Sunday, March 3, 2024
Homemarket insiderEarly movers: TGT, BEAM, WEN, GM, TIVO, ACN & more

Early movers: TGT, BEAM, WEN, GM, TIVO, ACN & more

Check out which companies are making headlines before the bell:

Target–In an exclusive interview with CNBC's Becky Quick, Target Chairman/CEO Gregg Steinhafel was apologetic regarding the company's data breach, assured consumers that it was safe to shop at Target, and that the problem was handled as quickly as possible.

Beam–The spirits maker is being acquired by Suntory Holdings for $83.50 per share in cash, compared to Beam's Friday close of $66.97.

Wendy's–The restaurant chain reported preliminary fourth quarter profit that's above Street forecasts, thanks to upbeat same-store sales growth.

General Motors–CFO Dan Ammann said the company is close to resuming a quarterly dividend for the first time since 2008, though he didn't give any guidance on timing.

Lululemon–The athletic apparel retailer cut its earnings and revenue guidance for the current quarter, saying traffic and sales trends have decelerated meaningfully since the beginning of January.

Express–The specialty apparel retailer cut its current quarter outlook after seeing a deeper than anticipated drop in customer traffic.

Green Mountain Coffee–The company plans to change its name to Keurig Green Mountain, reflecting the importance of the Keurig brand name in its single-cup brewing system.

SymantecMorgan Stanley downgraded the anti-virus software maker's stock to "underweight" from "equalweight", pointing to management transitions and larger than expected sales disruptions. In other tech calls, the firm upgraded both Autodesk and Red Hat to "overweight" from "equalweight", citing the success of Autodesk's cloud-based subscriptions, and Red Hat's new Linux-based offerings.

BlackBerry–Oppenheimer downgraded BlackBerry to "underperform" from "perform", seeing potential 20 to 30 percent downside from current levels.

TiVo–Goldman Sachs downgraded the DVR maker's shares to "neutral" from "buy", saying any potential upside is already priced in.

PVH–The clothing maker cut its fourth quarter and full year revenue guidance, due to discounting during the holiday season. However, the company did reaffirm its full year earnings outlook.

– The company has gotten support for its $1.6 billion takeover bid from its , Eminence Capital. The Wall Street Journal reports Eminence CEO Ricky Sandler wrote a letter to Jos. A. Bank's board telling the clothing retailer it could not get comparable value through any other transaction.

–The aerospace giant is being investigated by the U.S. Justice Department over its import/export procedures, according to Reuters. That comes after equipment built for its F-35 fighter jet reportedly included some Chinese parts.

–The consulting firm will replace CGI Federal as on, the web site of the Affordable Care Act. That follows the error-plagued launch of the web site In October. The news was first reported by the Washington Post on Friday, and officially confirmed by the government on Saturday.

–The retailer is losing the finance chief for its, with Cathy Smith leaving to take what's being called a "leadership position" at an unidentified company.

–The oil big to alter the settlement that doles out money related to the 2010 Gulf oil spill. BP has claimed that millions of dollars have gone to individuals and businesses who were not harmed by the spill.

–Discovery and have abandoned merger talks, according to the Wall Street Journal, which said the talks did not go beyond the early, exploratory stage.

–The drug maker is taking a 12 percent stake in for $700 million, in a move that extends their partnership to develop drugs for rare genetic diseases.

–Orbital has successfully delivered its first cargo ship to the international space station. Orbital is one of two companies hired by NASA to make supply runs to the station.

–Foster Wheeler has struck a deal to be acquired by rival energy services company Amec for $3.2 billion in cash and stock.

By CNBC's Peter Schacknow

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