Check out the companies making headlines before the bell:
Tiffany – Tiffany earned $1.03 per share for the first quarter, a penny a share above estimates. Revenue came in below forecasts, however, and a same-store sales decline of 5% was larger than the 1.2% decline anticipated by analysts surveyed by Refinitiv. Tiffany points to currency headwinds and “dramatically lower” spending by foreign tourists.
Lands’ End – The apparel retailer lost 21 cents per share for its latest quarter, smaller than the 31 cents a share loss that analysts had been projecting. Revenue beat estimates, and Lands’ End reported a same-store sales increase of 12% for company operated stores.
Navistar – The truck maker reported better-than-expected earnings and revenue for its fiscal second quarter, and also raised its full-year revenue forecast on higher-than-projected deliveries of trucks and buses.
Box – Box reported an adjusted quarterly loss of 3 cents per share, 2 cents a share smaller than Wall Street had anticipated. The cloud storage company’s revenue was also above estimates, however Box lowered its revenue forecast for the full year.
Coupa Software – Coupa earned an adjusted 3 cents per share for its latest quarter, compared to analysts’ forecasts for a loss of 4 cents per share. The business software company’s revenue also came in above estimates. Coupa raised its full-year revenue forecast, as well as the lower end of its earnings outlook range.
Bemis – Bemis will swap places with toymaker Mattel by joining the S&P 500 while Mattel will join the S&P MidCap 400. The moves will be effective prior to the open of trading on Friday June 7. Bemis, a maker of packaging products, is in the process of merging with Australia-based packaging company Amcor, and will take the Amcor name upon completion of the deal.
Amazon.com, Facebook — Loop Capital raised its price target on Amazon shares to $2,380 from $2,200 while maintaining a “buy” rating, and reiterated its “buy” rating on Facebook while maintaining a $200 price target. Both stocks were under pressure yesterday on the increased likelihood of federal probes into their business practices. Fellow FANG stock Netflix was upgraded to “buy” from “hold” at Loop, which raised the price target to $425, with the firm citing an “unstoppable lead” in subscription video streaming.
Fiat Chrysler – Fiat Chrysler’s bid to buy French automaker Renault is running into opposition from activist hedge fund CIAM. The fund wrote to the board of Renault saying the proposed $35 billion transaction is “opportunistic” and strongly favors Fiat Chrysler.
Tesla – Tesla is facing skepticism about the depth of demand for its electric cars, according to an article in today’s Wall Street Journal.
Match Group – Match Group’s Tinder dating app has been ordered by Russian authorities to share user data and messages with the government and with intelligence agencies.
Uber – Both Mizuho and Deutsche Bank rate Uber a “buy” in new coverage. Deutsche Bank calls the ride-hailing service the most attractive internet IPO since Facebook, while Mizuho points to Uber’s category leading position in ride sharing. Other new ratings on Uber come from Macquarie (outperform), William Blair (outperform), Oppenheimer (outperform), SunTrust (buy), RBC (outperform), and BTIG (buy). Cowen (outperform), Needham (buy), and Bank of America/Merrill Lynch (buy). The flurry of ratings come as the quiet period ends for banks that helped underwrite Uber’s IPO. Separately, Uber is under a federal income tax examination by the Internal Revenue Service for tax years 2013 and 2014, the ride-hailing company said in a filing on Tuesday.
