Check out the companies making headlines before the bell:
Cronos – Tobacco product Altria is buying a 45 percent stake in the cannabis producer for $1.8 billion. It had been reported earlier this week that the two were in talks, reports that were later confirmed by Cronos.
Big Lots – The discount retailer lost 16 cents per share for its latest quarter, wider than the one cent loss analysts were expecting. Revenue did beat forecasts, and a comparable store sales increase of 3.4 percent was above the consensus estimate of 2.9 percent. However, Big Lots cut its full-year forecast and said the holiday season will be challenging even as it maintains a more optimistic longer term outlook.
Vail Resorts – The resort operator lost $2.66 per share for its fiscal first quarter, 20 cents more than Wall Street anticipated, with revenue also missing forecasts. For the upcoming North American ski season, Vail said season pass sales are up 13 percent in dollars and 21 percent in units compared to a year ago.
Lululemon – Lululemon reported adjusted quarterly profit of 75 cents per share, five cents above estimates, while revenue also beat Street forecasts. The athletic apparel maker saw comparable store sales jump 18 percent compared to a consensus estimate of 13.8 percent, but the company also issued slightly weaker than expected guidance.
Broadcom – The chip maker earned an adjusted $5.85 per share for its latest quarter, coming in above the consensus estimate of $5.58. Broadcom's revenue also came in above forecasts, and Broadcom also gave strong 2019 revenue guidance. Additionally, the company announced a 51 percent dividend increase to $2.65 per share and added $6 billion to its stock buyback program.
Ulta Beauty – The company matched estimates with adjusted quarterly profit of $2.16 per share, and revenue also matched estimates with comparable store sales up 7.8 percent. However, the cosmetics retailer also issued lower than expected current quarter earnings guidance.
Tesla – Jefferies upgraded the automaker to "buy" from "hold", a call that follows a visit by Jefferies analysts to Tesla's Fremont, California factory. The firm said Tesla has demonstrated its profit and self-funding potential, and that meaningful productivity enhancements are ahead.
American Outdoor Brands – American Outdoor beat estimates by six cents with adjusted quarterly profit of 20 cents per share, while the Smith & Wesson parent also saw revenue come in above Street forecasts. The company also increased its full year guidance.
IBM – The technology giant struck a deal to sell some software assets to India-based software company HCL Technologies for $1.8 billion. The sale is part of IBM's ongoing effort to de-emphasize its legacy businesses.
Zumiez – The action sports apparel company reported quarterly earnings of 55 cents per share, six cents above estimates, with revenue essentially in line with forecasts. However, the company's current quarter guidance is below analysts' forecasts.
Fresenius – Fresenius shares are under pressure after the German health care company issued a profit warning for 2019 and retracted its previously issued targets for 2020. Fresenius said it planned to invest more money in its hospitals and other businesses.
Fiat Chrysler – The automaker plans to add Jeep production at a currently out-of-service Detroit plant in 2020, according to a Reuters report.
Chevron – The energy giant will spend $20 billion on capital projects in 2020, which would amount to its first year-over-year capital spending increase in four years.
General Electric – GE's power turbine issue is increasing, according to a Reuters report which said utilities are shutting down at least 18 of GE's newest gas turbines at power plants in Europe and Asia.
Correction: Broadcom earned an adjusted $5.85 per share in its latest quarter, above consensus forecasts of $5.58.