Tesla – Tesla is cutting its full-time workforce by 7 percent to lower costs, according to an employee memo. In the memo, CEO Elon Musk said the cuts are needed along with manufacturing design improvements to achieve economies of scale and to maintain a viable company. (Read the full text of Musk's email to Tesla employees here.)
CVS Health – CVS and Walmart have signed a new multiyear agreement which will keep Walmart in the CVS Caremark pharmacy benefit network. Earlier this week, CVS said it expected Walmart to leave the network, with the two sides in a dispute over pricing.
Eli Lilly – The drugmaker said study results did not confirm the clinical benefit of its Lartruvo sarcoma treatment. It is working with global regulators to determine possible next steps, but sees this event impacting full year 2019 guidance by 17 cents per share.
Netflix – Netflix reported quarterly profit of 30 cents per share, beating Street estimates by 6 cents a share. Revenue was slightly short of forecasts, however, putting pressure on the shares after their recent rally.
American Express – American Express earned an adjusted $1.74 per share for the fourth quarter, 6 cents a share shy of estimates. The financial services company's revenue also missed forecasts, hurt by higher expenses as well as increased provisions for credit losses.
Tiffany – The luxury goods retailer reported a 2 percent decline in comparable sales for the two month holiday period, and said earnings for the fiscal year ending January 31 will be toward the lower end of its prior guidance of $4.65 to $4.80 per shares. Current full year Wall Street earnings consensus is at $4.77 a share.
VF Corp. – The parent of North Face and other apparel brands earned an adjusted $1.31 per share for the fiscal third quarter, 21 cents a share above estimates. Revenue also beat forecasts, and VF also raised its full-year outlook on strong demand for North Face apparel and Vans shoes, among other factors.
SunTrust Banks – The bank earned and adjusted $1.50 per share for its latest quarter, beating the $1.37 a share consensus estimate, and revenue was above forecasts, as well.
Citizens Financial – The financial services company earned 96 cents per share for its latest quarter, 2 cents a share above estimates. Revenue was in line with expectations. Citizens also announced a 19 percent increase in its quarterly dividend.
Chevron – UBS raised its rating on the energy producer to "buy" from "neutral," saying the recent pullback in oil prices has prompted a buying opportunity for Chevron shares. UBS added that Chevron can fund both its capital spending and its dividend at prices at or below $50 per barrel.
MGM Resorts – MGM struck a deal to give a board seat to Keith Meister, the founder of hedge fund Corvex Management. Corvex owns about three percent of the casino operator, and the company said it has been holding "constructive dialogue" with Meister over the past several months.
PPG Industries – PPG will not face a challenge from Trian Fund Management at the paint and coatings producer's annual shareholder meeting, according to sources quoted by Reuters. PPG is said to have met some of Trian's demands for change and set new financial targets.
JPMorgan Chase — CEO Jamie Dimon was awarded a five percent raise in compensation for 2018 to a total of $31 million, according to an SEC filing. The board of directors cites the bank's strong 2018 performance in awarding Dimon his highest compensation ever.
Interpublic Group – Interpublic was downgraded to "sector perform" from "outperform" at RBC Capital, which is projecting a deceleration in organic growth for the advertising firm in 2019.
Alibaba – Alibaba is postponing hiring and cutting travel spending, according to a Bloomberg report. The Chinese e-commerce company is said to be bracing for a slowing economy.
J.B. Hunt Transportation – J.B. Hunt reported adjusted quarterly profit of $1.78 per share, beating estimates by 30 cents a share. The trucking company's revenue also topped Wall Street forecasts.