Tuesday, 21 October 2014

Chipotle, Coca-Cola among biggest premarket movers

Traders work on the floor of the New York Stock Exchange October 20, 2014.  REUTERS/Brendan McDermid

(Reuters) - Coca-Cola Co (KO.N) and Chipotle Mexican Grill (CMG.N) were among the most active names of Tuesday's premarket session, with both stocks falling on heavy volume.

Chipotle lost 5.2 percent to $618.80 before the bell a day after the burrito chain reported another acceleration in quarterly restaurant sales growth but signaled that such momentum couldn't last forever.

The stock has been a trading favorite this year, up about 23 percent in 2014, based on Monday's closing price. That easily outpaces the S&P 500's rise of about 3 percent.

Coca-Cola lost 3 percent to $41.97 after the Dow component said it expects to be below its long-term earnings growth outlook for the year, with currency exchange rates serving as a headwind.

Also moving on results was Verizon Communications Inc (VZ.N), which rose 0.7 percent to $48.80 after reporting revenue that was modestly above expectations.

The overall market was higher, with U.S. stock index futures pointing to a fourth straight session of gains. Technology shares were especially poised for outperformance following strong results from both Apple Inc (AAPL.O) and Texas Instruments Inc (TXN.O).

Apple rose 1.9 percent to $101.68 in heavy premarket trading a day after it reported revenue that topped expectations, helped by strong sales of its iPhone line. It also gave a strong outlook for the holiday quarter.

Chipmaker Texas Instruments also posted revenue that beat forecasts, easing concerns about weak industry demand following IBM's results. The stock rose 2.5 percent to $45.50 before the bell.

Futures snapshot at 7:39:

* S&P 500 e-minis ESc1 were up 12.25 points, or 0.64 percent, with 307,145 contracts changing hands.

* Nasdaq 100 e-minis NQc1 were gaining 32 points, or 0.83 percent, in volume of 47,749 contracts.

* Dow e-minis 1YMc1 were up 82 points, or 0.5 percent, with 41,064 contracts changing hands.

Reference: Ryan Vlastelica

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