Check out the companies making headlines before the bell:
Wells Fargo – Wells Fargo named Bank of New York Mellon CEO Charles Scharf as CEO, effective October 21. Wells Fargo has been without a permanent CEO since Tim Sloan left the bank earlier this year. BNY Mellon named CFO Thomas Gibbons as its interim CEO.
Micron Technology – Micron reported adjusted quarterly profit of 56 cents per share, beating the 49 cents a share consensus estimate. The chipmaker’s revenue beat forecasts, as well. Micron’s projected current-quarter earnings came in largely below Wall Street targets, however, with the company saying it was “mindful” of economic and trade uncertainty.
Delta Air Lines – Delta will buy a 20% stake in Latam Airlines for $1.9 billion in cash and debt. The investment in South America’s biggest airline is Delta’s largest since its merger with Northwest Airlines in 2008.
Las Vegas Sands – Las Vegas Sands has been added to the S&P 500, effective October 3. The casino operator’s stock will replace Nektar Therapeutics in the benchmark index, with Nektar moving to the S&IP Midcap 400.
Apple – Apple is reportedly planning to bring feature-length films to movie theaters, ahead of their release on the new Apple TV+ streaming service. The Wall Street Journal reports that Apple is reaching out to movie theater chains and also hired former IMAX executive Greg Foster as a consultant for this effort.
Toyota Motor – Toyota will raise its stake in fellow Japanese automaker Subaru to 20% from about 17%. Its investment is worth about $650 million, with Subaru planning to reciprocate by taking a stake in Toyota of approximately the same value.
Peloton – The fitness bicycle maker’s stock remains on watch, after falling 11% in its Wall Street debut Thursday. That was the second-largest first-day drop for a so-called “unicorn” IPO this year, with only SmileDirectClub taking a bigger first-day tumble.
Vail Resorts – Vail lost $2.22 per share for its fiscal fourth quarter, smaller than the $2.53 per share loss anticipated by Wall Street. The resort operator’s revenue came in above estimates, however, and the company said it is seeing strong season pass sales for the upcoming ski season.
Marathon Petroleum – CEO Gary Heminger is under fire, with The Wall Street Journal reporting that large shareholders Paul Foster and Jeff Stevens are calling for Heminger’s ouster. The two are also backing a proposal by Elliott Management to split the company into three separate units. In response, Marathon issued a statement saying the board supports Heminger.
General Motors – GM and the United Auto Workers may need more than a week to reach a tentative contract agreement, according to the Detroit Free Press. The strike by GM workers enters its 12th day today.
Box – Box was downgraded to “underweight” from “neutral” at JPMorgan Chase, which cited valuation and intensifying competition for the cloud software company.
Lyft – The ride-sharing service’s stock was rated “outperform” in new coverage at Wells Fargo, based partly on its view that revenue per active rider will grow faster than expected.
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