Check out the companies making headlines before the bell:
DSW – The shoe retailer reported adjusted quarterly profit of 70 cents per share, above the consensus estimate of 51 cents. Revenue was also above forecasts, with comparable store sales up 7.3 percent compared to a consensus forecast of 4.6 percent. DSW also raised its full-year guidance.
Ford, General Motors, Fiat Chrysler, Tesla and other auto stocks are rising this morning following a Bloomberg report that China is moving toward cutting its tariffs on US-made cars.
CVS Health was rated “outperform” in new coverage at Leerink, noting the increased optimism about benefits stemming from the drug store chain’s acquisition of health insurer Aetna.
Under Armour fired two marketing executives after reviewing their expenses, according to the Wall Street Journal. The paper said the athletic apparel maker conducted an internal review of the department’s spending, and removed the two executives from their roles last week.
Ascena Retail earned an adjusted 6 cents per share for its latest quarter, with the apparel retailer also seeing revenue come in slightly above expenses. The Ann Taylor parent also said it expects a 2 to 4 percent rise in comparable store sales for fiscal 2019, which ends in July.
Stitch Fix shares are under pressure after the online styling service said it does not expect subscriber numbers to increase in the holiday quarter. The stock had initially surged after Stitch Fix reported quarterly profit of 10 cents per share, beating the consensus estimate of 3 cents.
WPP will spend about $382 million over three years to revamp its operations, and cut a total of 2,500 jobs. The moves are part of a drive by new CEO Mark Read to stem a slide in sales and profits for the advertising giant.
Sundar Pichai, the CEO of Alphabet’s Google unit, appears before the House Judiciary Committee on Tuesday, and is expected to address questions about the company’s handling of a data breach, among other matters.
Intel – A New York Times article is highlighting Amazon’s push into computer chips, suggesting that the move could pose a threat to the chip giant.
Pfizer was downgraded to “neutral” from “overweight” at J.P. Morgan Securities in a valuation call. The drug maker’s shares are up nearly 23 percent this year and stand close to the firm’s $46 price target.
AT&T was upgraded to “buy” from “neutral” at Citi, citing an improvement in competitive position and a more measured promotional environment for the wireless services market.
CBS has made little progress in finding a permanent successor to ousted CEO Leslie Moonves, according to the Wall Street Journal.
Canada Goose – The outerwear maker is an apparent target of a boycott from Chinese consumers, according to the Global Times, due to the arrest in Canada of Huawei CFO Sabrina Meng.