Saturday, March 2, 2024
Homemarket insiderEarly movers: WAG, DIS, SONC, SWY, PLL, RAX & more

Early movers: WAG, DIS, SONC, SWY, PLL, RAX & more

Check out which companies are making headlines before the bell:

Walgreen–The drug store chain reported quarterly profit of 91 cents per share, excluding certain items, two cents short of estimates, with same-store sales rising 4.3 percent. Walgreen said it sees the negative impact of generic drugs easing and turning around by year end.

Walt Disney–The entertainment giant is buying Maker Studios for $500 million, a price that could rise as high as $950 million if maker hits certain milestones. Maker is one of the largest video distributors for Google's YouTube unit.

Luxottica –The company has signed a deal with Google to design and manufacture glasses containing Google Glass technology. Luxottica is the maker of the popular Ray-Ban and Oakley brands.

McCormick–The spice maker reported fiscal first quarter profit of 62 cents per share, beating estimates by a penny, with revenue above consensus as well.

Sonic–The restaurant operator reported fiscal second quarter profit of 7 cents per share, excluding certain items, one cent above estimates. Revenue was slightly below consensus, with same-store sales up a better-than-expected 1.4 percent. Sonic's results were helped by a drop in expenses.

Safeway–The supermarket operator has declared a special stock dividend, related to its spin-off of Blackhawk Network Holdings. Blackhawk is a distributor of gift cards and other digital commerce products, and Safeway shareholders of record as of April 3 will tentatively receive shares of Blackhawk on April 14.

–Credit Suisse raised its price target on the stock to $102 per share from $94 following meetings with management, saying that cost reductions are continuing and that its recent acquisition of ATMI's LifeSciences business will provide more synergies than previously thought.

Endocyte–The drug maker's shares have been added to the "best ideas" list at Wedbush, with the price target raised to $65 from $23 based on positive data for Endocyte's lung cancer treatments.

Rackspace–The cloud computing services company's stock was upgraded to "overweight" from equal-weight at Morgan Stanley.

By CNBC's Peter Schacknow

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