Tuesday’s Pre-Market Look: Stocks In The News Before The Open

Praxair (PX) — After weeks of talks, Praxair and rival industrial gas maker Linde have signed a non-binding term sheet for a merger of equals. Linde shareholders would get about a share and a half for each share they now hold, while Praxair holders would get one share.

Darden Restaurants (DRI) — The parent of Olive Garden and other chains matched estimates with profit of 64 cents per share, while revenue was also in line with forecasts. Darden did post better-than-expected comparable-restaurant sales.

BlackBerry (BBRY) — The formerly dominant smartphone company — now largely a software provider — reported adjusted quarterly profit of 2 cents per share, compared to estimates of a 1 cent per share loss. Revenue was below Street forecasts, but BlackBerry did raise its full-year outlook.

General Mills (GIS)  — The foodmaker missed estimates by one cent a share, with adjusted quarterly profit of 85 cents per share. Revenue missed the mark, as well, on weaker sales of brands like Yoplait yogurt and Progresso soup.
Fiat Chrysler (FCAU) — U.S. officials are investigating about one million Fiat Chrysler pickup trucks and SUVs following reports of rollaway crashes that occurred after the vehicles were parked. NHTSA said it had reports of 25 related crashes and nine injuries allegedly related to the issue.

Facebook (FB) — European Union antitrust regulators are charging Facebook with providing misleading information about its takeover of WhatsApp. The objection involves Facebook’s sharing of WhatsApp user data.

Biogen (BIIB )_— Biogen named Executive Vice President Michel Vounatsos as its next chief executive officer, effective January 6. He’ll replace George Scangos, who had led the drugmaker since 2010 and had previously announced he would step down as soon as a successor was found.

Apple (AAPL) — Apple has discussed setting up manufacturing facilities in India with the government, according to The Wall Street Journal. Making its products locally would allow Apple to open its own stores in India.

Philip Morris (PM) , Altria (MO) — These and other tobacco producers are on watch today after the California Public Employees’ Retirement System voted to broaden its ban on tobacco investments. That move went against a staff recommendation that the 16-year old ban be removed.

Regeneron Pharmaceuticals (REGN) was upgraded to ‘Outperfom’ from ‘Neutral’ at Credit Suisse with a target price of $485.

Alcoa (AA) was upgraded to ‘Outperform’ from ‘Neutral’ at Macquarie Research with a 12-month target prce of $39.

Salesforce.com (CRM) was rated a new ‘Buy’ at Drexel Hamilton LLC with a 12-month target price of $100.

Arch Coal (ARCH) was rated a new ‘Buy’ at MKM Partners with a 12-month target price of $103.

Hubbell (HUBB) was upgraded to ‘Overweight’ from ‘Equalweight’ at Morgan Stanley with a 12-month target price of $131.

Amgen (AMGN) was downgraded to ‘Neutral’ from ‘Outperform’ at Credit Suisse with a target price of $180.

Teck Resources (TECK) was rated a new ‘Buy’ at MKM Partners with a 12-month target price of $29.

Donegal Group (DGICA) was downgraded to ‘Market Perform’ from ‘Outperform’ at Keefe, Bruyette & Woods.

Sucampo Pharmaceuticals (SCMP) sank 8% in after-hours trading after it said it plans to offer $225 million of convertible senior notes due 2021.

Worthington Industries (WOR) dropped almost 3% in after-hours trading after it reported Q2 EPS of 72 cents, weaker than expectations of 84 cents.

Ionis Pharmaceuticals (IONS) gained over 1% in after-hours trading after its subsidiary Akcea Therapeutics said a Phase 3 Compass study met its primary endpoint in patients with severe hypertriglyceridemia,

NeoPhotonics (NPTN) plunged over 15% in after-hours trading after it lowered guidance on Q4 adjusted EPS to 3 cents-11 cents from a November 3 view of 13 cents-21 cents, citing delayed shipments and higher manufacturing costs.

Resolute Energy (REN) fell over 5% in after-hours trading after it announced a public offering of 3.8 million shares of common stock.

Canatus Pharmaceuticals (CNAT) exploded over 150% higher in after-hours trading after it entered into a license agreement with Novartis for the liver disease drug Emricasan.

Source: FoxBusiness, Barchart, CNBC, Bloomberg, Reuters