Stocks making the biggest moves premarket: Southwest, Winnebago, Adobe, US Steel & more

Stock Market

Check out the companies making headlines before the bell:

Southwest Airlines – The airline raised its full-year revenue for revenue per available seat mile, owing to what it calls “solid” demand. The airline said fuel efficiency is down, however, due to the grounding of its 737 Max jet fleet. Southwest also extended cancellations of flights involving the 737 Max through September 2.

Winnebago – The recreational vehicle maker reported earnings of $1.14 per share, compared to a consensus estimate of 99 cents a share. The bottom line was helped by 10 cents per share in one-time positive items, including a more favorable tax rate and a change in estimates related to research and development credits. Revenue missed estimates, but improved profit margins helped mitigate the bottom line impact.

Adobe – Adobe reported adjusted quarterly profit of $1.83 per share, 5 cents a share above estimates. The software maker’s revenue also topped Wall Street forecasts. The company’s results were helped by growth in its Creative Suite business, as well as its digital media offerings. Adobe gave lower-than-expected current-quarter guidance.

U.S. Steel – U.S. Steel said its second-quarter earnings would be lower than Wall Street had been expecting, due to softer demand and lower prices.

CBS – CBS is preparing a bid for Viacom, according to The Wall Street Journal. That follows discussions about a bid at last week’s CBS board meeting, and a bid is expected within the coming weeks.

American Express – Bank of America/Merrill Lynch reinstated coverage of the financial services company with a “buy” rating, noting the company’s strong brand and several positive factors including card fee increases and portfolio growth.

Alphabet – Alphabet was urged by shareholder activists to break itself up before regulators force the Google parent to do so. Shareholder group SumOfUs plans to make an official proposal at Alphabet’s annual meeting today – one of a record 13 shareholder proposals. It’s unlikely any of the proposals will pass.

PG&E – PG&E settled claims with local governments over wildfires for $1 billion. The payments settle claims that had been on hold due to the utility company’s bankruptcy filing.

Apple – Apple is considering moving up to 30% of its China-based manufacturing out of the country, according to a report in Japan’s Nikkei news service. Apple would reportedly move ahead with such a plan even if the U.S. and China come to an agreement on trade.

Mattel – MGA Entertainment has abandoned its second attempt to buy its rival toymaker, according to a statement made by MGA CEO Isaac Larian to the Los Angeles Times. Mattel had rejected the Bratz doll maker’s latest bid, and Larian said it was in the best interests of his company not to move forward with a Mattel offer.

Tesla – The automaker lost another executive, with human resources vice president and head of diversity Felicia Mayo leaving the automaker.

La-Z-Boy – La-Z-Boy earned an adjusted 64 cents per share for its latest quarter, matching Street forecasts, while the furniture maker’s revenue was short of estimates. The revenue shortfall was largely due to soft demand in its wholesale segments. It also said additional US tariffs on China imports would likely force it to raise prices because of higher raw material costs.

Jabil – Jabil matched Street forecasts with adjusted quarterly profit of 57 cents per share, while the contract electronics manufacturer’s revenue beat Street forecasts. Apple is Jabil’s biggest customer.

NCR – Private-equity firms who had been interested in buying the ATM and barcode scanner maker have walked away without striking a deal, according to the New York Post.

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