Check out which companies are making headlines before the bell:
BlackBerry – The communication software and services company reported adjusted quarterly profit of two cents per share, compared to forecasts for a breakeven quarter. Revenue did fall below estimates, but the company left its full-year forecast intact and notes that it was profitable for a third straight quarter. BlackBerry also announced a common share purchase program of up to 31 million shares.
Finish Line – The athletic apparel and footwear retailer earned an adjusted 23 cents per share for its latest quarter, matching estimates, but revenue fell below Wall Street forecasts. Comparable-store sales fell 1.1 percent during the quarter, but Finish Line does predict a comp-store sales increase for the full year in the low single digit range.
Caterpillar – Caterpillar was downgraded to “hold” from “buy” at Deutsche Bank, which also cut its price target on the heavy equipment maker’s stock to $106 from $121. The firm notes that its forecast for the company’s earnings are well ahead of Street consensus, but it feels that optimism surrounding a rebound in the company’s key markets is already reflected in the stock’s price.
Medtronic – The medical device maker increased its quarterly dividend by seven percent to 46 cents per share.
Repligen – The life sciences company is buying privately held filtration technology provider Spectrum for $359 million in cash and stock.
U.S. Steel, AK Steel – Deutsche Bank upgraded both stocks to “buy” from “hold,” noting AK’s moves to improve profitability and the idea that U.S. Steel will benefit from improved steel pricing and trade protection measures.
Starbucks – KeyBanc began coverage on the coffee chain with an “overweight” rating, noting its strong sales and earnings outlook and the company’s ability to expand usage through new platforms.
Bed Bath & Beyond — The home goods retailer reported quarterly profit of 53 cents per share. That came in 13 cents a share below estimates, with revenue also falling slightly below Street forecasts. The retailer said it saw softness in in-store sales, although digital sales growth was strong.
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo – These and other financial stocks will be on watch today after all 34 banks facing the Dodd-Frank stress tests were determined to be able to operate under severely adverse conditions.
Goldman Sachs, Morgan Stanley – Goldman and Morgan got some negative attention following the stress tests, with a Wall Street Journal column saying the Fed may decide not to let those two companies return as much cash to shareholders as they wish, due to some key ratios falling close to the lower limit.
American Airlines Group — CEO Doug Parker told CNBC that he found the attempt by Qatar Airways to buy as much as 10 percent of the airline “confusing,” as well as “misguided and ill-conceived.”
Sonic – The restaurant chain beat estimates by two cents a share, with quarterly profit of 43 cents per share. Revenue missed forecasts, however, and Sonic also issued lower-than-expected guidance.
Restaurant Brands International – The company said it would cut the use of antibiotics in its chicken supply. The parent of Burger King and Tim Hortons said it would apply the new policy over time but intends to complete the transition by the end of 2018.
Sears Holdings – The retailer will reportedly close 20 more U.S. Sears stores on top of the more than 200 closures it has already announced.
Amazon.com – Amazon is the subject of a negative mention in the Wall Street Journal’s Streetwise column this morning, saying Amazon hasn’t shown how it will make money from the $13.7 billion acquisition of Whole Foods and that shareholders are being overly trusting.
Source: Investment Cnbc
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