Check out which companies are making headlines before the bell:
General Electric — The industrial conglomerate announcing a number of executive changes. Chief Financial Officer Jeff Bornstein will depart at the end of the year, along with marketing chief Beth Comstock and international executive John Rice. Jamie Miller, who heads GE’s transportation business, will assume the CFO role as of November 1. Separately, GE announced the election of Trian Management’s Ed Garden to its board of directors.
Tesla — Tesla is delaying the unveiling of its new semi-truck until November 16. The truck was originally scheduled to be unveiled on October 26, but CEO Elon Musk said the automaker is diverting resources to fix bottlenecks in Model 3 production as well as increase battery production for Puerto Rico.
Honeywell – Honeywell will spin off non-core assets and create at least two new publicly traded companies, according to a Reuters report citing people familiar with the matter.
Assured Guaranty – The company withdrew its lawsuit that had challenged the legality of Puerto Rico’s fiscal turnaround plan. The bond insurer cited the impact of Hurricane Maria on Puerto Rico. Assured Guaranty had been joined by fellow bond insurer MBIA in the suit.
OneMain Financial Holdings – OneMain is in talks to sell itself, according to The Wall Street Journal. The subprime lender is said to be in advanced talks with a number of interested parties, although there is no guarantee that a deal will result.
Apple — Apple is said to be investigating reports that some iPhone 8 batteries are swelling, causing some phones to split apart. The tech blog The Verge reports that Apple is aware of the problem and is “looking into it.”
Walt Disney – Disney’s Marvel Entertainment unit abandoned a planned joint venture with Northrop Grumman involving a film on space exploration. That move came after fans attacked Marvel on social media for aligning with the defense contractor. Separately, Disney was upgraded to “top pick” from “outperform” at RBC Capital, although the price target was cut to $125 per share from $130. RBC calls Disney a “unique global content company with a clear strategic direction.”
Kohl’s – The retailer was upgraded to “outperform” from “market perform” at Telsey Advisory Group, with the price target increased to $50 from $43. The report praises Kohl’s for making bold moves to succeed in a difficult environment and expresses encouragement by a sequential improvement in comparable store sales.
Alphabet – The Google parent received a Federal Communications Commission experimental license to create a network of balloons that would help restore wireless phone service in Puerto Rico after Hurricane Maria severely curtailed service on the island.
Yelp – Cantor Fitzgerald downgraded the consumer review site’s stock to “neutral” from “overweight,” saying although there are many positives in place regarding Yelp, most of them are already reflected in the stock’s valuation.
Johnson & Johnson – Wells Fargo upgraded J&J to “outperform” from “market perform,” pointing to solid performance by key drugs as well as benefits from the acquisition of Swiss biotech company Actelion earlier this year.
Source: Investment Cnbc
Stocks making the biggest moves premarket: GE, TSLA, HON, AGO, OMF & more