Check out the companies that make headlines in front of the bell:
Morgan Stanley (MS) – The investment bank reported quarterly earnings of $ 1.30 per share, exceeding the consensus estimate of 99 cents per share. The $ 1.30 including 10 cent tax benefit. Revenue was well above Wall Street forecasts and surpassed the $ 10 billion mark for the fourth consecutive quarter.
Southwest Airlines (LUV) – Southwest removed Boeing's 737 Max Jet from its flight schedule by June 6.
XPO Logistics (XPO) – XPO is considering selling the company or outsourcing one or more business areas. Such a move would reverse the recent strategy for the provider of warehouse and delivery services, which made 17 acquisitions from 2011 to 2015.
Tesla (TSLA) – Tesla recorded nearly half of vehicle registrations in California in the fourth quarter of 2019 compared to the previous year. This decrease is due to a significant decrease in tax credits for electric vehicle buyers in 2019. Regardless, Tesla has been downgraded from "equilibrium" to "underweight" at Morgan Stanley, reflecting the recent increase in inventories as well as long-term risks to the automaker's China business.
Taiwan Semiconductor (TSM) – Taiwan Semi announced that sales for the current quarter should increase 45% year over year. The world's largest contract chip maker also increased its investment plan for the year due to the expected strong demand for 5G smartphones.
American Outdoor Brands (AOBC) – The company said that CEO James Debney left Smith & Wesson's parent company after it was found to be "inconsistent with a non-financial corporate policy." The company has given no further details.
Alcoa (AA) – Alcoa lost 31 cents a share in the fourth quarter, more than the 22 cents analysts had expected. The aluminum manufacturer's revenue also fell short of estimates, largely due to lower prices. Alcoa expects aluminum demand to pick up this year.
Netflix (NFLX) – Netflix is working with Ben & Jerry & # 39; s on a new ice cream called "Netflix & Chilll & # 39; d". The new aroma mixes pretzel strudel and fudge brownies with peanut butter ice cream.
Nike (NKE) – Nike's Vaporfly shoe is said to be banned by World Athletics on charges of giving the runners an unfair advantage. The Daily Mail reports that the design of the shoe is being reviewed. The results will be announced later this month. The Vaporfly has been worn by men and women in the last record races.
GlaxoSmithKline (GSK) – A manager from Glaxo told Bloomberg that the drug company hadn't thought much about going public with its joint venture with Pfizer (PFE) for healthcare. The comments come after Pfizer CEO Albert Bourla said such a move could take place within three to four years.
Spirit Airlines (SAVE) – The airline updated its guidance for the fourth quarter, declaring that a decrease in total operating revenue per available seat mile would be less than expected.
PPG Industries (PPG) – The paint manufacturer missed the estimates by 3 cents per share and posted quarterly earnings of $ 1.31 per share. Revenues also fell slightly short of street forecasts. PPG notes the weak conditions in the industrial markets it serves.