Early movers: CB, GIS, MKC, STZ, FB, SBUX & more
Check out which companies are making headlines before the bell:
Chubb–The insurance company will be acquired by ACE for $28.3 billion in cash and stock, representing a 30 percent premium for Chubb shareholders. They will receive $62.93 in cash and 0.6 ACE shares for each share they now hold.
General Mills–The cereal maker earned an adjusted 75 cents per share for its latest quarter, 4 cents above estimates, but revenue was short of forecasts due in part to a stronger dollar. General Mills did see growth in both prices and profit margins.
McCormick–The spice maker beat estimates by seven cents with adjusted quarterly profit of 75 cents per share, with revenue slightly below analyst forecasts as the stronger dollar impacted sales. McCormick also raised its full year forecast due to a reduction in its expected tax rate.
Constellation Brands–The spirits maker earned an adjusted $1.26 per share for its latest quarter, two cents above estimates, with revenue also beating analyst projections. It also raised its full-year forecast, based on upbeat results for its beer business.
Facebook–The company is giving advertisers the choice of paying for video ads only if users view them for 10 seconds or more.
Starbucks–Goldman Sachs removed the stock from its "conviction buy" list following its recent run-up, but maintains a "buy" recommendation. At the same time, Goldman added restaurant operator Bloomin' Brands to the "conviction buy" list.
Chambers Street Properties, Gramercy Property Trust–The two real estate companies have agreed to merge in an all-stock deal that creates a combined company with a $5.7 billion enterprise value. Gramercy shareholders will receive about 3.2 Chambers Street shares for each share they now own.
Toyota-Managing officer Julie Hamp resigned following her arrest on suspicion of illegally importing oxycodone into Japan.
Sprint–Sprint's $50 million settlement with the Consumer Financial Protection Bureau over "cramming" has been approved by a judge. Sprint had been accused of adding unauthorized charges to customer mobile phone bills.
Nike–Nike chairman and co-founder Phil Knight will step down next year. Knight has recommended Chief Executive Officer Mark Parker as his replacement as chairman.
AT&T– AT&T could see its deal to acquire DirecTV approved as soon as next week by government regulators, according to a Reuters report.
Alibaba–The e-commerce company is partnering with a Chinese film company and a satellite TV company for a new subscription based internet, cable, and mobile entertainment service in China.
Sony–Sony debuted its new crowdfunding site First Flight today, with a campaign for a new remote control designed by six Sony engineers.
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