Check out the companies making headlines before the bell:
Qualcomm – Qualcomm’s $44 billion takeover of NXP Semiconductors has not yet been approved by Chinese regulators, according to sources quoted by Reuters. That runs counter to a prior report that the deal had, in fact, been approved.
AT&T – AT&T completed its acquisition of Time Warner after the government decided not to seek a stay following a judge’s ruling approving the deal. The Justice Department, however, is still considering an appeal.
SandRidge Energy – The company said it has signed confidentiality agreements with 17 potential bidders, as it continues a strategic review process.
Apple – Apple expects cheaper liquid crystal display models to make up the majority of iPhone sales in a lineup to be released this fall, according to The Wall Street Journal. This comes amid a slower than expected transition to newer OLED screens, which are featured in the iPhone X.
21st Century Fox – The New York Yankees are considering buying back Fox’s stake in the YES network if Fox completes a planned asset sale to either Walt Disney or Comcast, according to a Bloomberg report. Fox now owns 80 percent, but an agreement between the parties gives the Yankees the right to buy the stake back if Fox puts it up for sale.
Adobe Systems – Adobe reported adjusted quarterly profit of $1.66 per share, beating consensus estimates by 12 cents a share. The software maker’s revenue also came in above forecasts, and Adobe also gave a strong current-quarter earnings outlook as its digital media business continues to strengthen.
Jabil Circuit – Jabil beat estimates by a penny a share, with adjusted quarterly profit of 46 cents. Revenue also exceeded forecasts. The electronics manufacturer also issued strong current-quarter revenue guidance and announced a $350 million stock buyback.
Canada Goose – The apparel maker reported a quarterly profit of 9 cents per share, compared to analysts’ forecasts of a 10 cents per share loss (all figures are in Canadian currency). Revenue also topped forecasts, and the company also said it believes it is just “scratching the surface” of its global sales potential.
Charter Communications – The New York State Public Service Commission threatened to revoke its approval of Charter’s takeover of Time Warner Cable. The regulator said Charter had failed to meet a condition of the approval requiring certain goals for expanding broadband service availability. Charter has also been hit with a $2 million penalty.
Broadcom – Broadcom is laying off 1,100 workers across various businesses in a move to cut costs after its purchase of rival chipmaker Brocade last November. In a Securities and Exchange Commission filing, Broadcom said it may cut additional jobs in the future as it evaluates its resources.
Kellogg – Kellogg is recalling about 1.3 million cases of its Honey Smacks cereal due to potential salmonella contamination. The Food and Drug Administration said evidence points to more than 60 cases of illness linked to Honey Smacks, and Kellogg said it has launched an investigation of the third party manufacturer that makes Honey Smacks.
Facebook – Facebook top policy strategist Elliot Schrage is leaving that job after a decade. A company spokeswoman told The Wall Street Journal that Schrage initially discussed leaving before the 2016 election, but stayed on to help the company with heightened scrutiny involving misinformation and fabricated news stories. Schrage said in a Facebook post that he would still be an adviser to top executives.
Finisar – Finisar reported adjusted quarterly profit of 5 cents per share, falling short of the 12 cents a share consensus estimate, although the maker of fiber optic components reported revenue in line with forecasts. The company said it was disappointed with the results, pointing to a decline in its gross profit margins.
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