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Stocks to Watch: October 31, 2016

Check out which companies are making headlines before the bell:

Baker Hughes — The oilfield services company will combine with General Electric's oil and gas unit, with GE contributing $7.4 billion to fund a $17.50 per share special dividend for Baker Hughes shareholders. The companies expect the deal to be completed by mid-2017.

Level 3 Communications — The provider of communications products and services will be bought by CenturyLink in a cash and stock deal worth $66.50 per share, or a total of $34 billion including assumed debt.

Cardinal Health — The pharmaceutical distributor came in three cents above estimates with adjusted quarterly profit of $1.24 per share, while revenue was also above Wall Street forecasts. Cardinal Health did cut its full-year forecast, as it deals with short term challenges in the overall pharmaceutical distribution market.

Diamond Offshore — The drilling company earned 10 cents per share for its latest quarter, two cents above estimates. Revenue was below forecasts, but the company said it was able to manage its cost effectively.

Check Point Software — The cybersecurity products maker reported adjusted quarterly profit of $1.13 per share, five cents above estimates, with revenue also beating forecasts thanks to a jump in subscriptions.

Sony — Sony cut its full-year profit outlook, stemming from the sale of its battery business. It will announce its numbers for the first half of the fiscal year and provide further details on its full-year guidance Tuesday morning.

MGM Resorts — MGM is poised to invest up to $10 billion into a Japanese casino, once legislation is passed to legalize casinos in that country. Chief Executive James Murren said the investment could possibly come via a publicly traded real estate investment trust, and that such a project would involve spaces that combine casinos with hotels, conference centers, and shopping.

Hilton International — Hilton got a bullish mention in this weekend's Barron's, which said the hotel operator's stock could jump 25 percent on its planned split into three separate companies.

Apple — Apple is reportedly being pushed by Goldman Sachs to make a rival bid for Time Warner, according to the New York Post. Time Warner has already agreed to be bought by AT&T in an $85 billion deal.

Exxon Mobil — Exxon Mobil was downgraded to "neutral" from "buy" at Goldman Sachs and removed from the "Conviction Buy" list, while Chevron was added to the list and upgraded to "buy" from "neutral." Both reported quarterly earnings Friday, prompting a sell-off in Exxon Mobil and a jump in Chevron shares.

Macy's — Macy's was upgraded to "buy" from "hold" at Deutsche Bank, which thinks the retailer has an opportunity to boost profit margins between now and the end of 2017. At the same time, Deutsche Bank downgraded rival retailer Nordstrom, citing several factors including valuation.

Deere — Baird upgraded the heavy equipment maker to "outperform" from "neutral," amid signs of improving demand and the view that results in the industry are likely to bottom out soon.

Walgreens Boots Alliance — The stock was rated "outperform" in new coverage at Wells Fargo, which thinks the drug store operator's increasing presence in prescription drugs will be helped by favorable demographic trends.