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Fitbit posts strong sales, MGM Resorts to make cuts, Qualcomm to get major settlement

Here are the companies Yahoo Finance is watching today.

We got stronger-than-expected results from Fitbit (FIT). The device maker beat on revenue, and posted a narrower loss than most analysts had forecast. It sold 36% more devices last quarter. The CEO says new, lower-cost devices are helping raise awareness and boost sales.

MGM Resorts (MGM) is planning some major job cuts by June. The Las Vegas-based casino company says it expects to cut about 1,000 jobs by next month as it works to reduce costs and boost earnings. Chief Financial Officer Corey Sanders says 35 executives have already taken voluntary retirement in an effort to increase annual earnings by $300 million dollars by 2021.

Qualcomm (QCOM) is in focus after posting a stronger than expected quarter, but slower growth than a year ago. It's also revealing it will receive upwards of $4.5 billion as part of its settlement with Apple (AAPL). That boosted the company's guidance for the rest of the year. Qualcomm still faces an FTC investigation into its supply practices. It's unclear if that is nearing a resolution.

Starbucks (SBUX) is recalling a popular coffee press amid reports it could break and hurt users. Some 260,000 Bodum coffee presses have been sold since 2016. You cannot return the coffee presses in stores, but consumers are urged to contact Starbucks online for information on getting store credit.

Tesla (TSLA) is planning to raise some major money from investors, including CEO Elon Musk. The automaker said it would raise up to $2 billion with $650 million coming in the form of new equity and $1.35 billion in convertible notes. Musk indicated he wants to buy about $10 million of the company’s stock in the new offering. The total equity offering is for about 3 million shares of Tesla.

Yahoo Finance Morning Brief