Check out which companies are making headlines before the bell:
Coca-Cola – The beverage giant beat estimates by a penny a share, with adjusted quarterly profit of 39 cents per share. Revenue also topped forecasts. Overall revenue was down as the company sells off its bottling operations, but organic sales growth increased by a better-than-expected 6 percent.
Kraft Heinz – The food company missed estimates by 5 cents a share, with adjusted quarterly profit of 90 cents per share. Revenue fell short of estimates, as well. Kraft Heinz said its 2017 performance did not reflect either its progress or its potential.
Campbell Soup – Campbell beat estimates by 19 cents a share, with adjusted profit of $1 per share. Revenue was also above forecasts, but organic sales fell by 2 percent and the company said it was disappointed with its overall performance.
Deere – The heavy equipment maker earned an adjusted $1.31 per share, 11 cents a share above estimates. Revenue also beat forecasts. Deere also raised its full-year forecast, saying it would benefit both from tax reform as well as stronger demand in its key markets.
J.M. Smucker – The food producer’s adjusted quarterly profit came to $2.15 per share, once a 35 cent a share benefit from tax reform is factored out, 2 cents a share above estimates. Revenue topped expectations and Smucker raised its full-year forecast amid better cost controls and ongoing benefits from tax reform.
Wynn Resorts – Wynn revealed details of its separation agreement with former CEO Steve Wynn in a Securities and Exchange Commission filing and said Wynn will receive no further compensation or severance under the agreement. Wynn also agreed to a two-year non-competition clause.
Wendy’s – Guggenheim upgraded the restaurant chain’s shares to “buy” from “neutral,” saying the recent pullback in shares has resulted in an attractive valuation. They also cited the company’s recent track record in improving profit margins.
CBS – CBS reported adjusted quarterly profit of $1.20 per share, 6 cents a share above estimates. Revenue also beat forecasts. A slide in ad sales is being offset by higher affiliate and subscription fees.
Shake Shack – Shake Shack beat estimates by 4 cents a share, with adjusted quarterly profit of 10 cents per share. The restaurant chain’s revenue was above Street forecasts, as well. Comparable-store sales rose 0.8 percent, but that was slightly short of the consensus estimate of a 1.0 percent increase. Shake Shack also gave a weaker-than-expected forecast.
TrueCar – TrueCar surprised Wall Street with an adjusted quarterly profit of 5 cents per share, compared to forecasts of a breakeven quarter. The car-buying website reported better-than-expected revenue, as well, but gave a current-quarter revenue forecast shy of estimates.
Sleep Number – Sleep Number came in 14 cents a share above estimates, with adjusted quarterly profit of 33 cents per share. The mattress seller also saw revenue beat forecasts. Sleep Number – the company formerly known as Select Comfort – saw its results helped by sales of its 360 Smart Bed, which was introduced in mid-2017.
Walmart – The retailer is in discussions to purchase a greater than 40 percent stake in India-based e-commerce company Flipkart, according to sources quoted by Reuters. Such a deal would be one of the retailer’s biggest ever overseas transactions. Earlier this month, Bloomberg had reported that Walmart was in talks to buy a stake of up to 20 percent in Flipkart.
Boeing – Boeing has decided to remain in the competition to sell 88 new fighter jets to Canada, according to sources quoted by Reuters. Boeing’s participation had been in doubt due to its trade dispute with Canada involving the sale of jets by Canada’s Bombardier in the U.S.
Avis Budget – The company’s largest shareholder, SRS Investment Management, is planning to seek five more seats on the board of the car rental company. SRS is not normally an activist investor but does currently have two seats on the board and has been urging management to change its strategy to boost the stock’s value.
Con Edison – Con Ed reported adjusted fourth-quarter profit of 80 cents per share, beating estimates by 3 cents a share, and the utility company’s revenue also beat forecasts.
Be the first to comment