Boeing, Anadarko Petroleum, Caterpillar, AT&T & more

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Check out the companies making headlines before the bell:

Anadarko Petroleum — Occidental Petroleum is offering $76 per share for Anadarko, topping the deal that Chevron has in place to buy Anadarko. Occidental CEO Vicki Hollub told CNBC that Occidental is the best acquirer for Anadarko given its experience in shale and in the Permian Basin.

Boeing — Boeing earned an adjusted $3.16 per share for the first quarter, matching estimates, with revenue slightly below forecast. Boeing is pulling its 2019 guidance and suspending its share repurchase program due to uncertainty surrounding the grounding of its 737 MAX aircraft.

Caterpillar — Caterpillar reported adjusted quarterly profit of $2.94 per share, beating estimates by 9 cents a share, with the heavy equipment maker’s revenue also topping forecasts.

Stanley Black & Decker — The tool maker earned an adjusted $1.42 per share for the first quarter, beating the consensus estimate of $1.42 a share. Revenue also beat forecasts and the company raised its full-year adjusted profit forecast to $8.50 to $8.70 per share, compared to an $8.52 consensus estimate.

AT&T — AT&T reported earnings of 86 cents per share for the first quarter, matching forecasts, but revenue came in below estimates. AT&T reported a surprise increase in wireless customers, and also said it would pay off 75% of the debt incurred in its Time Warner deal by the end of the year.

Anthem — The health insurer beat estimates by 22 cents a share, with adjusted quarterly profit of $6.03 per share. Revenue also topped forecasts, helped by strong membership growth, and Anthem also raised its full-year forecast.

Kraft Heinz — Kraft Heinz is weighing the sale of its Ore-Ida frozen potato brand, maker of Tater Tots, according to people familiar with the situation who spoke to CNBC. Kraft Heinz has hired Evercore Partners to assist in the possible sale.

Snap — Snap lost 10 cents per share for its latest quarter, smaller than the 12 cents a share loss expected by Wall Street. The Snapchat parent’s revenue came in above estimates, and Snap said its advertisements are reaching more 13- to 24-year-olds than ones on Facebook’s Instagram service.

CBS — CBS suspended its search for a new chief executive officer, instead extending the term of acting CEO Joe Ianniello through the end of the year. The move has reignited speculation that CBS and Viacom may once again explore a potential merger.

Texas Instruments — Texas Instruments reported quarterly profit of $1.26 per share, 13 cents a share above estimates. The chipmaker’s revenue also came in above Wall Street forecasts, however the company warned that a slowdown in microchip demand may last for a few more quarters.

STMicroelectronics — The European chipmaker cut its full-year spending target, as demand for smartphone and other semiconductors shrinks.

EBay — EBay came in 4 cents a share above estimates with adjusted quarterly profit of 67 cents per share. The online marketplace’s revenue was also above forecasts and EBay raised its profit and revenue outlook for the full-year, amid a rise in active buyers.

SAP — SAP posted on operating loss for its latest quarter, largely from a restructuring charge. The German business software provider did set a goal of expanding operating margins by five percentage points by 2023.

Tesla — Tesla will bring back lower priced versions of its Model S and Model X cars, reversing plans to phase them out.

Rite Aid — The drugstore chain plans to increase its minimum age for buying tobacco products to 21 from 18, matching a move made by rival Walgreens.

PG&E — PG&E received court approval to pay workers up to $350 million in bonuses as incentives to help the California utility meet its safety goals. Separately, Berkshire Hathaway is not buying PG&E, Warren Buffett told CNBC’s Becky Quick. This knocks down a report earlier Wednesday that had caused shares of the troubled utility to surge.

Lululemon — Lululemon CEO Calvin McDonald told The Wall Street Journal that the apparel maker has no plans to cut prices, despite the proliferation of copycat products hitting the marketplace.

Best Buy — Best Buy was upgraded to “buy” from “hold” at Jefferies, which points to optimism regarding the electronics retailer’s expansion of services.

iRobot — iRobot posted first quarter profit of 78 cents, beating the 60 cents a share consensus estimate. The maker of the Roomba vacuum cleaner saw revenue fall short of forecasts, however, posting sales of $237.7 million compared to a consensus forecast of $251.4 million. iRobot did raise its full year earnings forecast.

2019-04-24 12:20:00

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