Take a look at some of the biggest movers in the premarket:
AT&T (T) – AT&T announced plans to spin off its stake in the WarnerMedia/Discovery Communications (DISCA) combination to its shareholders when that merger is completed later this year. Shareholders will receive 0.24 shares of Warner Brothers Discovery for each AT&T share they now own. AT&T also said it would pay an annual dividend of $1.11 per share after the deal is complete, compared to the current $2.08. AT&T fell 3.5% in the premarket.
AMC Entertainment (AMC) – The movie theater operator's stock rallied 4.7% in the premarket after announcing better than expected preliminary results for the fourth quarter. AMC said its results improved as 2021 progressed and that the quarter was its strongest in two years.
United Parcel Service (UPS) – UPS shares surged 7.4% in the premarket after beating estimates with its quarterly results, issuing upbeat guidance and announcing a 49% dividend increase. UPS earned an adjusted $3.59 per share for the fourth quarter, compared to a consensus estimate of $3.10. Following the upbeat UPS results, rival FedEx (FDX) added 2.5% in the premarket.
Exxon Mobil (XOM) – The energy giant earned $2.05 per share for the fourth quarter, beating the $1.93 consensus estimate, though revenue fell below Wall Street forecasts. Exxon also announced a new $10 billion stock buyback program, resuming repurchases for the first time in more than five years. Its shares gained 1.3% in the premarket.
Sirius XM (SIRI) – The satellite radio and streaming audio service beat estimates by a penny a share, with quarterly earnings of 8 cents per share. Revenue came in above forecasts as well. Sirius XM announced a special dividend of 25 cents per share, and the stock rose 1% in premarket trading.
UBS (UBS) – UBS shares jumped 6.2% in premarket trading after the Zurich-based bank reported its best annual profit since 2006 and announced plans to increase its dividend as well its boost its share buyback program.
Cirrus Logic (CRUS) – Cirrus Logic reported adjusted quarterly earnings of $2.54 per share, 40 cents above estimates, with the semiconductor company's revenue above estimates as well. Cirrus also issued stronger than expected current-quarter revenue guidance, but the shares slid 4.1% in the premarket.
New York Times Co. (NYT) – The newspaper publisher announced a deal to buy the popular daily word game Wordle for an unspecified amount that the paper said is "in the low seven figures." The Times will eventually move the game to its website and apps. New York Times fell 1.3% in premarket trading.
Pfizer (PFE), BioNTech (BNTX) – The drugmakers may file as soon as today for permission to use their Covid-19 vaccine for children under the age of 5, according to people familiar with the discussions who spoke to The New York Times. Emergency use authorization could come as soon as the end of February. BioNTech added 3.6% in the premarket while Pfizer was little changed.
Sanmina (SANM) – Sanmina jumped 4.7% in premarket action after the diversified manufacturer reported better-than-expected quarterly earnings and issued an upbeat current-quarter forecast. Sanmina saw growth across a variety of segments, including industrial, medical, defense and automotive.