Early movers: BAC, BLK, NFLX, FB, GOOGL, BA, P, Z & more
Check out which companies are making headlines before the bell:
Bank of America (BAC) — The bank earned 40 cents per share for the fourth quarter, two cents a share above estimates. Revenue was slightly short of forecasts. BofA's results were helped by a sharp reduction in expenses.
BlackRock (BLK) — The asset manager earned an adjusted $5.14 per share for the fourth quarter, 12 cents a share above estimates. Revenue was very slight below Street forecasts, but the firm was helped by lower expenses and a rush into low-cost ETFs. BlackRock also approved a 9 percent dividend hike and additional share repurchases.
Comcast (CMCSA) — The NBCUniversal and CNBC parent's shares were upgraded to "buy" from "hold" at Deutsche Bank, saying the company would benefit from decreased regulation and tax reform.
Netflix (NFLX) — Netflix was upgraded to "hold" from "sell" at Deutsche Bank, which said it had based its "sell" rating on the stock being two years ahead of where it should be. However, it now sees better subscriber growth thanks to strength in international markets.
Facebook (FB) — Raymond James upgraded Facebook to "strong buy" from "outperform," based continued strength in ad spending and improved results for advertisers, among other factors.
Pandora Media (NYSE:P) — The online music service announced a seven percent workforce reduction and that its fourth quarter revenue will exceed its prior guidance. Pandora is seeing increases in both advertisements and paid subscribers, helping boost its results. Separately, the New York Post is reporting that SiriusXM (SIRI) is still interested in Pandora at the right price.
MetLife (MET), Unum (UNM) — The insurers both received approval from Florida's insurance commissioner to raise premiums for long term care insurance. The increases will be phased in over a three-year period and will then be guaranteed for an additional seven years.
Alphabet (GOOGL) — Alphabet confirmed that it has shut down its "Titan" project, an effort to provide internet service from drones. The Google parent shut down Titan early last year, although it has only now acknowledged the move.
Anadarko Petroleum (APC) — Anadarko is selling South Texas oil and gas assets to Sanchez Energy (SN) and Blackstone Group (BX) for $2.3 billion. The Wall Street Journal had reported back in October that such a deal was in the works.
Fiat Chrysler (Milan Stock Exchange: FCA-IT) — The company's shares are rebounding in overseas trading, after plunging Thursday on EPA accusations that its software allowed an improper level of emissions in its diesel vehicles. The automaker denied the allegations and said it would contest the EPA's findings.
Boeing (BA) — Boeing received a 100-jet order from India-based budget airline SpiceJet. The carrier is buying Boeing's MAX 737 jet, with the deal including an option for 50 more.
Mobileye (MBLY) — Mobileye was rated buy in new coverage at Jefferies, with the firm noting the maker of autonomous driving technology has favorable market positioning.
WPX Energy (WPX) — WPX will buy assets in the Permian basin for $775 million, with the oil and gas producer saying it would partly fund the purchase through an equity sale.
Zillow (ZG) — Morgan Stanley downgraded the real estate website operator's stock to "equal weight" from "overweight," saying it appears fairly valued and that under current circumstances Zillow will find it difficult to generate further significant drivers.
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