Check out which companies are making headlines before the bell:
Johnson & Johnson – Johnson & Johnson reported adjusted quarterly profit of $1.74 per share, 2 cents a share above estimates. Revenue also beat forecasts, with J&J benefiting from strong demand in its pharmaceutical business.
Procter & Gamble – The consumer products giant topped estimates by 5 cents a share, with adjusted quarterly profit of $1.19 per share. Revenue also beat forecasts. Profits were down from a year earlier, primarily due to the sale of the company’s beauty brands and a one-time charge related to tax reform.
Travelers – The insurance company reported adjusted quarterly profit of $2.28 per share, beating the consensus estimate of $1.51 a share. Revenue came in ahead of forecasts, despite charges related to the widespread wildfires in California.
Verizon – Verizon fell 2 cents shy of forecasts with adjusted quarterly profit of 86 cents per share, although revenue beat forecasts. Verizon also said it would see positive cash flow from tax reform this year of $3.5 billion to $4 billion.
JPMorgan Chase – The bank announced a $20 billion investment program following the implementation of the new tax law. Wages for 22,000 employees will be increased by an average 10 percent, and the bank will hire 4,000 employees and open up to 400 Chase branches in new cities.
Netflix – Netflix reported in-line earnings at 41 cents per share, with revenue in line, as well. The video streaming service added more subscribers than analysts had anticipated during the fourth quarter, however, and the company gave upbeat guidance for the coming year. Netflix is poised to cross $100 billion in market cap for the first time in today’s trading.
Adobe Systems – Adobe raised its profit forecast for the current quarter and the full year, thanks to what it calls a substantial decline in its tax rate. The software company also announced the pending retirement of Chief Financial Officer Mark Garrett, who will stay until a replacement is found.
TD Ameritrade – TD Ameritrade reported quarterly profit of 52 cents per share, beating estimates by 2 cents a share. The discount brokerage firm’s revenue was slightly above Street forecasts and the company lifted its outlook for the full year based on gains stemming from the new tax law.
Clorox — Chief Financial Officer Steve Robb will retire on March 31. He’ll be replaced by Kevin Jacobsen, who is currently vice president for financial planning and analysis at the consumer products company and has been with Clorox since 1995.
21st Century Fox – Fox is running into a snag in its attempt to buy the 61 percent of British broadcaster Sky that it does not already own. British competition officials say the $15 billion deal is not in the public interest and would be blocked without a variety of remedies.
Tesla – Tesla is linking CEO Elon Musk’s compensation to the automaker’s performance. Tesla said Musk will get no guaranteed compensation of any kind, and his pay will be based on various market cap and operational milestones.
Logitech – Logitech raised its full-year guidance for the second time this fiscal year, following strong quarterly numbers from the maker of computer mice, keyboards, and other peripheral devices.
Citigroup – The bank has received formal permission to launch an investment banking business in Saudi Arabia.
Sanofi – Sanofi was downgraded to “underweight” from “equal-weight at Barclays, which calls the drugmaker’s acquisition of U.S. hemophilia treatment maker Bioverativ questionable and overpriced.
Wayfair – The furniture retailer was cut to “hold” from “buy” at Stifel Nicolaus, which cited valuation after the stock more than doubled over the past year.
Dick’s Sporting Goods – The sporting goods retailer was upgraded to “positive” from “neutral” at Susquehanna Financial, given the improved weather and a “low bar” in terms of comparable sales improvement.
