Check out the companies making headlines before the bell:
Winnebago – The recreational vehicle maker earned $1.02 per share for its latest quarter, beating estimates by 11 cents, with revenue well above estimates as well. The company said new products are performing well and that it is also successfully managing its costs.
General Electric – GE is being removed from the Dow Jones Industrial Average after being included in the 30-stock index for 111 years. It will be replaced by drugstore chain operator Walgreens Boots Alliance before the open on June 26.
FedEx – FedEx reported adjusted quarterly profit of $5.91 per share, 20 cents a share above consensus. The delivery company’s revenue came in slightly above estimates, however FedEx did give weaker-than-expected full-year guidance.
Oracle – Oracle came in 5 cents a share above estimates, with adjusted quarterly profit of 99 cents per share. The business software maker’s revenue also topped forecasts, however its current-quarter profit outlook came in below the Street’s forecast, with a strengthening U.S. dollar among the negative factors.
Starbucks – The coffee chain announced it would close 150 U.S. stores and said comparable sales growth would fall below Wall Street forecasts. Starbucks sales growth has been impacted by growing competition from McDonald’s, Dunkin’ Brands, and others. Following that news, the stock was downgraded to “market perform” from “outperform” at Telsey Advisory Group, and to “equal-weight” from “overweight” at Morgan Stanley.
Ford – Ford and German automaker Volkswagen are exploring ways to work together on commercial vehicles and other projects, although they say they are not discussing any ownership stakes in each other.
American Airlines – The airline said a computer system glitch that failed at its American Eagle regional carrier has been “stabilized,” after the problem caused 2,500 flights to be canceled over the past week.
21st Century Fox – Fox’s board of directors will meet today to discuss whether to consider NBCUniversal and CNBC parent Comcast’s $65 billion bid for assets it is selling, or to stick with the $52 billion deal it had previously struck with Walt Disney.
PayPal – PayPal announced the acquisition of financial technology company Hyperwallet Systems for about $400 million. Hyperwallet specializes in payments for goods and services sold in online marketplaces.
AT&T – AT&T is in talks to buy digital ad technology company AppNexus for about $1.6 billion, according to The Wall Street Journal.
La-Z-Boy – La-Z-Boy reported adjusted quarterly profit of 72 cents per share, beating estimates by 8 cents a share. The furniture maker saw revenue come in below analysts’ forecasts, however, amid a same-store sales increase of 3.9 percent.
Tesla – Tesla has made about 6,000 Model 3 cars so far in June, according to internal documents cited by Business Insider.
Citigroup – Citi was upgraded to “buy” from “hold” at Deutsche Bank, which notes a 17 percent drop from January highs and the idea that upcoming stress tests should yield favorable results for the bank.
Source: Investment Cnbc
Stocks making the biggest moves premarket: WGO, GE, FDX, ORCL, SBUX & more