Check out which companies are making headlines before the bell:
General Electric — The company’s GE Capital unit applied to have its “SIFI” designation removed, noting that it has exited most of its bank and finance businesses and is no longer a significantly important financial institution.
Movado — The watch maker reported adjusted quarterly profit of 40 cents per share, 1 cent above estimates, with revenue also beating forecasts. Movado gave a full-year forecast that falls below Street forecasts, however, citing a “challenging” environment. The company also announced an 18-percent dividend increase to 13 cents per share as well as a new $50 million share buyback program.
Micron Technology — Micron reported an adjusted quarterly loss of 5 cents per share, 3 cents smaller than expected, while revenue for the chip maker was slightly below forecasts. That smaller loss was helped by cost cuts, as Micron tries to navigate what it calls “challenging” market conditions.
Chipotle Mexican Grill — The restaurant chain has filed a trademark application for “Better Burger,” with the idea of starting a new hamburger chain.
Progress Software — Progress earned an adjusted 27 cents per share for its latest quarter, missing estimates by a penny, while revenue also fell below analyst forecasts. The business software company also cut its annual guidance, and said Chief Financial Officer Chris Perkins is planning to retire at an unspecified time.
BlackRock — BlackRock is planning to cut 400 jobs, according to multiple reports. The 3 percent workforce reduction would be the asset manager’s largest ever, although one source tells Reuters that BlackRock is hiring in growth areas and will end this year with more workers than it has now.
Fiat Chrysler — The automaker is discussing possible collaborative ventures with many companies outside the auto industry, according to CEO Sergio Marchionne, as the auto industry incorporates an increasing amount of new technology in its vehicles.
AIG — AIG’s mortgage insurance unit, United Guaranty, has filed for an initial public offering of up to $100 million. AIG had announced earlier this year that the unit would be spun off.
SunEdison — The solar power company’s spinoffs TerraForm Global and TerraForm Powerare now being run by a new “office of the chairman” following the departure of Chief Executive Officer Brian Wuebbels. No reason was given for his departure.
McDonald’s — McDonald’s plans to add more than 1,000 restaurants in China, according to a Wall Street Journal interview with Chief Executive Officer Steve Easterbrook. The fast food chain is searching for an investment partner in that country to aid in a smooth expansion.
Medivation — Medivation has been working with JPMorgan Chase to field inquiries about potential bids for the cancer drug maker. However, CNBC’s Meg Tirrell reports that Medivation has no plans to sell itself.
Rackspace — CLSA downgraded the cloud computing company’s stock to “sell” from “underperform,” saying that a sale of the company is highly unlikely.
Sabre Corp. — The travel services company earned an “overweight” rating in new coverage at Pacific Crest, while Expedia, Priceline and TripAdvisor were rated “sector weight.” The firm calls Sabre an “underappreciated beneficiary” of the overall move toward digital travel management.
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