Check out which companies are making headlines before the bell:
Starbucks — The coffee chain will boost prices on selected coffee beverages at company-operated U.S. stores, effective today. Starbucks said certain sizes of brewed coffee will see increases of 10 cents to 20 cents per cup.
AMC Entertainment — The movie theater chain is buying London-based Odeon & UCI Cinemas Group from private-equity firm Terra Firma for $1.2 billion in cash and stock. At the same time, AMC said it remains committed to completing its previously announced deal to buy Carmike Cinemas.
Fastenal — The maker of industrial supplies earned 45 cents per share for its latest quarter, three cents a share below estimates. Revenue also registered a slight miss. Fastenal saw a drop in pretax margins as well as a decline in the number of large customers who bought more supplies than they had previously.
Sage Therapeutics — The drugmaker announced upbeat results for a phase 2 trial involving a new drug to treat post-partum depression.
Oracle — The stock was upgraded to "outperform" from "market perform" at BMO Capital. The firm based the change on increasing confidence in Oracle's growth prospects.
Alcoa — The aluminum producer reported adjusted earnings of 15 cents per share for its second quarter, six cents a share above estimates. Revenue also beat forecasts, even though prices continued to fall. CEO Klaus Kleinfield said the company continues to perform well in a low pricing environment, with Alcoa expecting strong double-digit growth in 2017.
Tesla — The automaker is reportedly under investigation by the Securities and Exchange Commission (SEC) for failing to immediately report a May crash involving a vehicle operating in autopilot mode, according to Dow Jones. Tesla told CNBC in a statement that it had not received any communication from the SEC on this issue.
Seagate Technology — Seagate is cutting 6,500 jobs or about 14 percent of the hard disk drive maker's global workforce. That announcement comes only a few weeks after Seagate announced it would reduce 1,600 jobs. Seagate also boosted its revenue guidance for the quarter that ended July 1, saying demand for its drives was strong.
United Continental — The airline reported a 6.5 percent to 6.75 percent drop in passenger unit revenue in the recently concluded quarter, a smaller than expected drop. United also said fuel prices during the second quarter were slightly higher than it had previously expected.
R.R. Donnelley — The company is in talks to be acquired by Xerox, according to a Bloomberg report. Xerox would merge its document technology business with Donnelley, a provider of digital and print technology solutions. The report said the deal could be announced before Xerox executes its previously announced split into two separate companies, and would also end Donnelly's plan to split into three publicly traded companies.
Shire — Shire won U.S. approval for its new dry eye treatment Xiidra, and expects to launch the drug during the current quarter. Nearly 16 million adults are affected by that condition in the U.S.
Blackstone — Blackstone is in talks to sell some of its commercial property firms to China Vanke Co. and its partners for $1.9 billion.
Citigroup — Citi is planning to shut down the Venezuelan government's foreign currency accounts, according to Venezuelan President Nicolas Maduro. Citi has not made any official announcement, but Maduro criticizes the move as a "blockade."
Kimberly-Clark — Kimberly-Clark's plant in Venezuela will be taken over and re-activated by the government, according to the country's labor minister. The U.S. consumer products company said Monday it was suspending operations at the plant due to deteriorating economic conditions and a shortage of raw materials.
Questions? Comments? Email us at firstname.lastname@example.org