Check out which companies are making headlines before the bell:
Walgreens Boots Alliance – The drug store operator and lab operator Theranos have reached a tentative settlement of their legal dispute, according to The Wall Street Journal. The proposed deal would see Theranos pay Walgreens less than $30 million, although it has not been finalized and the details could change. Walgreens had sought to recover the $140 million it had put into the partnership.
Winnebago – The recreational vehicle maker beat estimates by 10 cents a share, with adjusted quarterly profit of 82 cents per share. Revenue also beat analysts’ forecasts. Winnebago benefited from acquisitions that diversified its product mix, as well as expanding profit margins.
Target – Citi downgraded the retailer’s shares to “neutral” from “buy,” pointing to soft traffic trends and intensifying competition, among other factors.
PayPal – The payment service was upgraded to “overweight” from “sector weight” at Pacific Crest, based on increasing benefits from the company’s various payment platforms.
Chevron – The oil giant was downgraded to “neutral” from “outperform” at Macquarie, a move based largely on the firm’s cut in its oil price forecast.
FedEx – The delivery company reported adjusted quarterly profit of $4.25 per share compared to consensus estimates of $3.88 a share. FedEx also beat on the top line and gave an upbeat forecast for the full year. FedEx is benefiting from increased business across all its units, as well as from the acquisition of TNT Express.
Adobe Systems – Adobe earned an adjusted $1.02 per share for its latest quarter, seven cents a share above estimates. The software maker’s revenue was slightly above consensus. It also gave strong current-quarter revenue guidance, as customers move to its cloud-based subscription services at a fast pace.
Johnson & Johnson – J&J said a Monday ruling from the Supreme Court involving Bristol-Myers Squibb should help it fight litigation involving its talcum powder products. In the Bristol-Myers case, the court ruled that state courts can’t hear claims against companies not based in the state if alleged injuries did not occur in that state. J&J is currently facing accusations that it did not warn women that its talcum powder could cause ovarian cancer.
Shire – The drugmaker won Food and Drug Administration approval for its Mydayis drug, a long-acting treatment for children and adults with attention deficit disorder.
Tesla – Tesla said Chris Lattner – the head of its autopilot software unit – has left the automaker less than six months after joining. Lattner had joined Tesla from Apple earlier this year, but both Lattner and Tesla said the job was not a good fit.
CA Inc. – CA is being considered as a possible acquisition by privately held BMC Software, according to multiple reports. BMC is said to have contacted banks about possible financing for such a deal, which would combine the two largest U.S. makers of information technology management software.
Whirlpool – Chief Executive Officer Jeff Fettig is leaving that post on October 1, with Chief Operating Officer Marc Blitzer said to succeed him. Fettig has been CEO of the appliance maker since 2004, and will remain as chairman.
Red Hat – Red Hat was upgraded to “buy” from “hold” at Stifel Nicolaus, which points to hybrid cloud opportunities for the provider of Linux software.
La-Z-Boy – La-Z-Boy beat estimates by 11 cents a share, with quarterly earnings of 57 cents per share. The recliner maker also saw revenue beat forecasts. La-Z-Boy also saw a same-store sales rise of 2.4 percent.
Source: Investment Cnbc
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