Check out which companies are making headlines before the bell:
CVS Health – CVS earned an adjusted $1.33 per share for its latest quarter, two cents a share above estimates. Revenue also topped forecasts, boosted by strong performances in its specialty pharmacy and benefits management businesses.
Time Inc. – The magazine publisher beat estimates by two cents a share, with adjusted quarterly profit of 13 cents per share. Revenue missed forecasts on a drop in ad sales. Time also announced a new cost-cutting initiative aimed at slashing up to $600 million in expenses over the next three to four years.
Norwegian Cruise Line – The cruise line operator earned an adjusted $1.02 per share for the second quarter, five cents a share above estimates. Revenue also beat forecasts. Norwegian said the current booking environment is among the strongest it’s seen in recent history.
Wayfair – The online home furnishings retailer reported an adjusted quarterly loss of 26 cents per share, 20 cents a share smaller than analysts had anticipated. Revenue beat forecasts as Wayfair saw a significant jump in the number of active users.
Michael Kors – The luxury goods seller earned 80 cents per share for its latest quarter, well above estimates of 62 cents a share. Revenue beat forecasts, as same-store sales fell 5.9 percent compared to forecasts of a nine percent drop, and Kors also raised its full-year forecast.
Valeant Pharmaceuticals – The drugmaker reported a second quarter loss and cut its 2017 revenue guidance. The company said it is continuing to reduce debt and resolve legacy issues.
ADP — Bill Ackman’s Pershing Square said it would nominate Ackman and two others to the board of the payroll processing company. ADP had said that Pershing was previously seeking five seats on the board, and now says it will evaluate the nominees now that it has specific names, although it believes its current board has “the right balance of leadership continuity and fresh perspectives.”
CBS – CBS reported adjusted quarterly profit of $1.04, six cents a share above estimates. Revenue also topped forecasts. CEO Les Moonves said the company is positioned for an even better year in 2018, and that the company has had an enthusiastic response to its upcoming fall TV schedule.
Twilio – Twilio lost five cents per share for its latest quarter, smaller than the 11-cent loss that Wall Street analysts were anticipating. The cloud communications company’s revenue also beat forecasts, despite the loss of ride-sharing service Uber as a customer.
LendingClub – LendingClub reported an adjusted quarterly loss of one cent per share, matching estimates, while the online lender’s revenue beat forecasts. The company also gave upbeat revenue guidance for the current quarter and the full year, with loan originations up from a year ago.
Avis Budget – Avis Budget missed estimates by 25 cents with adjusted quarterly profit of 30 cents per share. The car rental company’s revenue fell short of forecasts, as well. The company’s full-year earnings outlook also falls largely short of Street projections. Avis Budget is being affected in part because of lower used car prices and higher fleet costs.
Marriott – Marriott came in 11 cents a share ahead of estimates, with adjusted quarterly profit of $1.13 per share. The hotel chain’s revenue also above forecasts. Marriott’s current-quarter guidance is being impacted by flat North American revenue, but its full-year guidance is still above consensus forecasts.
Tenet Healthcare – Tenet reported a loss of 17 cents per share for its latest quarter, one cent a share wider than anticipated. The hospital operator’s revenue fell shy of forecasts. It also cut its full-year guidance, as it weathers the impact of a drop in patient volume.
Citigroup – Citi will pay $130 million to settle a Libor rigging lawsuit, in which Citi and banking rivals were accused of conspiring to manipulate that benchmark interest rate. The bank does not admit wrongdoing in agreeing to the settlement.
Wells Fargo – Wells Fargo is facing yet another controversy, according to the New York Times. The paper said the bank is facing new regulatory scrutiny for allegedly not refunding insurance money owed to customers who paid off car loans early.
Source: Investment Cnbc
Early movers: CVS, TIME, NCLH, W, KORS, VRX, ADP, CBS,TWLO & more