Early movers: DOW, BBRY, GME, RH, YHOO, AMZN & more
Check out which companies are making headlines before the bell:
Dow Chemical—Dow will spin off part of its chlorine derivatives business and merge it with Olin Corporation, creating a company with annual revenue of about $7 billion. It will get about $2 billion in cash and about $2.2 billion in Olin stock as part of the deal.
BlackBerry—The handset maker earned 4 cents per share for its latest quarter, compared to an expected 4-cent-per-share loss, but revenue was far below Street forecasts as sales from services exceeded those from hardware.
Finish Line—The sports apparel and footwear retailer beat estimates by 3 cents with quarterly profit of 88 cents per share, with revenue also above estimates. Same-store sales were up 2.6 percent, and the company also authorized a new five million share repurchase program.
Oracle—The business software giant got a positive mention in a new analyst report at UBS. Following a meeting with CEO Mark Hurd, the firm said all three of Oracle's major businesses are seeing product tailwinds.
EMC—The maker of data storage products saw its stock downgraded to "sector perform" from "outperform" at Pacific Crest Securities, citing North American weakness in enterprise storage.
GameStop—The video game retailer reported adjusted quarterly profit of $2.15 per share, 2 cents below estimates. Revenue was also below forecasts, as was GameStop's guidance for the current quarter and the full year. GameStop is being hurt by slowing sales growth for the Microsoft's Xbox One and Sony's PlayStation 4 consoles after the holiday shopping season.
Google—Google will pay new Chief Financial Officer Ruth Porat about $30 million in salary, restricted stock, and bonuses for her first seven months on the job, according to just-released details of her pay package. Porat came to Google recently from Morgan Stanley.
Restoration Hardware—The home goods retailer reported adjusted quarterly profit of $1.02 per share, 1 cent above estimates, with revenue in line with forecasts. But Restoration Hardware gave weak guidance for the current quarter, citing delayed shipments due to the West Coast port labor dispute.
Yahoo—Yahoo approved a new $2 billion stock buyback program, using the proceeds from the public offering of online retailer Alibaba.
Novo Nordisk—The Danish drug maker will resubmit its rejected insulin drug Tresiba to U.S. regulators, following upbeat data from a clinical trial. The drug had originally been rejected by the Food and Drug Administration in 2013.
American Apparel—The apparel chain's ex-CEO Dov Charney is seeking $40 million in damages for alleged breach of his employment contract. Charney was removed from his job in December following a six-month suspension amid allegations of misusing funds.
Apple—Chief Executive Officer Tim Cook plans to donate his estimated $785 million fortune to charity, according to a Fortune article.
Amazon.com—Amazon is in talks to buy online luxury retailer Net-a-Porter, according to Forbes, in what might be the largest-ever acquisition for Amazon
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