Thursday’s Pre-Market Look: Stocks In The News Before The Open
Merck — The Dow component matched estimates with adjusted quarterly profit of 89 cents per share, while revenue was slightly below forecasts. Merck’s results were impacted by a stronger dollar, as well as the loss of market exclusivity on certain drugs.
Facebook — Facebook reported adjusted quarterly profit of $1.41 per share, 10 cents above estimates, while revenue also came in above forecasts. The social media giant continues to benefit from gaining traction in mobile use and video. Separately, Facebook was ordered to pay $500 million to video game publisher ZeniMax, which had accused Facebook of stealing its virtual reality technology.
Becton Dickinson — The medical supplies maker reported adjusted quarterly profit of $2.33 per share, 21 cents above estimates. Revenue also beat forecasts, and the company raised its full-year 2017 earnings outlook as well.
Cigna — The insurance company beat forecasts by 13 cents with adjusted quarterly profit of $1.87 per share, with revenue also above forecasts. The company’s 2017 earnings outlook does fall below consensus estimates, but Cigna said it is pleased with the positive momentum it’s seeing for the year ahead.
Macy’s — The retailer’s shares are higher following a New York Post report that CEO Terry Lundgren is open to friendly buyout offers, hoping to avoid a board shakeup that activist investor Starboard Value is demanding.
Delphi Automotive — The auto parts maker reported adjusted quarterly profit of $1.83 per share, 23 cents above estimates, while revenue also exceeded forecasts. Delphi is benefiting from its increasing involvement in self-driving car technology.
Estee Lauder — The beauty products maker beat estimates by 5 cents with adjusted quarterly profit of $1.22 per share, but revenue was below Street forecasts as well as its full-year 2017 outlook.
Abercrombie & Fitch — Abercrombie promoted merchandising chief Fran Horowitz to chief executive officer. A team led by Executive Chairman Arthur Martinez had led the teen apparel retailer since the departure of Michael Jeffries in 2014.
Allstate — Allstate reported adjusted quarterly profit of $2.17 per share, well above estimates of $1.63, though the insurer’s revenue was very slightly below Street forecasts. Allstate was helped by a decline in casualty losses.
MetLife — MetLife came in 6 cents shy of estimates with adjusted quarterly profit of $1.28 per share, and revenue also missed estimates. The insurance company’s results were impacted by losses in its hedging program amid a rise in interest rates near the end of the year.
Edwards Lifesciences — Edwards beat estimates by 3 cents, reporting adjusted quarterly profit of 75 cents per share. The medical equipment maker also beat on the top line, and gave upbeat earnings guidance for the full year. Edwards is seeing significant growth for its heart valve replacement systems.
Tractor Supply — The company reported quarterly profit of 94 cents per share, 2 cents above estimates, with revenue also beating forecasts. The retailer of farming and ranching supplies gave a mixed outlook for the full year, although it is seeing positive momentum in same-store sales after a string of declines.
Shutterfly — Shutterfly fell 21 cents shy of estimates with quarterly earnings of $2.63, and the online photo service’s revenue missed as well. The company also gave a weaker than expected outlook.
Mead Johnson Nutrition — Mead Johnson is in talks to be bought by British consumer goods maker Reckitt Benckiser for $16.7 billion, or $90 per share. Both companies have confirmed the discussions, and Reckitt said it would finance the proposed deal with cash and debt.
Deutsche Bank — Deutsche Bank reported a bigger-than-expected loss for the final quarter of 2016, with the German bank failing to match the strong rebound in bond trading posted by its rivals.
Nokia — Nokia posted better than expected profits for the fourth quarter. The maker of networking equipment was helped by cost cuts as well as the acquisition of Alcatel-Lucent.
Sony — Sony cut its full year profit outlook, following a $1 billion writedown for the company’s movie business.
JPMorgan Chase — JPMorgan appointed business banking head Jennifer Piepszak as chief executive of its card services division.
Costco — The warehouse retailer reported a comparable store sales increase of 7 percent for January, beating consensus estimates of a 3.9 percent rise.
Symantec — Symantec earned an adjusted 32 cents per share for its latest quarter, 4 cents above estimates, though the antivirus software maker’s revenue was slightly below forecasts. Overall quarterly profit was down 34 percent over a year earlier on costs related to the acquisition of Blue Coat Systems last year.
Source: FoxBusiness, CNBC, Barchart, Bloomberg, Reuters