Check out which companies are making headlines before the bell:
Verizon – Verizon named chief technology officer Hans Vestberg as its new CEO effective August 1, replacing Lowell McAdam, who will remain as executive chairman through the end of the year. Vestberg is the former CEO of Sweden’s Ericsson.
Facebook – Facebook said a software bug last month exposed private posts to the public, and that the bug affected as many as 14 million users. Facebook has informed users of the issue and fixed the problem that occurred between May 18 and May 27.
Broadcom – Broadcom reported adjusted quarterly profit of $4.88 per share, 12 cents above estimates, with the chipmaker also seeing revenue beat forecasts on strong demand in the data center market. However, the company did issue weaker than expected current quarter guidance.
Stitch Fix – Stitch Fix came in 6 cents above estimates with quarterly profit of nine cents per share, with revenue also coming in above forecasts as the personal online clothing service added more subscribers.
DocuSign – DocuSign earned an adjusted 1 cent per share for its latest quarter, surprising analysts who had expected a quarterly loss of 7 cents per share. Revenue also beat forecasts, and the maker of electronic signature solutions also issued strong current quarter guidance. It was DocuSign’s first quarterly report since its initial public offering in April.
Apple – Apple’s orders for new iPhone parts may fall 20 percent from last year for the year’s first half, according to Japan’s Nikkei news service. Sources tell Nikkei that Apple is being conservative with its orders.
Philip Morris International – The tobacco producer is planning to launch its iQOS smoking device in India, according to a Reuters report. India has the world’s second largest population of smokers. Separately, Philip Morris announced a 6.5 percent increase in its quarterly dividend to $1.14 from the prior $1.07.
Eli Lilly, Pfizer – The two drug makers were both rated overweight in new coverage at Cantor Fitzgerald. The firm said growth prospects for Lilly’s key drugs are underappreciated by the market, while it thinks Pfizer will still have respectable earnings growth despite the effect of losing exclusivity for certain products.
Chevron, Occidental Petroleum – The two energy producers were rated buy in new coverage at Mizuho, which rated Exxon Mobil and ConocoPhillips neutral in the same report, all based on a sum of the parts valuation analysis.
Zumiez – Zumiez lost 10 cents per share for its first quarter, 2 cents less than consensus forecasts. The maker of action sportswear also saw revenue beat forecasts, with comparable store sales jumping 8.3 percent versus a 1.8 percent increase in the year-ago quarter.
Verint Systems – Verint beat estimates by 5 cents with first quarter profit of 53 cents per share, with revenue also above Street forecasts. The provider of cyber security and other software solutions also reaffirmed its full-year forecast.
Goldman Sachs – Malaysia may ask the Justice Department to get Goldman to return nearly $600 million in fees related to the scandal-tainted 1MDB fund, according to a Reuters report. The DOJ is currently pursuing a corruption and money laundering probe at the state-run fund.
Link to the source of information: www.cnbc.com
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