Check out the companies making headlines before the bell:
The Medicines Co. – The company will be bought by Swiss drugmaker Novartis for $9.7 billion or $85 per share in cash. Novartis is buying the US-based biotech company to acquire its injectable cholesterol drug inclisiran.
Uber Technologies – The ride-hailing company was stripped of its London operating license for the second time in two years. Regulators said Uber had allowed unauthorized drivers to upload their photos to other drivers’ accounts, endangering passenger safety.
HP Inc. – The computer and printer maker issued a new rejection of Xerox’s takeover interest, telling the office equipment maker in a letter that it did not have faith in Xerox’s ability to raise enough cash.
Netflix – Wells Fargo downgraded the stock to “underperform” from “market perform” at Wells Fargo, which said the Street is overestimating the video streaming service’s free cash flow and also pointed to increasing competition.
Dick’s Sporting Goods – The sporting goods retailer’s stock was upgraded to “buy” from “neutral” at Bank of America/Merrill Lynch, which said the stock’s valuation is compelling in light of the outlook for same-store sales growth.
American Eagle – American Eagle was downgraded to “hold” to “buy” at Loop Capital Markets, pointing to slightly weaker sales and expense pressure for the apparel retailer.
Wendy’s – Wendy’s was upgraded to “buy” from “hold” at Stifel Nicolaus, which is expressing confidence in the restaurant chain’s sales trends and earnings drivers.
Jacobs Engineering – Jacobs reported quarterly profit of $1.48 per share, beating the consensus estimate of $1.32 a share. Revenue beat estimates as well. Jacobs also announced plans to change its corporate name to Jacobs Solutions, to reflect its transition from an engineering and construction firm to a technology solutions company. The change will be effective Dec. 10, and the stock’s ticker symbol will change from “JEC” to “J.”
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