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Qualcomm, Target, Lowe’s, VF Corp & more

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Qualcomm, Target, Lowe’s, VF Corp & more


Check out the companies making headlines before the bell:

Qualcomm — A federal judge has ruled that Qualcomm unlawfully hindered competition in the mobile phone chip market, and used its dominant position to charge excessive licensing feels.

Target — The retailer earned an adjusted $1.53 per share for the first quarter, 10 cents a share above consensus estimates. Revenue also beat forecasts, and a same-store sales increase of 4.8% beat the 4.2% consensus estimate of analysts polled by Refinitiv.

Lowe’s — The home improvement retailer reported adjusted quarterly profit of $1.22 per share, 11 cents a share below estimates. Both revenue and comparable-store sales were above Wall Street forecasts, but Lowe’s cut its full-year forecast amid profit margin pressures.

VF Corp. — The apparel maker earned an adjusted 60 cents per share for its latest quarter, 2 cents a share above estimates. Revenue also beat forecasts on stronger demand for its North Face clothing and Vans shoes. VF also gave an outlook that came in below current Street consensus, although that outlook factors in the divestiture of the company’s jeans unit.

Advance Auto Parts — The auto parts retailer beat estimates by 10 cents a share, with adjusted quarterly profit of $2.46 per share. Revenue also beat forecasts as same-store sales rose 2.7%.

Nordstrom — Nordstrom reported quarterly profit of 23 cents per share, missing the consensus estimate of 43 cents a share. Revenue came in below forecasts as well, hurt by slower sales of full-priced women’s apparel as well as expenses related to a new loyalty program. The retailer also cut its full-year forecast.

Urban Outfitters — Urban Outfitters beat estimates by 6 cents  a share, with quarterly earnings of 31 cents per share. Revenue also topped forecasts. The apparel retailer saw stronger-than-expected sales at both its Urban Outfitters and Anthropologie chains. It also announced plans to launch an $88 per month clothing rental service.

Pure Storage — Pure Storage lost 11 cents per share for the first quarter, 3 cents a share more than Wall Street had been anticipating. Revenue also missed estimates and the data storage company lowered its revenue outlook for the full year.

Toll Brothers — Toll Brothers came in 12 cents a share ahead of estimates, with quarterly profit of 87 cents per share. The luxury home builder also scored a revenue beat. The company did say, however, that it expected profit margins to be pressured by slower housing demand and increased incentives.

Boeing — Boeing received requests from Air China and China Southern Airlines for compensation related to the grounding of the 737 Max jet. That follows a similar request Tuesday from China Eastern Airlines.

Sony — Sony CEO Kenichiro Yoshida rejected calls from some investors to sell the company’s smartphone business, calling it indispensable to its brand portfolio.

Wynn Resorts — Wynn ended talks to sell its Encore Boston Harbor casino to MGM Resorts. The $2.6 billion casino is expected to open in June.

Avon Products — Avon is near a deal to sell itself to Brazilian cosmetics maker Natura Cosmeticos, according to people familiar with the matter who spoke to The Wall Street Journal. The price could not immediately be learned, but Avon has currently has a market cap of about $1.4 billion.

Amgen — The world’s largest biotech company struck a deal to buy Danish company Nuevolution for about $167 million, to boost its position in drug discovery.


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