Check out the companies making headlines before the bell:
United Technologies – United Technologies said it would separate into three independent companies, with plans to spin off its Otis and Carrier divisions to shareholders. The split, which would leave aerospace operations under the United Technologies banner, is expected to be completed in 2020.
Apple – Apple is under pressure, after President Trump told the Wall Street Journal he would put tariffs on Chinese imports currently not subject to tariffs if negotiations are not successful. That would include Apple’s iPhones. Based on pre-market trading prices, Apple will no longer be the most valuable U.S. publicly traded company, losing that title to Microsoft.
Hibbett Sports – The athletic footwear and apparel retailer fell two cents short of expectations with adjusted quarterly profit of 14 cents per share. Revenue also missed estimates, although Hibbett did post an unexpected comparable store sales increase of 0.1 percent. The company also lowered its adjusted full year earnings guidance to $1.55-$1.65 versus a prior estimate of $1.57 to $1.75.
Novartis – Novartis eye care division Alcon said it expected to pay a dividend to shareholders starting in 2020, following its planned spinoff from the Swiss drug company next year.
Tesla – Tesla sales in China dropped 70 percent in October compared to a year ago, according to a Reuters report quoting information from the China Passenger Car Association. The group said Tesla sold only 211 cars in China last month.
Amazon.com – Amazon announced that Cyber Monday saw the single biggest shopping day in the online retailer’s history.
AT&T – AT&T’s pay-per-view broadcast of the golf match between Tiger Woods and Phil Mickelson drew far more interest than the company had anticipated, according to sources quoted by the Wall Street Journal. Sign-ups may have reached as high as one million customers across multiple providers, although most have provided refunds due to a technical glitch on the day of the broadcast.
Bristol-Myers Squibb – The drug maker said a combination of two cancer drugs did not extend the lives of lung cancer patients in a late stage trial. The combination involved the company’s immunotherapy drug Opdivo combined with cancer treatment Yervoy.
Buckle – Buckle reported quarterly earnings of 42 cents per share, four cents shy of analyst forecasts. The accessories retailer also saw sales fall short of estimates, with comparable store sales falling 1.4 percent.
CVS Health – The drugstore chain operator and pharmacy benefits manager was rated “outperform” in new coverage at Cantor Fitzgerald, noting the company’s strength as an integrated health care company with the capability of innovating across the entire industry landscape.
Spirit Airlines – The airline gave upbeat guidance for the current quarter, including lower costs and higher revenue.
Amarin – The Ireland-based drug maker will collect about $200 million in gross proceeds from a newly priced offering of its American depositary shares. Amarin will use the money for commercialization of its Vascepa drug, a treatment for patients with high levels of triglycerides.