Check out which companies are making headlines before the bell:
Broadcom – Broadcom scrapped its bid for rival chipmaker Qualcomm after President Trump blocked the proposed deal. Broadcom said it is disappointed with the outcome but will comply with the president’s order and move ahead with its plan to relocate to the United States.
Ford – The automaker’s stock was upgraded to “overweight” from “underweight” at Morgan Stanley, which said Ford shares have fallen to an attractive level and that the company has its brightest earnings prospects in more than two years.
Signet Jewelers – The jewelry retailer beat estimates by 3 cents with adjusted quarterly profit of $4.28 per share, with revenue beating forecasts as well. Same-store sales were down 5.2 percent, matching the consensus estimate of analysts surveyed by Thomson Reuters. Signet also issued a lower-than-expected earnings forecast for the full year, and also announced a three-year restructuring plan.
Express – The clothing retailer reported adjusted quarterly profit of 34 cents per share, beating estimates by 2 cents, with revenue also above estimates. However, same-store sales did decline by 1 percent more than the consensus estimate of a 0.1 percent drop.
ADP – Bill Ackman’s Pershing Square cut its stock in the payroll processing company to 7.2 percent from the prior 8.79 percent.
Alphabet – Alphabet’s Google unit plans to ban all cryptocurrency-related advertising, according to Google ad executive Scott Spender. He told CNBC that Google is approaching cryptocurrencies with extreme caution because of the potential for consumer harm.
Toyota — Toyota will raise worker pay for the fifth straight year, granting a 3.3 percent increase. However, that amount is less than union workers had wanted.
JPMorgan Chase – The company invested an undisclosed amount in fixed income data startup Mosaic Smart Data. Mosaic is a developer of technology that makes fixed income sales and trading more profitable.
Walmart – The retailer is expanding its grocery home delivery business to 100 cities by the end of the year. Uber Technologies will be one of the retail giant’s partners in the expansion.
MongoDB – MongoDB lost 40 cents per share for its latest quarter, less than the 43 cents that Wall Street analysts were anticipating, while revenue for the database software provider was also above estimates. MongoDB also gave an upbeat full year outlook.
Quest Diagnostics – The medical lab operator was upgraded to “equal-weight” from “underweight” at Morgan Stanley, which also increased the price target on the stock to $103 from $95 per share. Morgan Stanley said Quest now has a more reasonable valuation in line with competitor LabCorp and has a more balanced risk-reward profile.
