trading was Fastenal Company (NASDAQ:FAST), which shot up 7.51% to US$53.25.

The distributor of industrial and construction supplies beat earnings estimates for the second quarter, with net income coming in at US$211.2mln or US$0.74 a share, up from $148.9 million, or US$0.52 a share, in the year-earlier period.

Consensus analyst estimates was for EPS (earnings per share) of US$0.66 and sales of US$1.257bn.

Meanwhile, retail giant Macy's Inc (NYSE:M) shares were unmoved in pre-market deals as it became the latest firm to become the victim of  a data breach.

The famous department store has revealed that hackers have managed to get names and passwords of online customers.

What's more, reportedly, they may have also accessed card numbers and expiry dates.

Also trending in pre-market deals was drugs giant Pfizer Inc (NYSE:PFE), whose shares nudged up 0.053% in before-the-bell trade.

Pfizer surprised by saying today it will defer putting up prices on multiple drugs after heavy pressure from US  president Donald Trump about its pricing methods.

Last but not least, investment banking giant Morgan Stanley (NYSE:MS) was also making headlines before the New York bell.

Shares are down  1.25% at US$47.50 at the time of writing as it emerged that the it had picked Ted Pick its trading chief to become the head of entire institutional securities group.

He will be reporting to Morgan Stanley president Colm Kelleher and the promotion is being seen as a sign he is in a leading position to succeed James Gorman as the chief executive.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use