Look at the businesses grabbing news before the bell:
– Estee Lauder: The beauty company’s stock climbed 15% after reporting better-than-expected second-quarter results with adjusted earnings per share of 88 cents and revenue of $4.28 billion, exceeding analyst projections.
– Catalent: The pharmaceutical contract manufacturer’s shares surged over 12% after agreeing to a $16.5 billion, all-cash takeover offer by Novo Holdings, expected to close by late 2024.
– Caterpillar: The heavy machinery maker’s shares rose more than 4% after reporting adjusted earnings per share of $5.23 in Q4, with strong revenue growth in North America.
– Air Products and Chemicals: Industrial gas supplier’s shares dropped 9% due to weaker-than-expected Q1 results, with adjusted earnings per share of $2.82 and revenue of $3.00 billion.
– GlobalFoundries: The semiconductor manufacturer’s shares tumbled approximately 2% after JPMorgan downgraded it to neutral from overweight, citing weakening manufacturing activity.
– Nvidia: The chipmaker’s shares increased roughly 3% ahead of quarterly results, after Goldman Sachs raised its price target to $800 based on multiple data points indicating strong demand for accelerated computing.
– Stellantis: Shares of the French-Italian multinational automaker slid 1.7% after financial sources revealed French regulators are reportedly considering a merger with Renault to compete with German and Chinese automakers, says Italian daily Il Messaggero.
– McDonald’s: The fast-food chain’s shares fell slightly after reporting mixed Q4 results, with earnings per share of $2.95 and $6.41 billion in revenue, negatively impacted by Middle East tensions.
– Elanco Animal Health: The pharmaceutical company’s shares popped 7% after Merck Animal Health announced its plans to acquire Elanco’s aqua business in a $1.3 billion cash transaction.
Source (CNBC)
