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Best Buy, Hormel, T-Mobile, Sprint, L Brands & more

Best Buy, Hormel, T-Mobile, Sprint, L Brands & more


Best Buy, Hormel, T-Mobile, Sprint, L Brands & more


Check out the companies making headlines before the bell:

Best Buy — The electronics retailer’s quarterly earnings came in 16 cents a share above estimates at an adjusted $1.02 per share, with revenue beating forecast as well. Comparable-store sales were up 1.1%, beating the 0.9% consensus estimate of analysts surveyed by Refinitiv.

Hormel — Hormel reported adjusted quarterly profit of 46 cents per share, beating estimates by a penny a share. Revenue was short of forecasts, however, and the company also cut its full-year outlook as African Swine Fever impacts its beef and pork markets.

T-Mobile US, Sprint — Sources tell CNBC’s Andrew Ross Sorkin that Justice Department antitrust division head Makan Delrahim has not made a decision on whether to allow the proposed T-Mobile-Sprint deal, despite reports that staff is recommending the deal be blocked.

Medtronic — The medical device maker beat estimates by 8 cents a share, with adjusted quarterly profit of $1.54 per share, with revenue also beating Wall Street forecasts. Medtronic also issued a full-year earnings outlook range that is largely above current consensus.

L Brands — L Brands reported quarterly profit of 14 cents per share, surprising analysts who had expected a breakeven quarter. The Victoria’s Secret parent also raised its outlook for the full year, on the heels of record results for its Bath & Body Works unit.

Avon Products — Avon agreed to be bought by Brazilian cosmetics maker Natura Cosmeticos in a stock swap deal that values Avon at $2 billion. Avon had confirmed Wednesday that the two sides were in acquisition talks.

Boeing — Acting Federal Aviation Administration Chief Dan Elwell said there is no specific timetable for approving the return of Boeing’s grounded 737 Max jet to service. The FAA is meeting with airline regulators from about 30 countries today to discuss the software fix for the jet as well as new pilot training developed by Boeing.

Harley-Davidson — Harley executive Larry Hund told The Wall Street Journal that expanding its loan operation will be a key part of the company’s strategy to attract new and younger motorcycle buyers, as it plans to introduce 100 new models through 2027.

Spotify — Spotify has notified an unspecified number of users that it has reset their passwords, according to a Tech Crunch report. The music streaming service said the reset was due to “detected suspicious activity” but did not elaborate.

NetApp — NetApp reported fiscal fourth quarter profit of $1.22 per share, missing consensus estimates by 4 cents a share, with the data storage company’s revenue also falling short of Wall Street forecasts. NetApp also gave a weaker-than-expected forecast. The company raised its quarterly dividend, however, to 48 cents per share from 40 cents a share.

Deutsche Bank — Deutsche Bank shares fell to a record low as the bank held its annual meeting in Frankfurt. CEO Christian Sewing said he was ready to make “tough cutbacks” to the company’s investment bank, following several restructuring attempts.

Tyson Foods — The meat and poultry processor is in talks to invest billions in Kazakhstan to avoid Chinese tariffs, according to the Financial Times. The talks are set to center around setting up a beef-processing plant, with an initial investment of $200 million.

Chipotle Mexican Grill — The restaurant chain was downgraded to “underperform” from “market perform” at BMO Capital, which said the impact of African Swine Fever on Chipotle’s operations is underappreciated.


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