Safra Catz, CEO of Oracle Corporation, rings the opening bell at the New York Stock Exchange, July 12, 2023.
Brendan Mcdermid | Reuters
Check out the companies making headlines before the bell.
AT&T, Verizon — AT&T and Verizon rose about 1.6% each after Citi upgraded the telecommunications companies to buy, citing a stabilizing competitive wireless environment. The firm also said their current valuations may be over discounting remediation costs related to lead-covered cables.
Best Buy — Best Buy rose about 1.3% after topping Wall Street’s fiscal second-quarter expectations on the top and bottom lines. The retailer reported adjusted earnings of $1.22 a share, ahead of the $1.06 expected by analysts polled by Refinitiv. Revenue came in at $9.58 billion, versus the $9.52 billion anticipated. Best Buy also trimmed its full-year revenue outlook.
Big Lots — Shares of the home discount retailer surged 14% after posting a smaller-than-expected loss. Big Lots reported a loss of $3.24 per share, versus the $4.11 loss per share expected by analysts polled by FactSet. Revenue came in at $1.14 billion, ahead of the $1.10 billion anticipated.
PDD Holdings — U.S.-listed shares of the Chinese e-commerce company popped nearly 14% after PDD reported second-quarter earnings that surpassed Wall Street’s expectations. PDD also said it saw a “positive shift in consumer sentiment” during the second quarter.
3M — Shares of the industrial products maker were higher by less than 1% in early morning trading after the company agreed to pay more than $6 billion to settle lawsuits by current and former U.S. military service members over defective combat earplugs.
Heico — The engine and aircraft parts manufacturer lost more than 5% even after topping fiscal third-quarter revenue expectations. Heico reported revenue of $723 million for the previous quarter, ahead of the $702 million expected by analysts polled by Refinitiv. Heico did report a decline in operating margins to 20.7% from 22.6% a year ago.
Nio — Nio’s stock lost more than 6% before the bell after the Chinese electric vehicle company reported a wider-than-expected quarterly loss. Deliveries also declined from the year-ago period.
J.M. Smucker — Shares of the snack food company rose more than 2% after J.M. Smucker’s fiscal first-quarter earnings topped expectations. The company reported $2.21 in adjusted earnings per share, while analysts were looking for $2.02 per share, according to FactSet’s StreetAccount. J.M. Smucker’s revenue of $1.81 billion did come in under estimates of $1.84 billion, but the company raised its earnings guidance.
Toyota Motor — U.S.-listed shares of Toyota Motor lost about 1% after the automaker halted production at its assembly plants in Japan due to a system malfunction.
— CNBC’s Hakyung Kim, Tanaya Macheel and Jesse Pound contributed reporting.