Friday, September 22, 2023
Homemarket insiderEarly movers: AMZN, VRX, TIVO, TYC, DAL, VFC, MCO, NWL & more

Early movers: AMZN, VRX, TIVO, TYC, DAL, VFC, MCO, NWL & more

Check out which companies are making headlines before the bell: — Amazon's quarterly profit of $1.07 per share crushed estimates of 58 cents a share. Revenue was also well above Wall Street forecasts, on the strength of both its retail operation and its newer cloud services business.

Valeant Pharmaceuticals — Valeant issued its delayed annual report, avoiding a default threatened by creditors for not issuing those numbers. Valeant said improper conduct by former financial executives resulted in the misstatement of prior financial results.

Tivo — The maker of digital video recorders and related services agreed to be bought by digital technology provider Rovi for $1.1 billion in cash and stock, or $10.70 per share. The Tivo name will be used for the combined company, with Rovi Chief Executive Tom Carson continuing in that job.

Tyco — The fire protection and security company matched estimates on both the top and bottom lines, but gave a current quarter and full-year forecast that falls below Street forecasts. Tyco points to sluggish economic conditions in its key markets.

Delta Air Lines — The airline ordered 37 Airbus A321 aircraft for $4.25 billion to replace 116 MD-88 aircraft in its fleet.

VF Corp. — The company behind North Face and other clothing brands earned 61 cents per share for its latest quarter, 3 cents above estimates, with revenue just slightly below forecasts. VF is among the companies trying to deal with the negative effects of company fluctuations.

Moody's — The rating agency missed estimates by 13 cents a share with adjusted quarterly profit of 93 cents per share with revenue far below estimates, as well. Moody's also cut its full-year forecast because of declining global bond issuance.

Newell Brands — Newell earned an adjusted 40 cents per share for its latest quarter, 3 cents a share above estimates, though revenue fell below forecasts. The company behind the Rubbermaid and Sharpie brands was helped by increasing profit margins and the completion of its acquisition of Jarden.

Anheuser-Busch InBev — The company is offering more assets for sale in order to win European Union approval for its deal to buy rival beer brewer SABMiller. It plans to sell SABMiller's Eastern European brewing assets to get European Union approval for its planned $100 billion transaction.

Alere — Alere turned down a request by Abbott Labs to end Abbot's planned $5.8 billion takeover deal in exchange for a breakup fee. Abbott's request followed its $25 billion deal to buy St. Jude Medical, which was unveiled Thursday morning.

Caterpillar — Caterpillar will close five plants and cut about 820 jobs as it responds to falling demand for its heavy equipment.

Quest Diagnostics — The medical lab operator won emergency Food and Drug Administration authorization to sell the first commercially developed test for the Zika virus in the United States.

CBS — CBS is talking to investment bankers about how to give chairman and CEO Les Moonves more control in the event controlling shareholder Sumner Redstone dies or is declared mentally incompetent, according to Reuters.

Amgen — Amgen came in 30 cents a share above estimates, earning an adjusted $2.90 per share for its latest quarter. Revenue was also above expectations. The biotech giant also raised its 2016 outlook, as best-selling drugs like its rheumatoid arthritis treatment Enbrel continue to sell well.

Gilead Sciences — The drugmaker fell 12 cents a share short of expectations with quarterly earnings of an adjusted $3.03 per share, and its revenue missing forecasts, as well. Pricing pressure in the hepatitis C market was among the factors weighing on Gilead's results, although it did provide upbeat news for investors in the form of a 9.3 percent dividend increase to 47 cents per share.

LinkedIn — LinkedIn reported adjusted quarterly profit of 74 cents per share, 14 cents a share above estimates, with the business social network's revenue soaring past forecasts. The company also boosted its full-year outlook, in contrast to the disappointing guidance it gave in February which resulted in its stock price being cut nearly in half the following day.

Expedia — Expedia gave investors a pleasant surprise with adjusted quarterly profit of 9 cents per share. The Street had expected the travel services website operator to post a loss of 6 cents per share, but bookings for hotels were better than expected.

Pandora Media — Pandora lost 20 cents per share on an adjusted basis for its latest quarter, smaller than the 31 cent loss expected by analysts. The online radio service also gave a better than expected full-year revenue forecast based on rising ad sales.

Baidu — Baidu saw both its quarterly earnings and revenue fall below analysts' expectations, but the China-based search engine gave a better than expected revenue forecast for the current quarter as advertisers spend more money to be seen in Baidu searches.

Western Digital — Western Digital registered an 8 cent a share miss with adjusted quarterly profit of $1.21 per share. Revenue for the hard disk drive maker was essentially in line with forecasts. The company's profit, however, was 81 percent below year-earlier levels, due to falling sales and profit margins.

Regal Entertainment — Regal beat estimates by 2 cents a share with adjusted quarterly profit of 27 cents per share, and the movie theater operator also saw revenue top expectations.

Outerwall — Outerwall reported adjusted quarterly profit of $2.44 per share, well above estimates of $1.33 a share. Revenue was also well above Street expectations. The company also raised its full-year guidance, with results from its Coinstar unit making up for declines in movie rentals at Outerwall's Redbox operation.

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