Check out which companies are making headlines before the bell:
JPMorgan Chase – The bank reported second quarter earnings of $1.82 per share, beating estimates of $1.58 a share. Revenue also came in above forecasts. The bank’s results were helped by lending, although trading results were lower.
Wells Fargo – Wells Fargo reported quarterly profit of $1.07 per share for the second quarter, although that did include a four-cent-a-share tax benefit. The consensus estimate was $1.01 per share. Wells did see revenue fall below Street forecasts, however.
Citigroup – Citi beat estimates by seven cents a share, with quarterly profit of $1.28 per share. Revenue also came in above Street forecasts. Citi did see a drop in trading revenue during the quarter, which contributed to lower profit compared to a year ago.
Wal-Mart – The retailer’s stock was upgraded to “buy” from “neutral” at Goldman Sachs, which also added Wal-Mart to its “Conviction Buy” list. Goldman said the company was well-positioned to succeed in the evolving world of mass market retail and to weather competition from Amazon.com.
Boeing – Boeing was upgraded to “overweight” from “neutral” at JPMorgan Chase, which thinks the stock is poised to benefit further from positive aerospace industry fundamentals even after its recent run-up.
Fiat Chrysler – The automaker issued a worldwide recall for 1.33 million vehicles. The recall involves two separate campaigns, one for potential fire risks, the other for airbag issues which may result in accidental deployment.
Gap – JPMorgan Chase added the clothing retailer’s stock to its “Focus List,” following a meeting with company management. The firm said Gap’s free cash flow, dividend yield, and current valuation is “too hard to ignore” despite a challenging retail environment.
Snap – Cowen downgraded the Snapchat parent to “market perform” from “outperform,” given the competitive environment in the digital advertising area.
CyberArk Software – The cybersecurity software company cut its current-quarter earnings and revenue forecast, due primarily to its performance in Europe, the Middle East, and Africa, where certain anticipated deals did not close.
Mylan – A Food and Drug Administration panel recommended approval of Mylan’s Trastuzumab, a biosimilar version of the Genentech/Roche cancer drug Herceptin.
PNC Financial – The bank earned $2.10 per share for the second quarter, eight cents a share above estimates. Revenue beat forecasts, as well. PNC’s results were boosted by higher interest income.
Arconic — The engineered metals supplier facing a shareholder lawsuit over the deadly fire at London’s Grenfell Tower. A shareholder has sued, accusing the company of defrauding shareholders by allegedly failing to disclose the use of flammable panels. Arconic declined to comment on the suit.
AT&T — Chief Executive Officer Randall Stephenson will become executive chairman after the company completes its acquisition of Time Warner, according to a Bloomberg report. Two CEOs will reportedly be independent managers of the company’s telecommunications and media businesses.
AstraZeneca – The shares are on watch for a second day, on continued uncertainty over the future of Chief Executive Officer Pascal Soriot. That follows media reports that Soriot would be leaving the drugmaker to take the CEO role at Teva Pharmaceutical.
Anthem – Anthem filed a lawsuit against drugmaker Insys Therapeutics, with the health insurer charging that Insys paid kickbacks to doctors and made false statements to anthem to receive reimbursements for its opioid drug Subsys.
Monsanto – Monsanto’s pesticide dicamba faces new restrictions in Tennessee, which has become the fourth state to limit use of the weed killer. Farmers have been upset over the damage it causes to crops such as soybeans when it drifts to crops other than the ones it was designed to treat.
Honda – The automaker is unveiling its next-generation Accord, with the unveiling scheduled to take place in Detroit today. That comes as rival Toyota gets set to introduce its all-new Camry – a major competitor to the accord – later this month.
Source: Investment Cnbc
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