Check out which companies are making headlines before the bell:
Boeing — Boeing earned $2.47 per share for the fourth quarter, 12 cents a share above estimates. Revenue also exceeded forecasts. The company’s full-year outlook fell short of Street estimates, however. Boeing also expects to deliver 760 to 765 jets this year, compared to 748 last year.
United Technologies — United Technologies matched estimates, with quarterly profit of $1.56 per share. Revenue was also in line with expectations. The results were improved over a year ago, helped by better sales at the Pratt & Whitney engine unit.
Textron — The maker of Bell Helicopters and Cessna aircraft reported adjusted quarterly profit of 80 cents per share, missing estimates by 7 cents a share. Its full-year outlook also fell short of Street forecasts. Separately, Textron announced a deal to buy recreational vehicle maker Arctic Cat for $247 million, or $18.50 per share in cash.
Apple — Apple is close to striking a tax and incentives deal with Indian government officials to manufacture products in India, according to The Wall Street Journal.
Gap Inc. — The apparel retailer announced the departure of Banana Republic unit president Andi Owen late next month. The apparel retailer’s CEO, Art Peck, will oversee Banana Republic while the company searches for a successor.
JetBlue — JPMorgan Chase upgraded the airline’s stock to “overweight” from “neutral,” while downgrading Southwest to “neutral” from “overweight,” based on current valuations and near term passenger revenue figures.
Alcoa — Alcoa reported adjusted quarterly profit of 14 cents per share, 10 cents a share below estimates. The aluminum producer’s revenue was above estimates on higher prices. It was Alcoa’s first quarterly report since the old Alcoa renamed itself Arconic and spun off the aluminum producing unit, which took the Alcoa name.
Michaels Cos. — Michaels gave weaker-than-expected guidance, as well as announcing a secondary stock offering of 18 million shares. The shares are currently held by company stockholders, with the arts and crafts retailer intending to repurchase eight million of those shares.
Texas Instruments — Texas Instruments beat estimates by 6 cents a share, with adjusted quarterly profit of 88 cents per share. The chipmaker’s revenue also exceeded Street forecasts. Texas Instruments was helped by particularly strong results in its automotive and industrial markets.
Capital One Financial — Capital One fell 15 cents a share shy of consensus estimates, with quarterly profit of $1.45 per share. The credit card company also saw revenue fall short. The shortfall was due in part to a 27 percent jump in the company’s provision for credit losses.
Discover Financial — Discover reported quarterly profit of $1.40 per share, 2 cents a share above estimates. The credit card issuer’s revenue was slightly higher than forecasts. Discover saw strong loan growth, although its customer delinquency rate also rose.
Intuitive Surgical — The company exceeded Street forecasts by 10 cents a share, with adjusted quarterly profit of $6.09 per share. The surgical products maker’s revenue beat consensus, as well. Revenue rose by double digits, although the company is also accelerating its spending.
Stryker — Stryker beat estimates by 2 cents a share, with adjusted quarterly profit of $1.78 per share. Revenue was very slightly above forecasts, however the medical device maker said sales and profits would improve at a slower pace in 2017.
Cree — Cree doubled estimates, with adjusted quarterly profit of 20 cents per share. The LED lighting products maker also saw revenue exceeding estimates.
Seagate Technology — Seagate reported adjusted quarterly profit of $1.38 per share, 30 cents a share higher than forecasts. The hard disk maker’s revenue came in above estimates, as well. Seagate is seeing strong demand for cloud-based products, shifting emphasis away from traditional storage.
Cisco Systems — Cisco announced a deal to buy software maker AppDynamics for $3.7 billion. AppDynamics was in the process of planning an initial public offering and had been expected to price tonight. Cisco made the deal with an eye toward boosting its enterprise software product lineup.
Wells Fargo — The bank’s branch managers were warned at least 24 hours in advance when internal inspections were about to take place, according to The Wall Street Journal. The story focused on how the improper sales practices that recently came to light could have gone on for as long as they did.
Bob Evans Farms — Bob Evans is selling its restaurant business to private-equity firm Golden Gate Capital for $565 million. Bob Evans will now focus on its packaged food business.
Plains All American Pipeline — Plains is buying a crude oil gathering system in the Permian Basin from Concho Resources for about $1.22 billion
source”cnbc”
