Early movers: VRX, JOY, AMGN, CVS, P, AMC & more
Check out which companies are making headlines before the bell:
Valeant Pharmaceuticals (Toronto Stock Exchange: VRX-CA) — Valeant cut its full-year 2015 earnings outlook, and provided a 2016 outlook below current consensus estimates ahead of its Investor Day, although the tone of the release was optimistic. Separately, CEO Michael Pearson will be called to testify before a House of Representatives panel looking into surging drug prices, according to Oversight Committee Democratic and Republican aides.
Joy Global (NYSE: JOY) — The mining equipment maker reported adjusted quarterly profit of 43 cents per share, one cent above estimates, with revenue well above forecasts. However, Joy also gave a 2016 forecast well below estimates and also cut its quarterly dividend to one cent per share from 20 cents, as it attempts to cut costs to deal with slumping commodity prices.
Newell Rubbermaid (NYSE: NWL) — The stock was upgraded to "top pick" from "outperform" at RBC, following the household products maker's deal to merge with Jarden (NYSE: JAH). The firm sees the potential for the stock to double within five years stemming from the benefits of the merger.
Pandora (NYSE: P) — The Copyright Royalty Board — a three-judge panel — will rule Wednesday on the royalty rates companies will pay record companies for music over the next five years. Royalties are the single biggest expense for online radio services like Pandora and Spotify.
CVS Health (NYSE: CVS) — CVS raised the midpoint of its 2016 outlook ahead of its annual analyst day, and also announced a 2016 dividend increase of 21 percent.
Moody's (NYSE: MCO) — The credit rating agency increased its quarterly dividend by nine percent, to 37 cents per share from 34 cents. The company also announced a new $1 billion share repurchase program.
Office Depot (NASDAQ: ODP) — Activist investor Starboard Value cut its stake in the office supplies retailer to 5.5 percent from the prior 8.9 percent, according to a U.S. Securities and Exchange Commission filing.
Halliburton (NYSE: HAL), Baker Hughes (NYSE: BHI) — The two companies confirmed that government regulators would be delaying a decision on whether to approve their planned merger, following reports earlier Tuesday. The oilfield services companies have now extended the period to close the deal to April 30.
Amgen (NASDAQ: AMGN) — The biotech company increased its quarterly dividend by 27 percent to $1 per share.
Heartland Payment Systems (NYSE: HPY) — The provider of payment systems is being bought by rival Global Payments (NYSE: GPN) for $4.3 billion in cash and stock, valued at approximately $100 per share. Heartland had closed Tuesday trading at $85.10 per share.
Toyota Motor (Tokyo Stock Exchange: 7203.T-JP) — The automaker predicted that its 2016 global vehicle sales would stay flat at 10.11 million vehicles. That would most likely keep it ahead of Volkswagen and General Motors (NYSE: GM) as the world's top-selling automaker.
Nasdaq (NASDAQ: NDAQ) — Co-President Adena Friedman has been named chief operating officer. The move is seen as part of a process that will eventually move her into the CEO slot.
AMC Entertainment (NYSE: AMC) — AMC won approval from U.S. antitrust regulators to buy rival theater chain Starplex Cinemas for $172 million. As part of the approval, AMC will need to sell one theater in Connecticut and another in New Jersey.
PMC-Sierra (NASDAQ: PMCS) — Microsemi (NASDAQ: MSCC) has launched its previously announced exchange offer for its rival chipmaker of $9.22 per share in cash plus 0.0771 Microsemi shares for each PMC-Sierra share.
More From CNBC
Top News and Analysis
Latest News Video
Personal Finance
