Check out the companies making headlines before the bell:
Conagra – The food producer has reached a deal to buy Pinnacle Foods for $10.9 billion in cash and stock, with an implied value of $68 per share. CNBC had reported Tuesday that a deal was close.
General Mills – General Mills reported fourth-quarter adjusted profit of 79 cents per share, 7 cents a share above estimates. Revenue was essentially in line with expectations. The food producer said it expected a “dynamic” market environment in fiscal 2019, and sees organic net sales flat to up one percent in the new fiscal year.
Teva Pharmaceutical – The drugmaker’s stock was added to Citi’s “US Focus List” citing a favorable risk-reward profile and the prospects for increased earnings.
Morgan Stanley – Morgan Stanley announced that former Securities and Exchange Commission Chair Mary Schapiro is joining its board of directors on July 1.
World Wrestling Entertainment – WWE signed a multi-year media rights deal with USA Network and Fox Sports that more than triples the fees it was receiving in its current deal. The new agreements take effect in the fall of 2019.
Alphabet – Alphabet’s Google unit is retiring the DoubleClick and AdWords brand names in a streamlining of its advertising business. Google is focusing its ad-buying services under the Google Ads name.
Facebook — Facebook is once again accepting cryptocurrency ads, after banning them in January. However, Facebook is keeping its ban on ads for initial coin offerings in place.
General Electric – GE’s streamlining moves are winning praise from major shareholder Trian, according to the New York Times. Separately, GE was upgraded to “perform” from “underperform” at Oppenheimer, which said the company’s streamlined portfolio can unlock value and decrease its liabilities.
Sonic – Sonic reported adjusted quarterly profit of 52 cents per share, beating estimates by three cents. However, the restaurant chain’s revenue missed forecasts, and a comparable store sales decline of 0.2 percent came after the company had said earlier this month that comp sales would be “approximately flat”.
Harley-Davidson– Harley remains on watch as the motorcycle maker continues to receive criticism from President Trump, after announcing it would shift some production overseas to avoid new EU tariffs. The Washington Post reports that the president feels personal betrayed by the company’s actions.
Yum Brands – The parent of KFC, Taco Bell, and Pizza Hut was upgraded to “buy” from “neutral” at BTIG, which cited a number of factors including valuation and benefits from a recent investment in GrubHub.
Abbott Labs – The drug maker’s stock is rated “overweight” in new coverage at Bernstein, which points to strong product launches and successful integration of acquisitions like St. Jude and Alere.
AT&T – The stock is rated “overweight” in resumed coverage at Morgan Stanley, which said significant uncertainty for the sector in general and the company in particular is already reflected in the stock’s price. Morgan Stanley expects the Time Warner acquisition to increase earnings, and also notes that AT&T is targeting a dividend increase in December.