Check out which companies are making headlines before the bell:
Merck — The drugmaker earned an adjusted 93 cents per share for the second quarter, two cents a share above estimates. Revenue beat forecasts, and Merck also raised the lower end of its full-year guidance.
Cigna — The insurance company reported quarterly profit of $1.98 per share, missing estimates of $2.39 a share. Revenue was also below forecasts, as group disability and life insurance results fell shy of expectations. Cigna also cut its full-year forecast.
Spirit Airlines — Spirit posted a quarterly profit of $1.11 per share, topping expectations of $1.08 a share. Revenue fell below Street forecasts, however. The company said it was experiencing pressure on yields and expects that to continue through the summer travel season.
AutoNation — The car retailer earned $1.08 per share for the second quarter, three cents a share better than estimates. Revenue was slightly short of Street forecasts. The company said it is beginning to see benefits from cost structure and inventory adjustments.
Xerox — Xerox came in five cents a share above estimates, with adjusted quarterly profit of 30 cents per share. Revenue was in line with forecasts. The company was able to beat on the bottom line despite slowing sales of printers and copiers, and negative effects from currency fluctuations.
Lexmark — The enterprise hardware and software maker reported adjusted quarterly profit of 69 cents per share, six cents a share above estimates. The company also beat on the top line. Lexmark also said that shareholders have approved the company’s buyout by a consortium of private-equity investors.
Newell Brands — The household products maker earned 78 cents per share for its latest quarter, six cents a share above estimates. Revenue also scored a beat. The company formerly known as Newell Rubbermaid enjoyed strong sales for both legacy brands and those it acquired when it bought Jarden Corp., such as Yankee Candle.
Amazon.com — Amazon reported adjusted quarterly profit of $1.78 per share, well above estimates of $1.11 a share. The online retail giant’s revenue also beat estimates, driven by an increase in Prime subscriptions and growth for its cloud services business.
Alphabet — Alphabet beat estimates by 38 cents a share, with adjusted quarterly earnings of $8.42 per share. Revenue also exceeded Street forecasts. The Google parent saw an increase in users and in its mobile ad business.
Facebook — Facebook may owe up to $5 billion in additional taxes, according to a Securities and Exchange Commission (SEC) filing. The social media giant said the Internal Revenue Service is looking into the tax implications of the transfer of assets overseas.
CBS — CBS posted second-quarter profit of 93 cents per share, seven cents a share better than estimates. Revenue was slightly above forecasts, as well. The company’s results were helped by new deals involving the Star Trek franchise, but it also saw advertising revenue drop by 2.6 percent compared to a year earlier.
Wynn Resorts — The casino operator reported adjusted quarterly profit of $1.07 per share, compared to estimates of 91 cents a share. Revenue also scored a slight beat. Wynn was helped by an increase in revenue from its operations in Macau, in contrast to declines of recent years.
Deckers Outdoor — Deckers lost $1.80 per share for its latest quarter, smaller than the $2.07 per share loss expected by analysts. The company’s revenue was better than analysts had been predicting, although its current-quarter earnings guidance is slightly below forecasts. The maker of UGG and other footwear brands saw same-store sales fall 7.3 percent during the just-concluded first quarter.
Expedia — Expedia earned an adjusted 83 cents per share for the second quarter, five cents a share higher than estimates. The travel website operator saw revenue miss forecasts, however, due to higher promotional spending and discounts. Expedia Chief Financial Officer Mark Okerstrom also told Reuters that recent terrorist attacks in Europe have impacted its business.
Western Digital — Western Digital came in eight cents a share above estimates, with adjusted quarterly profit of 79 cents per share. The disk drive maker’s revenue also exceeded forecasts. The recent purchase of SanDisk helped increase sales, although it also contributed additional costs during the just-concluded fiscal year.
General Electric — Chief Executive Officer Jeff Immelt bought 50,000 GE shares for about $1.57 million, according to an SEC filing.
Microsoft — Microsoft will cut about 2,850 more jobs over the next year. That brings the software giant’s total planned cuts to about four percent of its workforce, or about 4,700 workers.
Apple — Apple will unveil a redesigned version of its app store in the next few weeks, according to a Bloomberg report. The new version takes a page from Amazon by using a customer’s buying history to recommend new purchases.
Anheuser-Busch InBev — Anheuser said its latest offer for rival beer brewer was final and would not be changed. Earlier this week, AB InBev raised its offer by one pound per share to account for the drop in the value of the British currency following the Brexit vote.
Sanofi — Sanofi reported a nine percent drop in profit for the second quarter, as the French drugmaker’s sales of diabetes drugs in the U.S. hurt its bottom line. Sanofi was also affected by currency fluctuations.
Sony — Sony surprised analysts by reporting a fiscal first quarter profit, powered by sales of its PlayStation 4 video game console.
CORRECTION: This article was updated to show Spirit Airlines reported adjusted earnings of $1.11 a share, topping expectations.
[“source -cncb”]
