Early Movers: WMT, KSS, CSCO & More
Check out which companies are making headlines before the bell on Thursday:
Wal-Mart — The retailer reported first quarter profit of $1.14 per share, one cent shy of estimates, with its revenues and current quarter guidance also falling short of consensus. A 1.2 percent decline in same-store U.S. sales marked the end of a six-quarter streak of rising sales, with CEO Mike Duke citing "considerable headwinds to topline sales" but also expressing confidence about the longer term.
Kohl's — Kohl's earned 66 cents per share for the first quarter, ten cents above estimates, yet revenues fell short of forecasts. Kohl's did point to better than expected gross margins and expense management during the quarter as positives.
Cisco Systems — Cisco reported fiscal third quarter profit of 51 cents per share, two cents above estimates, while revenue exceeded forecasts as well. Cisco registered improved sales in both hardware and services, despite slower spending by customers.
Tesla Motors — Tesla has announced a secondary offering of 2.7 million shares of common stock, as well as convertible notes, as it raises money to pay an Energy Department loan. The offering would raise more than $229 million at current prices. The automaker's CEO, Elon Musk, will buy about $45 million in stock from that offering, as well as another $55 million in shares in a separate deal.
Oil States International —The company has a new nearly five percent stakeholder in David Einhorn's Greenlight Capital, with Einhorn saying last week the company was a target for shareholder activism. The stake was disclosed in a quarterly 13F filing with the SEC.
Herbalife — The maker of health products saw Daniel Loeb's Third Point exit its positions in the company's stock, according to Third Point's latest 13F filing. It had owned 3.1 million shares and 200,000 call options.
Morgan Stanley — The investment firm's shares are also no longer among Third Point's holdings, after the fund manager had held at least 7.8 million shares previously.
Potash — The fertilizer producer is hiking its quarterly dividend by 25 percent to 35 cents per share, payable on August 2.
Actavis — Actavis continues to be a potential takeover target, with Dow Jones reporting that Novartis is now considering a possible bid for the generic drugmaker. Both Valeant Pharmaceuticals and Mylan have been rebuffed after approaching Actavis about a possible deal.
Dow Chemical — Dow has been ordered by a federal judge to pay $1.2 billion in a price fixing case involving chemicals used to make foam products. Dow plans to appeal the ruling.
Boeing, General Electric — The two companies are alerting airlines about a potential engine problem in Boeing's 777 jet. The airlines are being asked to inspect or replace a transfer gear box made for GE by Italy's Avio.
Google —Google's YouTube could be a $20 billion per year business by 2020, according to a new research note by Morgan Stanley. The calculation is based on YouTube's current share of the video advertising market and the ongoing expansion of that market.
Apple — CEO Tim Cook will speak to a Senate hearing next Tuesday, centering on offshore profits and the U.S. tax code. Apple and many others have kept overseas profits out of the U.S. to avoid taxation.
SodaStream— Deutsche Bank downgraded SodaStream to "hold" from "buy", saying the positives surrounding the company are already priced in.
AMD —Goldman Sachs downgraded the chipmaker's shares to "sell" from "neutral", with a price target suggesting a decline of as much as 43 percent. According to Goldman, the market is pricing in too much revenue from gaming applications.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
Questions? Comments? Email us at email@example.com