Check out which companies are making headlines before the bell:
GameStop – GameStop beat Wall Street estimates by 5 cents a share, with adjusted quarterly earnings of $2.02 per share. The video game and console retailer saw revenue come in ahead of estimates, as well. Comparable-store sales jumped by 12.2 percent, but GameStop did give weaker-than-expected full-year revenue guidance.
PVH – PVH reported adjusted quarterly profit of $1.58 per share, 11 cents a share ahead of consensus forecasts. Revenue also beat estimates and the apparel maker gave upbeat 2018 guidance as sales of its Tommy Hilfiger and Calvin Klein brands remain strong.
Facebook – Facebook will end partnerships with several large data brokers, in response to the controversy over the use of personal information. Those brokers help advertisers target Facebook users, and the news is weighing on the stock of data broker Acxiom, which said 2019 fiscal year revenue and profitability could be hit by as much as $25 million.
Starbucks – Wedbush downgraded the stock to “neutral” from “outperform,” saying it no longer sees the drivers necessary to push comparable-store sales higher for the coffee chain.
Nvidia — Uber Technologies does not use the self-driving platform architecture of Nvidia, the chipmaker’s CEO Jensen Huang said on Wednesday. The ride-hailing service uses Nvidia’s graphics processing units known as GPUs, Huang told an audience on the final day of Nvidia’s GPU conference in San Jose, California.
Constellation Brands – The spirits producer beat estimates by 16 cents a share, with adjusted quarterly profit of $1.90 per share. Revenue also beat forecasts. Constellation’s beer portfolio did particularly well, driven by strong sales of the Modelo and Corona brands.
Movado Group – The watchmaker doubled estimates with adjusted quarterly profit of 52 cents per share, with revenue outstripping forecasts. Movado’s results were helped in part by stronger overseas sales, and the company announced a hike in its quarterly dividend to 20 cents per share from 13 cents. Movado also gave a better-than-expected full-year outlook.
CME Group – CME reached an agreement to buy British financial technology firm NEX Group for $5.5 billion in cash and stock. The exchange operator said the deal would add to its earnings starting in 2019.
HP Inc. – HP Inc. Chief Operating Officer Jonathan Flaxman died Wednesday at age 61. Jos Brenkel, the computer and printer maker’s head of global sales strategy, will serve as interim COO.
General Motors – GM will be asked by its money-losing South Korean unit to roll over a nearly $922 million debt due in April and to cut the interest rate on that debt, according to Reuters.
Boeing – Boeing said it detected a “limited intrusion of malware” that affected a small number of its systems. It added that media reports about the malware disrupting jet production were “overstated and inaccurate.” Separately, Boeing was rated “overweight” in new coverage at Barclays, which said the jetmaker is in the early stages of benefitting from a heightened focus on cost reduction and improved productivity.
Progress Software – Progress beat estimates by 7 cents a share, with adjusted quarterly profit of 54 cents per share. Revenue came in above forecasts and Progress, which specializes in application development and deployment, also raised its full-year forecast.
Verint Systems – Verint reported adjusted quarterly profit of $1.05 per share, 5 cents a share above estimates. Revenue also topped consensus. The maker of customer engagement and security software also raised its full-year outlook.
Pilgrim’s Pride – The poultry producer was rated “buy” in new coverage at Mizuho Securities, saying Pilgrim’s has tools to better manage industry volatility after investing in sustainability and profit margin maintenance.
