Check out which companies are making headlines before the bell:
Wells Fargo — In a Securities and Exchange Commission filing, the bank said it has increased its litigation loss reserves to $1.7 billion from $1 billion, and that the SEC has joined those looking into the recent disclosure and revamping of the bank’s sales practices.
Facebook — The shares are taking a beating despite exceeding Street estimates in its latest quarter. Facebook reported adjusted quarterly profit of $1.09 per share, 12 cents a share above estimates. Revenue also scored a beat and the social media giant exceeded the one billion mark in mobile daily active users. However, investors are focusing on the company’s warning of slowing revenue growth this quarter.
Qualcomm — Qualcomm beat forecasts by 15 cents a share, with adjusted quarterly profit of $1.28 per share. The chipmaker’s revenue also came in above Street forecasts. Strong demand for the company’s smartphone chips helped drive the quarter, with particular strength in the China market.
21st Century Fox — Fox reported adjusted quarterly profit of 51 cents per share, exceeding estimates by seven cents a share. Revenue was essentially in line with forecasts. The media giant was helped by strong results at the movie box office as well as its cable division.
Church & Dwight — The maker of Arm & Hammer baking soda and other consumer products matched estimates, with earnings of 47 cents per share. Revenue missed forecasts, however, and its current-quarter guidance is also short of expectations. The company said it is overcoming headwinds in its specialty products business.
Wynn Resorts — Wynn missed estimates by three cents a share, with adjusted quarterly profit of 75 cents per share, with revenue essentially in line. The casino operator’s results were pressured by an 11.5 percent drop in revenue from Macau, although that market has shown signs of recovering recently after a long and precipitous slide.
Chesapeake Energy — The energy producer reported an adjusted quarterly profit of nine cents per share, surprising analysts who had predicted a three cents per share loss. Revenue also beat forecasts, and the bottom line was helped by better expense control and overall operating efficiencies.
Whole Foods Market — Whole Foods earned 28 cents per share for its latest quarter, compared to estimates of 24 cents a share. Revenue matched analysts’ forecasts. In a management shuffle, the organic grocer named founder John Mackey as its sole CEO as of December 31. Mackey and Walter Robb have been co–chief executive officers, and Robb will remain on the board of directors and serve as a senior advisor.
AIG — AIG reported adjusted quarterly profit of $1.23 per share for its latest quarter, two cents a share above estimates. The commercial insurer’s profit compared to a year-ago loss, when AIG was hit by poor investment results. Additionally, AIG’s board authorized an additional $3 billion for its share buyback program.
Avis Budget — The company beat estimates by 14 cents a share, with adjusted quarterly profit of $2.47 per share. The car rental giant’s revenue was essentially in line. However, its full-year earnings guidance is below Street forecasts, with the company seeing softer demand both in the Americas and Europe.
Fitbit — Fitbit matched estimates, with adjusted quarterly profit of 19 cents per share, but the wearable fitness device maker’s revenue fell short, as does its fourth quarter and full year outlook. Fitbit is being hurt by tough competition in the wearables market.
First Solar — First Solar reported adjusted quarterly profit of $1.22 per share, well above estimates of 74 cents per share, though revenue was well below estimates. That contrast comes from much bigger than expected profit margins for the solar equipment company. However, First Solar also cut its sales forecast.
Mattel — Mattel hired search firm Spencer Stuart this past summer to search for its next Chief Executive Officer, according to the Wall Street Journal. The timing for hiring a successor to the toy maker’s current CEO Christopher Sinclair is unclear.
Ford Motor — Ford has launched Black Friday clearance sales early, following a nearly 12 percent drop in October sales. Ford is offering $1,000 “Black Friday Cash” rebates on 2016 and 2017 model year vehicles.