Check out which companies are making headlines before the bell:
Morgan Stanley – The investment bank reported adjusted quarterly profit of 84 cents per share for the fourth quarter, 7 cents a share above estimates. Revenue also came in above Street forecasts. The company said it saw growth across all its business segments during 2017.
Wal-Mart – Goldman Sachs upgraded the retailer’s stock to “buy” from “neutral” and added it to its “Conviction Buy” list, noting that the consumer economy reached “escape velocity” in late 2017. The move comes a day after Citi added Wal-Mart stock to its “Focus” list.
Wyndham Worldwide – The hotel operator is buying the hotel franchise and hotel management business of La Quinta for $1.95 billion in cash. The deal is expected to close during the second quarter.
Lennar, PulteGroup – Mizuho Securities upgraded both home builders to “buy” from “neutral,” noting favorable valuation and robust growth prospects.
Apple – Apple will give out $2,500 restricted stock bonuses to employees, according to a Bloomberg report. That follows an earlier announcement by the company that it will pay $38 billion in repatriation taxes, with CEO Tim Cook saying the company will bring the majority of its overseas cash back to the U.S.
Alcoa – Alcoa reported adjusted quarterly profit of $1.04 per share, missing estimates by 18 cents a share. The aluminum producer also saw revenue fall short of forecasts. Alcoa said a drought in Brazil was among the factors negatively impacting its bottom line.
M&T Bank – The bank announced it would raise wages for employees as a result of tax reform. The bank said it was making the move in anticipation of an improvement in profits stemming from the new tax law.
Mellanox Technologies — Activist investor Starboard Value has begun a boardroom battle with the Israeli chipmaker. Starboard holds a 10.7 percent stake, making it the company’s largest shareholder, and said it considers Mellanox deeply undervalued.
Xerox – Xerox’s third-largest shareholder, Darwin Deason, wants the office equipment and services provider to disclose details of its joint venture agreement with Japan’s Fujifilm. Deason said U.S. securities law requires that disclosure, but the company said it is comfortable with the current level of disclosure.
Cboe Global Markets – The exchange operator won Securities and Exchange Commission approval for a plan to allow end-of-day trading without paying fees to the New York Stock Exchange or Nasdaq. Both had leveled objections to the plan, saying it would prompt market manipulation and undermine the reliability of its end-of-day closing auctions.
Symantec – Symantec was downgraded to “underperform” from “hold” at Jefferies, which said the maker of cybersecurity software will have trouble meeting its current guidance.
Comcast – The NBCUniversal parent was cut to “neutral” from “buy” at Nomura/Instinet, which sees a possible slowdown in net subscriber additions among other factors.
