Check out the companies making headlines before the bell:
General Mills – The food company earned an adjusted 85 cents per share for its latest quarter, 4 cents a share above estimates. Revenue was short of forecasts, however, and organic sales were down 1 percent. Overall sales were up by 5 percent from a year earlier, helped by the acquisition of pet products maker Blue Buffalo.
Winnebago – The recreational vehicle maker reported quarterly profit of 70 cents per share, 6 cents a share above estimates. Revenue also topped Wall Street forecasts and Winnebago raised its quarterly dividend by one cent a share to 11 cents per share. The company’s quarterly results were helped by improved RV sales in North America as well as contributions from its new marine division.
Eli Lilly – The drugmaker announced a 15 percent dividend increase, raising the quarterly payout to 64 1/2 cents per share.
Hershey – The chocolate maker’s stock got a double upgrade from Bank of America/Merrill Lynch to “buy” from “underperform.” The firm said that investments made by Hershey last year and this year should result in improved organic sales and operating profit growth in 2019.
Under Armour – The athletic apparel maker was downgraded to “underweight” from “neutral” at Atlantic Equities. The firm said Under Armour is taking a more disciplined approach to growth, which will support the health of the brand but will also result in slower growth than previously assumed.
Best Buy – Moffett Nathanson upgraded the electronics retailer to “neutral” from “sell,” noting a strong holiday season and the 30 percent drop in the stock over the past three months.
FedEx – FedEx reported adjusted quarterly profit of $4.03 per share, 9 cents a share above estimates. Revenue also came in slightly above Street forecasts, however the package delivery company lowered its 2019 forecast on weakness In Europe and an overall decline in global trade.
American Express – The stock was downgraded to “neutral” from “buy” at Bank of America/Merrill Lynch, which noted that the stock has outperformed this year and this quarter and that macroeconomic uncertainty will result in weaker sentiment for the stock going forward.
Jabil Circuit – Jabil beat Street estimates by 2 cents a share, with adjusted quarterly profit of 90 cents per share. The electronics manufacturer’s revenue also beat forecasts and Jabil gave strong current-quarter revenue guidance. The company said efforts to diversify into new markets were paying off.
Micron Technology – Micron reported adjusted quarterly profit of $2.97 per share, a penny a share ahead of estimates. The chipmaker’s revenue fell short of Street forecasts, however, and Micron issued an outlook that was shy of estimates, pointing to a glut of memory chips on the market.
GlaxoSmithKline, Pfizer – The drugmakers announced an all-stock deal to combine their consumer health businesses in a joint venture that will be 68 percent owned by Glaxo. The British company plans to split into two companies following the completion of the Pfizer deal, one for prescription drugs and vaccines, the other for over-the-counter drugs.
Facebook – Facebook said it did not give some companies access to user data without their permission. That follows a New York Times report that some large technology companies were allowed greater access to user data, including Microsoft’s Bing search engine.
Boeing – Boeing raised its forecast for jet sales in India, despite continuing losses by India-based airlines.
Bristol-Myers Squibb – The drugmaker will sell its French consumer health unit to Japan’s Taisho Pharmaceutical Holdings for $1.6 billion. Bloomberg had reported earlier this week that the two sides were near a deal.
Johnson & Johnson — Drug inspectors in India have seized samples of Johnson & Johnson baby powder, according to a source quoted by Reuters. That follows an earlier Reuters report that the company knew for decades that its talc products contained asbestos.
CBS — Former Wall Disney Chief Operating Officer Tom Staggs is the leading candidate to become the next CEO of CBS, according to The Wall Street Journal.
Aflac — Japanese conglomerate Japan Post Holdings plans to take a roughly 7 percent stake in the U.S.-based disability insurer. The purchase would need regulatory approval in the US and Japan, which Aflac said it expected in the second half of 2019.
General Electric – GE has filed confidentially for an initial public offering of its GE Healthcare unit, according to a Bloomberg report.