Check out the companies making headlines before the bell:
Deere – The construction equipment maker missed estimates by 17 cents with adjusted quarterly profit of $3.14 per share, with revenue also falling short of forecasts. Deere did maintain its prior full year profit forecast.
Campbell Soup – CEO Denise Morrison has announced her retirement, effective immediately. She’ll be replaced on an interim basis by board member Keith McLoughlin. Separately, Campbell reported adjusted quarterly profit of 70 cents per share, 10 cents above estimates, with revenue essentially in line. It also lowered its full-year forecast, and announced a review of its strategic plans and portfolio composition.
Applied Materials – The company reported adjusted quarterly profit of $1.22 per share, beating consensus estimates by seven cents. The maker of semiconductor manufacturing equipment saw revenue beat forecasts as well, but the company gave a lighter than expected revenue forecast for the current quarter.
Mattel – Mattel recently rejected a merger proposal from Bratz doll maker MGA Entertainment, according to the Wall Street Journal.
Nordstrom – Nordstrom beat estimates by 8 cents with quarterly earnings of 51 cents per share, The department store operator also saw revenue above forecasts. However, comparable store sales rose just 0.6 percent during the quarter, roughly half of what analysts were expecting. Nordstrom pointed to bad weather and weaker shoe sales among factors that impacted results.
AmTrust Financial Services – AmTrust is under fire from investor Carl Icahn, who has disclosed a 9.38 percent stake in the company. Icahn is fighting an attempt to take the compensation insurer private, accusing the controlling shareholders of “blatantly taking advantage” of minority stockholders.
PayPal – PayPal is buying European financial technology company iZettle for $2.2 billion. The largest acquisition in PayPal’s history would accelerate the company’s move into brick-and-mortar stores around the world.
Xerox – Japan’s Fujifilm said it was planning to sue Xerox after the U.S. company abandoned its $6.1 billion deal to merge with the Fuji Xerox joint venture.
CBS – The CBS board voted to issue a special dividend that would cut the Redstone family’s voting power to about 20 percent from 80 percent, but the move cannot take effect unless it can overcome legal challenges by Shari Redstone.
Amgen – The biotech company’s migraine prevention drug Aimovig won Food and Drug Administration approval, making it the first such drug to do so. The injectable drug will have a list price of $6,900 per year, less than some analysts had been expecting. Amgen will market the drug in partnership with Novartis.
Allergan – David Tepper’s Appaloosa Management won FTC clearance to take an activist position in Allergan. Allergan said it welcomed all investments in the company.
Bed Bath & Beyond – The household goods retailer’s president and chief marketing officer, Arthur Stark, resigned but will serve as an unpaid senior adviser to CEO Steven Temares starting in early June.
Spotify – Raymond James began coverage of the music streaming service with a “strong buy” rating, saying Spotify is well-positioned to capitalize on the music industry’s shift to an on-demand model.
Source: Investment Cnbc
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