Check out the companies making headlines before the bell:
Boeing (BA) – Boeing lost $2.33 per share for the fourth quarter and reported an annual loss for 2019, its first since 1997. Boeing now estimates the total cost of the 737 Max grounding at $18.6 billion, and an increase in production costs for the 737 Max over the life of the program of $2.6 billion.
McDonald’s (MCD) – The restaurant chain reported quarterly profit of $1.97 per share, a penny a share above estimates. Revenue was in line with forecasts. Both global and US comparable-store sales came in above consensus.
L Brands (LB) – Leslie Wexner is in talks to step aside as CEO of L Brands, and is exploring strategic options for the Victoria’s Secret Brand, according to The Wall Street Journal.
AT&T (T) – AT&T beat estimates by 2 cents a share, with quarterly earnings of 89 cents per share. Revenue came in below Wall Street forecasts.
General Electric (GE) – General Electric’s quarterly profit of 21 cents per share beat consensus by 3 cents a share. Revenue was also above estimates, boosted by a strong aviation business.
Stanley Black & Decker (SWK) – The tool maker matched estimates with quarterly earnings of $2.18 per share, but revenue was below consensus. The company also gave a 2020 adjusted earnings forecast of $8.80 to $9.00 per share, largely below the consensus estimate of $9.00 a share.
Apple (AAPL) – Apple reported quarterly earnings of $4.99 per share, beating the consensus estimate of $4.55 a share. Revenue was also above estimates. Apple had better-than-expected sales of iPhones and wearables during the quarter, although services revenue was shy of Street forecasts. Apple also gave a better-than-expected revenue forecast for the current quarter.
Starbucks (SBUX) – Starbucks came in 3 cents a share ahead of estimates, with quarterly earnings of 79 cents per share. Revenue was essentially in line with forecasts, however the coffee chain also warned that the coronavirus outbreak in China would have a negative impact on its full-year results.
Alaska Air (ALK) – Alaska Air reported quarterly profit of $1.46 per share, 5 cents a share above estimates. The airline’s revenue came in slightly above consensus. Alaska Air also raised its quarterly dividend by 7% to 37 cents per share.
Advanced Micro Devices (AMD) – AMD beat estimates by a penny a share, with quarterly profit of 32 cents per share. The chipmaker’s revenue was slightly above forecast as well. AMD gave a current-quarter revenue forecast that was below estimates, however, with demand from videogame console makers slowing ahead of the launch of new systems.
EBay (EBAY) – EBay came in 5 cents a share ahead of consensus, with adjusted quarterly earnings of 81 cents per share. Revenue also exceeded forecasts by a small margin, however the e-commerce company gave a weaker-than-expected outlook and analysts have expressed concern that eBay is losing ground to new competitors.
Match Group (MTCH) – Match CEO Mandy Ginsberg is stepping down, with The Wall Street Journal reporting that Ginsberg is facing a variety of challenges in her personal life. The dating service will promote President Shar Dubey to take over as CEO.
Goldman Sachs (GS) – Goldman will hold its first-ever investor day today in New York. Analysts and investors have told Reuters they want to hear more about Goldman’s consumer banking business.
Beyond Meat (BYND) – Beyond Meat’s plant-based sandwiches have been removed from Tim Hortons restaurants in the Canadian provinces of Ontario and British Columbia, with the chain saying the products did not prove as popular as it had anticipated. Tim Hortons – owned by Restaurant Brands International (QSR) – had pulled the products from other Canadian locations in September.
JPMorgan Chase (JPM) – The bank is planning to cut hundreds of jobs in its consumer division, according to a Bloomberg report.