According to CNBC, here are the companies making headlines before the bell:
1. Occidental Petroleum: Occidental Petroleum saw a 1.1% decline in shares after announcing its agreement to acquire privately held energy producer CrownRock for $12 billion. In addition, Occidental Petroleum revealed an increase in its quarterly dividend from 18 cents to 22 cents per share.
2. Pinterest: Pinterest experienced a 3.3% rally following an upgrade to “outperform” from “sector perform” by RBC. Analysts believe that Pinterest presents an opportunity to tap into the shift toward internet-based advertising platforms, which are targeting the $241 billion impulse shopping advertising market.
3. Macy’s: Macy’s saw a notable 16% increase in its stock price following reports of a buyout offer for the company. Investment firms have allegedly offered to purchase Macy’s for $5.8 billion, or $21 per share. The buyout offer was first reported by The Wall Street Journal.
4. Nordstrom and Kohl’s: Shares of both Nordstrom and Kohl’s surged approximately 3.7% in response to the news of Macy’s buyout offer.
5. Nike: Nike experienced a 1.6% gain in its stock price after receiving an upgrade from Citi, which raised its rating from “neutral” to “buy.” Citi’s analyst, Paul Lejuez, remains optimistic about Nike’s ability to protect its earnings-per-share despite the current volatile macroeconomic environment. Additionally, Barclays reiterated its bullish stance on the stock.
6. Cigna and Humana: Cigna’s stock soared by 13.9% after announcing the abandonment of its attempt to negotiate an acquisition of rival company Humana. This decision led to a 2.1% increase in Humana’s early morning trading. The deal talks fell through due to a failure to agree on the price.
Source (CNBC)
