Tuesday, March 28, 2023
Homemarket insiderEarly movers: MRK, TWX, UA, SNE, GOOG, BWLD & more

Early movers: MRK, TWX, UA, SNE, GOOG, BWLD & more

Check out which companies are making headlines before the bell:

Merck–The drug maker reported fourth quarter profit of 88 cents per share, excluding certain items, missing estimates by one cent. Merck was negatively impacted by patent expirations and by currency-related issues.

Time Warner–Time Warner earned $1.17 per share, excluding certain items, for the fourth quarter, beating estimates by two cents. The company also raised its quarterly dividend 10 percent and announced a $5 billion stock buyback program.

Buffalo Wild Wings–The restaurant chain's fourth quarter profit of $1.10 per share beat estimates by four cents, though revenue came in slightly below analyst forecasts. Same-store sales rose 5.2 percent at company-owned locations, and 3.1 percent at franchised locations.

CVS Caremark–The drug store chain announced it will end sales of cigarettes and other tobacco products at its stores by October.

3M–The company announced a new $12 billion share buyback program, replacing an existing $7.5 billion program.

Under Armour–The athletic apparel maker was sued for patent infringement by rival Adidas over products sold by MapMyFitness, acquired by Under Armour in November for $150 million.

Aramark–The food services provider earned 52 cents per share for the first quarter, nine cents above estimates. Its quarter was helped by a 7 percent jump in organic sales during its first quarter as a public company.

Sony–The electronics giant said it is mulling various options for its PC business, but added it has made no announcement of any planned moves despite reports that it is in discussions with Japan Industrial Partners to establish a new company for that business.

Gilead Sciences–The drug maker reported fourth quarter profit of 55 cents per share, excluding certain items, five cents above estimates, with revenue beating consensus as well. Gilead was helped by strong sales of its hepatitis C and HIV drugs.

Aflac–Aflac beat estimates by a penny with fourth quarter profit of $1.40 per share, excluding certain items. Revenue, however, was short of analyst forecasts, with the insurer's results hurt in part by currency-related issues.

C.H. Robinson–The company reported fourth quarter profit of 62 cents per share, six cents below estimates. Revenue also fell below Street consensus, due in part to a 5.6 percent drop in trucking revenue for the transportation and logistics company.

Google–The search giant has struck a tentative deal with EU regulators to end a three-year antitrust investigation. EU regulators will now take comment from Google's rivals before giving final approval. Separately, Google will award executive chairman Eric Schmidt $100 million in restricted stock units, his second such award in three years.

Morgan Stanley–Morgan Stanley will pay $1.25 billion to settle mortgage-backed securities litigation, while rival JPMorgan Chase is paying $614 million to settle allegations of mortgage fraud by the government. And Bank of America's proposed $8.5 billion settlement over mortgage securities has been put on hold by a new judge in the case.

Myriad Genetics–The molecular diagnostics company earned 66 cents per share for its second quarter, beating estimates by 20 cents, with revenue well above forecasts as well. It also raised its full-year forecast, and announced plans to buy Crescendo Bioscience for $270 million.

Microsoft—will pay new CEO Satya Nadella $1.2 million in base salary and will also get an incentive stock program award worth $13.2 million.

By CNBC's Peter Schacknow

Questions? Comments? Email us at marketinsider@cnbc.com


Most Popular