PepsiCo, Intel, Philips and more
Check out the companies making headlines before the bell:
PepsiCo (PEP) – The snack and beverage maker reported an adjusted quarterly profit of $1.97 per share, 13 cents above estimates, with revenue also topping forecasts. PepsiCo was able to successfully raise prices on its products and raised its guidance for the year. The stock gained 2.4% in the premarket.
Intel (INTC) – Intel added 1% in premarket trading following a Bloomberg report that the chip maker was planning to cut thousands of jobs to deal with a slumping personal computer market. Intel had 113,700 employees as of July.
Philips (PHG) – Philips shares slumped 8.1% in the premarket after the Dutch health technology company said its third-quarter core profit would be down about 60% from a year ago. The company also said it would take a nearly $1.3 billion charge against the value of its troubled respiratory care business.
Cameco (CCJ) – The uranium producer and power plant operator Brookfield Renewable Partners (BEP) will buy nuclear power equipment maker Westinghouse Electric in a deal worth $7.9 billion, including debt. Cameco tumbled 11.5% in premarket action, while Brookfield was unchanged.
Diamondback Energy (FANG) – Diamondback Energy announced a deal to buy energy producer FireBird Energy for $1.6 billion in cash and stock. Diamondback fell 1% in the premarket.
El Pollo Loco (LOCO) – El Pollo Loco shares rallied 15.2% in premarket action after the restaurant operator announced a $1.50 per share special dividend and a stock repurchase program worth up to $20 million.
CME Group (CME) – The exchange operator’s stock was upgraded to buy from hold at Deutsche Bank, citing an attractive valuation after shares fell 33% from March’s 52-week high. CME added 1.2% in premarket action.
Lyft (LYFT) – Lyft gained 4.3% in the premarket after Gordon Haskett upgraded the stock to buy from hold. The firm said the ride-hailing service’s stock is now attractively valued and an improving driver supply and other factors should help Lyft’s results. The stock tumbled yesterday after the Labor Department issued a new proposal that may classify drivers as employees rather than contractors.
Norwegian Cruise Line (NCLH) – Norwegian jumped 3.5% in premarket trading after being upgraded to buy from neutral at UBS, which noted a significant improvement in bookings for the cruise line.
KnowBe4 (KNBE) – The cybersecurity firm is close to finalizing a deal to be bought by private equity firm Vista Equity Partners for about $4.5 billion, according to people familiar with the matter who spoke to the Wall Street Journal. KnowBe4 stock surged 12.3% in premarket action.