Check out the companies making headlines before the bell:
Facebook — Facebook announced the departure of Chief Product Officer Chris Cox and WhatsApp division head Chris Daniels. Cox said a shift in Facebook’s focus would benefit from new leadership, although he did not explicitly mention CEO Mark Zuckerberg’s move to emphasize private messaging.
Oracle — Oracle reported adjusted quarterly profit of 87 cents per share, 3 cents a share above estimates. Revenue also beat Wall Street forecasts and the business software company forecast current-quarter revenue below estimates, citing the strengthening dollar.
Tesla — Tesla unveiled its Model Y SUV, with CEO Elon Musk saying deliveries would begin in the fall of 2020 at a starting price of $47,000.
Adobe Systems — Adobe beat estimates by 9 cents a share, with adjusted quarterly earnings of $1.71 per share. The software provider’s revenue also topped the Street, however Adobe issued lower-than-expected current-quarter guidance.
Volkswagen — The automaker and former CEO Martin Winterkorn have been charged and sued by the Securities and Exchange Commission, accused of perpetrating a “massive fraud” in connection with its diesel emissions scandal. The SEC said the automaker issued more than $13 billion in debt in U.S. markets when executives already knew about software that allowed diesel cars to exceed legal emissions limits.
Newell Brands — CEO Michael Polk will retire at the end of the second quarter after serving in that role since 2011. During Polk’s tenure, the household goods company had been accused by activist investors Starboard Value and Carl Icahn of missteps, and eventually agreeing to give them board seats and accelerate a turnaround plan.
Netflix — BMO Capital moved Netflix to “top pick,” replacing Amazon, based on increased regulatory risk for Amazon and virtually none for Netflix.
Amazon.com — In contrast to BMO’s move, Amazon was upgraded to “overweight” from “sector weight” at KeyBanc, which pointed to Amazon’s moves to improve profitability at its core retail operation.
AT&T — Raymond James upgraded AT&T to “outperform” from “market perform,” citing the prospect of improved earnings growth and the delivering of AT&T’s balance sheet.
Jabil — Jabil came in 3 cents a share above estimates, with adjusted quarterly profit of 64 cents per share. The electronics manufacturer’s revenue was essentially in line with expectations.
Ulta Beauty — Ulta reported quarterly profit of $3.61 per share, 5 cents a share above estimates. The cosmetics retailer’s revenue was slightly above analysts’ forecasts. Comparable sales jumped 9.4 percent on an increase in customer traffic.
Broadcom — Broadcom exceeded analysts’ forecasts by 32 cents a share, with adjusted quarterly profit of $5.55 per share. The chipmaker’s revenue came in below estimates, however, amid a slowdown in its China business.
Apple — Apple responded to Spotify Technology’s European Union complaint that it unfairly limits rivals to its own streaming music service, Apple Music. Apple said it had approved nearly 200 updates to Spotify’s app, and only requested changes when Spotify tried to sidestep platform rules.
MGM — The company’s MGM China unit was granted a casino license extension in Macau until 2022, putting its expiration in line with rivals.
Rent-A-Center — Rent-A-Center was within its rights to abandon a merger deal with private-equity firm Vintage Capital in 2018, according to a ruling by a Delaware state court. The rent-to-own company also says Vintage owes it a $126.5 million termination fee, but that issue has not been decided yet by the court.
Zumiez —The action sports retailer earned $1.18 per share for its latest quarter, 7 cents a share above estimates. Revenue came in below analysts’ forecasts and Zumiez forecast a current-quarter loss of 7 to 13 cents per share, compared with a consensus estimate of a 7 cents a share loss.
