Check out the companies making headlines before the bell:
HP Inc. – The printer and computer maker is expecting to cut up to 5,000 jobs by the end of fiscal 2019 as part of its restructuring program.
Signet Jewelers – The jewelry retailer earned 10 cents per share for its latest quarter, compared to a consensus forecast of a 9 cents per share loss. Revenue beat estimates, and a comparable-store sales decline of 0.1 percent was smaller than the 2.8 percent drop that analysts had anticipated.
Cigna – The health insurer was upgraded to “buy” from “neutral” at Goldman Sachs, which also raised its 12-month price target on the stock to $212 per share from $193 a share. Goldman feels Cigna is positioned to continue to increase market share gains in the commercial risk market, among other factors.
Twitter – The company announced its intent to offer $1 billion in convertible notes due in 2024. The notes would be convertible into cash, shares, or a combination of the two at Twitter’s discretion.
Ambarella – Ambarella reported adjusted quarterly profit of 13 cents per share, beating consensus estimates by four cents, while the camera component supplier also saw revenue beat forecasts. However, Ambarella also gave weaker than expected current quarter revenue guidance.
Brown-Forman – The spirits producer earned 23 cents per share for its latest quarter, one cent above estimates. Revenue, however, did fall below Street forecasts.
Tesla — CEO Elon Musk said the automaker was “quite likely” to be building 5,000 Model 3 cars per week by the end of June. Musk made his comments at Tesla’s annual shareholder meeting.
Honda – Honda will begin selling its six-seat business jet known as the “Hondajet” in Japan next year, as it tries to expand the global market for the jet. The aircraft is currently sold in North America, Europe, and the Middle East.
Facebook – Facebook said it has data-sharing deals with four Chinese companies that have sparked US security concerns in the past: smartphone makers Huawei, OPPO, and TCL, as well as computer maker Lenovo. However, Facebook said it has either wound down or is in the process of winding those partnerships down, and denies reports that data from a user’s friends could be accessed without explicit permission.
Northrop Grumman – The defense contractor won approval from US regulators for its deal to buy rocket component supplier Orbital ATK for $7.8 billion. Based on the completion of the deal, the company raised its full-year revenue outlook.
Valeant Pharmaceuticals – The drug maker’s stock was upgraded to “overweight” from “equal weight” at Barclays, which said Valeant’s business has now stabilized to the point where its new product pipeline will provide growth.
Tronc – The publishing company’s top shareholder – former chairman Michael Ferro Jr.’s Merrick Venture Management – has canceled its deal to sell its stake to McCormick Media. The fund said that McCormick had breached its obligations, although it did not detail what constituted that breach.
Yelp – Yelp was downgraded to “sector weight” from “overweight” at Keybanc, which pointed to signs of weakening customer engagement for the consumer review website.
Ollie’s Bargain Outlet – The discount retailer beat estimates by four cents with quarterly profit of 41 cents per share, while revenue beat estimates as well. Profits were helped by new store openings, and Ollie’s also raised its full-year outlook.
Macy’s, Kohl’s – Atlantic Equities downgraded both retailers, dropping Macy’s to “neutral” from “overweight, and Kohl’s to “underweight” from “neutral”. The firm still expects solid results from both, but said higher expectations are now reflected in the share prices.
Source: Investment Cnbc
Stocks making the biggest moves premarket: HPQ, SIG, CI, TWTR, AMBA & more