Check out the companies making headlines before the bell:
Lowe’s – The home improvement retailer beat estimates by a penny a share, with quarterly profit of 80 cents per share. Revenue was slightly below forecasts, and a 1.7 percent comparable-store sales increase was below the Refinitiv forecast of a 2.1 percent rise.
Best Buy – The electronics retailer reported adjusted quarterly profit of $2.72 per share, 15 cents a share above estimates. Revenue also beat forecasts. Comparable-store sales were up 3 percent, better than the 2 percent Refinitiv estimate. Best Buy also gave an upbeat full-year earnings forecast, and announced a dividend increase to 50 cent per share from 45 cents.
Campbell Soup – Campbell beat estimates by 7 cents a share, with adjusted quarterly profit of 77 cents per share. Revenue topped forecasts, as well. Campbell reported flat organic sales, however, and saw profit margins fall.
Office Depot — The office products retailer earned an adjusted 9 cents per share for its latest quarter, 1 cent a share above estimates. Both revenue and comparable-store sales were below analysts’ forecasts, however.
Dean Foods — The nation’s largest milk producer reported a quarterly loss of 50 cents per share, nearly twice the 26 cents a share loss that analysts were anticipating. Revenue exceeded forecasts, but Dean said it experienced a significant increase in input costs. Dean also said it is exploring strategic alternatives including possible asset sales, and announced the suspension of its quarterly dividend.
Weight Watchers – Weight Watchers missed estimates by 14 cents, with adjusted quarterly profit of 46 cents per share. The weight loss company’s revenue also missed forecasts and the company issued weaker-than-expected 2019 revenue guidance. Weight Watchers said it was disappointed with its 2019 start.
Papa John’s – Papa John’s fell 2 cents a share short of estimates, with adjusted quarterly profit of 15 cents per share. The pizza chain’s revenue was also short of analysts’ forecasts. North American comparable-store sales fell 8.1 percent during the quarter, and 7.3 percent for the full year The company’s 2019 comparable-store sales forecast is stronger than analysts had been expecting.
Mylan – Mylan reported adjusted quarterly profit of $1.30 per share, falling 6 cents a share shy of consensus forecasts. The generic drugmaker’s revenue was in line with Street projections. Mylan also issued weaker-than-expected 2019 earnings guidance as it spends more on research, development, and marketing.
Deutsche Bank – U.S. private-equity firm Cerberus would be open to a merger between Deutsche Bank and Commerzbank, according to a Reuters report. Cerberus is a major shareholder in both German banks.
Facebook – Facebook will launch a “clear history” feature later this year, allowing users to erase data related to their interactions with various apps and websites.
Home Depot – Home Depot was downgraded to “market perform” from “outperform” at Telsey, which said it came away from the home improvement retailer’s earnings call with concerns that the guidance of a 5 percent comparable sales increase could prove to be too optimistic.
Rio Tinto – Rio Tinto reported better-than-expected profit for its latest quarter, as well as its highest earnings since 2014. The mining company also announced a regular and special dividend, as well as giving an upbeat outlook for its iron ore business.
Liberty Global – Liberty is in advanced discussions to sell its Swiss internet and digital TV unit to Zurich-based Sunrise Communications for $6.3 billion, according to a Reuters report.
Wynn Resorts – Wynn was fined $20 million in connection with a probe by Nevada regulators into sexual misconduct allegations against former CEO Steve Wynn. It was the largest fine ever assessed by the state’s gambling regulators.
AT&T — The Justice Department said it would not appeal Tuesday’s court ruling rejecting its challenge to the approval of AT&T’s acquisition of Time Warner.
Blackstone Group – The private-equity firm and drugmaker Novartis have formed a joint venture to develop drugs that treat blood clots.
Gap – Gap announced a new $1 billion stock buyback program. The apparel retailer also announced it would maintain its annual dividend at the current 97 cents per share for fiscal 2019.
GW Pharmaceuticals – GW reported better-thanexpected earnings for its latest quarter, although the drugmaker’s revenue was short of Street forecasts. GW Pharma said it is seeing strong demand for its new Epidiolex epilepsy drug.
Palo Alto Networks – Palo Alto beat estimates on both the top and bottom lines, with the cybersecurity company seeing a 33 percent jump in its products business and a 29 percent increase in services revenue. It also gave an upbeat revenue forecast.