- Northrop Grumman is pursuing a Japanese jet fighter contract that may put it in competition with US rival Lockheed Martin, according to sources who spoke to Reuters.
- Echostar is now seeking talks with Immarsat after its $3.2 billion bid to buy the British satellite firm was rebuffed.
- Ford reported a 38 percent drop in China vehicle sales in June, capping a first half sales slump.
Check out the companies making headlines before the bell:
Northrop Grumman – Northrop is pursuing a Japanese jet fighter contract that may put it in competition with US rival Lockheed Martin, according to sources who spoke to Reuters. Northrop had lost a competition against Lockheed for an Air Force stealth fighter jet nearly three decades ago.
Echostar – Echostar is now seeking talks with Immarsat after its $3.2 billion bid to buy the British satellite firm was rebuffed. Immarsat said the offer significantly undervalues the company, as it had when it rejected a prior offer from its U.S. rival last month.
Ford Motor – Ford reported a 38 percent drop in China vehicle sales in June, capping a first half sales slump. For the first six months of the year, sales were down 25 percent, the biggest decline since Ford started China operations in 2001.
Tesla – The automaker’s Fremont, California factory is the subject of another probe by California regulators, following a safety-related complaint. California’s Occupational Safety and Health Administration acknowledged opening the case on June 21, but has not given specific details on the investigation.
Biogen – Biogen said a new Alzheimer’s drug succeeded in a mid-stage trial for patients receiving the highest dose. Biogen is developing the drug in partnership with Japan’s Eisai Co., whose shares surged in Tokyo trading.
Boeing – Boeing could get a boost after European rival Airbus raised its 20-year forecast for aircraft demand by more than seven percent.
Wynn Resorts – Wynn Resorts announced the departure of long time general counsel Kim Sinatra, effective July 15. The hotel and casino operator said it had not yet finalized the terms of Sinatra’s transition and departure.
Deutsche Bank – A German magazine reports that JPMorgan Chase and Industrial and Commercial Bank of China may both be interested in taking a stake in Deutsche Bank. JPMorgan subsequently denied that it was interested, and the German government denied it had privately expressed concerns about the bank.
Kraft Heinz, Conagra – Shares of the two food makers could be impacted after a Financial Times report that American ketchup could be next on a list of EU trade targets. Kraft Heinz makes the popular Heinz ketchup brand, while Conagra is the maker of Hunt’s.
PriceSmart – PriceSmart reported quarterly earnings of 61 cents per share, 2 cents below forecasts, though the retailer’s revenue did exceed forecasts. The warehouse retailer’s costs following several recent acquisitions.
Square – Square withdrew its application with the FDIC to open a depository bank, which would allow it to collect government-insured deposits. The mobile payments company plans to refile after it strengthens its application.