Check out the companies making headlines before the bell:
SAP – The German business software company’s stock is moving higher after it announced its Qualtrics unit has filed to go public. Qualtrics – which specializes in customer relationship software – is expected to be valued at $12 billion or more, compared to the $8 billion SAP paid in acquiring Qualtrics 2 years ago. Shares were fractionally higher at around 7:45 a.m. ET.
Boeing – Boeing is on watch today as American Airlines becomes the first U.S. carrier to return the updated 737 Max jet to service, with a flight from Miami to New York’s LaGuardia Airport. The jet was grounded in early 2019 after two fatal crashes. Boeing stock was up 1.5% at around 7:45 a.m. ET.
Cisco Systems – Cisco is pulling the plug on its “smart cities” project, known as “Cisco Kinetic for Cities”, according to a Cisco spokesman quoted by the Wall Street Journal. The project was part of an effort to expand Cisco beyond its traditional networking equipment and hardware into the more lucrative software services business.
Target – Target sold its Dermstore operation to UK-based online retailer THG Holdings for $350 million in cash. Dermstore is an online retailer of skincare and beauty products. Target shares were fractionally higher at around 7:45 a.m. ET.
Barnes & Noble Education – The college campus bookstore chain plans to continue recent cost cutting efforts, according to Chief Financial Officer Thomas Donohue in an interview with the Wall Street Journal. The expense reductions are in anticipation of another semester of remote learning. The company’s stock was up nearly 13% at around 7:45 a.m. ET.
Alibaba – The China-based e-commerce company remains on watch, after recovering from last Thursday’s 13.3% drop with a very slight gain Monday. The drop came amid increased antitrust scrutiny by Chinese regulators. Alibaba shares gained 3% as of 7:45 a.m. ET.
Lemonade – About 44 million shares of the online insurance company will become eligible for sale today, as the lockup period on insider sales expires. The stock has fallen sharply over the past two trading days in anticipation, losing about 7% last Thursday and another 14% yesterday. As of 7:45 a.m. ET, the stock had shed another 4.5%
Alkermes – The Dublin-based biopharmaceutical company said the FDA had accepted its resubmission of its treatment known as ALKS 3831 for schizophrenia and certain types of bipolar disorder in adults. The company said no issues were found following an FDA examination of an Alkermes manufacturing facility in Ohio, and the company will not be required to conduct any new trials. The company’s stock was up 3% at around 7:45 a.m. ET.
Bausch Health – The drug maker said it planned to pay down another $275 million in debt, using cash on hand and cash generated from operations.
Arcturus Therapeutics – The San Diego-based biotech company’s shares plunged more than 35% in premarket trading, following the release of data regarding its Covid-19 vaccine candidate. That comes despite what Arcturus said was favorable study results. The company said it sees phase 3 trials taking place in the second quarter of 2021.
Fiat Chrysler – The automaker plans to invest about $2.5 billion in its Tychy, Poland plant, according to Poland’s deputy prime minister Jaroslaw Gowin. The plant will be modernized to produce hybrid and electric versions of the Jeep, Fiat and Alfa Romeo models. Fiat Chrysler’s stock gained a fraction of 1% as of 7:45 a.m. ET.
Source: Finance - cnbc.com
