Check out the companies making headlines before the bell:
Hasbro – The toy maker earned 48 cents per share for the second quarter, well above the consensus estimate of 29 cents. Revenue was also well above estimates. The performance came despite a drop in profit and revenue from a year ago due largely to the bankruptcy and liquidation of the Toys R Us chain.
Halliburton – The oilfield services company matched Street forecasts with earnings of 58 cents per share, while revenue beat estimates. Revenue was up 24 percent from a year earlier, amid higher oil prices and producers putting more rigs in operation.
Cal-Maine Foods – The nation’s largest egg producer beat estimates by a penny a share, with quarterly profit of $1.48 per share. Revenue fell below Street forecasts, however. Cal-Maine said the market may see additional pricing pressure to due to an expected increase in the U.S. laying hen flock and potential excess egg supply.
Fiat Chrysler — Chief Executive Officer Sergio Marchionne has been replaced, after suffering complications from shoulder surgery. Jeep division chief Mike Manley was named to replace Marchionne, who was originally scheduled to retire from the automaker next year.
LifePoint Health – The hospital operator agreed to be bought by affiliates of private-equity firm Apollo Global for $5.6 billion, including $2.9 billion in assumed debt. The price amounts to $65 per share, about 36 percent above LifePoint’s Friday closing price. The deal is helping shares of other hospital stocks, such as Community Health Systems.
GlaxoSmithKline – Glaxo is said to be considering breaking up the company, according to the Financial Times. Some of the British drug maker’s biggest shareholder had been pressing the company’s board to consider spinning off Glaxo’s consumer division.
Papa John’s International – Papa John’s has adopted a shareholder rights plan which would kick in if any shareholder amasses a 15 percent stake in the pizza maker. The plan is designed to prevent a shareholder from gaining control of the pizza chain through open market purchases, and is seen as a move to thwart founder John Schnatter, who resigned as chairman recently following reports that he had used a racial slur during a conference call.
Mondelez International – Mondelez announced a voluntary recall of certain Ritz cracker products on concerns about possible salmonella contamination.
Syntel – Syntel was acquired by French technology service company Atos for $41 per share in cash, a premium of about 4.8 percent over the Michigan-based information technology company’s Friday closing price. The total value of the deal, including assumed debt, is about $3.57 billion.
Tesla – Tesla is asking some suppliers to refund a portion of the money it has previously spent, according to The Wall Street Journal. The paper reviewed a memo sent to a supplier last week, which asked that some of the money spent since 2016 be returned, and that the fulfillment of the request was seen as essential to Tesla’s continued operation.
Philip Morris International – The tobacco producer’s stock was downgraded to “hold” from “buy” at Societe Generale, which expressed uncertainty at future market reception of reduced risk products.
Xerox – Xerox settled a lawsuit with shareholder Centerview Partners, relating to the terminated deal in which Xerox would have been combined with the Fuji Xerox joint venture between the company and Japan’s Fujifilm.
Source: Read Full Article