Check out which companies are making headlines before the bell:
Starbucks — Howard Schultz is stepping down as Chief Executive Officer. Chief Operating Officer Kevin Johnson will become CEO, with Schultz focusing on a new line of high-end coffee shops.
Smith & Wesson — Smith & Wesson beat estimates by 12 cents with adjusted quarterly profit of 68 cents per share, with the gun maker’s revenue also beating forecasts. However, the company did give weaker than expected current quarter guidance.
Big Lots — The discount retailer reported an adjusted quarterly profit of four cents per share, compared to expectations of a one cent per share loss. Revenue did fall below forecasts, and same-store sales were flat compared to estimates of a 1 percent increase, but Big Lots raised its full-year earnings forecast above current Street estimates.
Lululemon — Canaccord downgraded the yoga wear maker to “sell” from “hold,” saying that while Lululemon has improved its supply chain processes, this particular retail category is facing stiffening headwinds.
Square — The mobile payments company was upgraded to “buy” from “hold” at Deutsche Bank, which said the company’s business model is set to capitalize on positive industry trends.
Genesco — The specialty retailer reported adjusted quarterly profit of $1.28 per share, well above estimates of 93 cents, despite missing on the top line. Genesco’s bottom line performance was helped by better expense management as well as share buybacks.
Ulta Salon Cosmetics — The cosmetics retailer reported quarterly profit of $1.40 per share, three cents above estimates, with revenue also above forecasts. Ulta also provided an upbeat current quarter outlook, as it sees continuing momentum in revenue growth and same-store sales.
Vascular Solutions — The medical device maker agreed to be acquired by medical technologies provider Teleflex for $56 per share in cash, or about $1 billion.
Gap — The parent of Gap, Old Navy, and Banana Republic said November comparable store sales fell 1 percent, hurt by general sales weakness as well as a recent warehouse fire. However, the apparel retailer did say it saw improving trends during the second half of the month.
Workday — Workday reported an adjusted quarterly profit of three cents per share, compared to consensus forecasts for a four cents per share loss. The maker of human resources software also saw revenue come in above estimates on rising subscription sales.
American Airlines Group — The airline is cutting 25 percent of its scheduled flights to Cuba for 2017, in a move based on travel demand.
Twitter — Twitter acquired app maker Yes for an undisclosed amount, and appointed Yes founder Keith Coleman as head of its product team. He’s the third product chief for Twitter in less than a year.
Johnson & Johnson — J&J and its DePuy Orthopaedics unit plan to appeal a jury decision that it must pay more than $1 billion to six plaintiffs who claimed to be injured by the unit’s hip implants.
Archer Daniels Midland — ADM sold its 19.9 percent stake in Australian grain handler GrainCorp, three years after trying but failing to acquire that company.
Five Below — Five Below reported quarterly profit of 10 cents per share, beating estimates by a penny, although the discount retailer’s revenue and comparable store sales came up short of analyst forecasts. The company does say it is pleased with the start of the holiday shopping season.
G-III Apparel — G-III fell short on both the top and bottom lines for its latest quarter, and also lowered its full-year forecast. The apparel maker said conditions in the industry remain challenging. G-III is the company behind a wide variety of brands such as Donna Karan, Bass, Calvin Klein and Kenneth Cole.
source”cnbc”
