Stocks making the biggest move premarket: MU, MCD, T, TXN, WMT & more
Check out the companies making headlines before the bell:
Micron Technology MU – Micron reported adjusted quarterly profit of $3.53 per share , beating the consensus estimate of $3.34 a share. The chipmaker's revenue also topped forecasts, however the stock erased an initial gain after company executives said U.S. tariffs on China goods would impact its financial results for as much as one year.
McDonald's MCD – McDonald's increased its quarterly dividend to $1.16 per share from $1.01, a rise of 15 percent. The restaurant chain has now increased its dividend for 42 straight years.
AT&T T – UBS upgraded the stock to "buy" from "neutral," saying the stock is trading near all-time low valuations and a wide gap to rival Verizon VZ . UBS believes AT&T will return earnings growth for the second half of this year.
Texas Instruments TXN – Texas Instruments increased its quarterly dividend to 77 cents per share from 62 cents, a jump of 24 percent. The semiconductor maker also announced a new $12 billion stock repurchase program, on top of $7.4 billion remaining from a previously authorized program.
Walmart WMT – Walmart said new U.S. tariffs on Chinese imports may prompt the retailer to raise prices , according to a letter from Walmart to U.S. Trade Representative Robert Lighthizer that was seen by Reuters.
Adobe Systems ADBE – The software maker will buy marketing firm Marketo from private-equity firm Vista Equity Partners for $4.75 billion. CNBC had reported Thursday that the deal was imminent, with Marketo intended to complement Adobe's digital marketing business.
American Airlines AAL – American is the latest airline to announce it is raising checked baggage fees by $5 , joining Delta Air Lines DAL , United Continental UAL , and JetBlue JBLU . The first checked bag will cost $30, with a second bag costing $40.
Wells Fargo WFC – Wells Fargo plans to cut its headcount by 5 to 10 percent over the next three years, as the bank aims to reduce costs by $4 billion by 2020. Wells Fargo currently employs around 264,500 workers.
United Natural Foods UNFI – United Natural fell 9 cents a share short of consensus estimates, with adjusted quarterly profit of 76 cents per share. The food distributor's revenue also miss Street forecasts, hurt by higher transportation costs, among other factors.
Steelcase SCS – Steelcase reported adjusted quarterly profit of 36 cents per share, 7 cents a share above estimates. The office furniture maker's revenue also came in above analysts' projections, and Steelcase forecast better-than-expected results for the current quarter.
Facebook FB – Facebook will drop on-site support for political campaigns , something Facebook, Google GOOGL , and Twitter TWTR have done in the past.
Tesla TSLA – Tesla's vice president of global supply management, Liam O'Connor, has resigned , according to a Bloomberg report. O'Connor is the fifth senior executive to leave the automaker within a few weeks.
Medtronic MDT – Medtronic bought Mazor Robotics MZOR-IL for about $1.64 billion in cash, or $58.50 per share . The medical equipment maker had already held an 11 percent stake in the robotic systems company.
Under Armour UAA – Under Armour was upgraded to "neutral" from "underweight" at J.P. Morgan Securities, with the firm saying it believed the athletic apparel maker will meet consensus earnings estimates for fiscal 2018 and 2019.
Acuity Brands AYI – Acuity Brands was raised to "outperform" from "market perform" at Wells Fargo. Wells expects the lighting and building management systems company to beat consensus earnings expectations over the next several quarters.
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