Early movers: AGN, MYL, MHFI, UBS, FCAU, QCOM & more
Check out which companies are making headlines before the bell:
Allergan–Allergan announced a deal to sell its generic drugs unit to Teva Pharmaceuticals for $40.5 billion in cash and stock. In a concurrent announcement, Teva said it had withdrawn its proposal to buy generic drug maker Mylan.
Mylan–Mylan responded to the Teva/Allergan announcement by congratulating Teva, and adding that it was looking forward to completing its own proposed deal to buy store-branded drug maker Perrigo.
McGraw Hill Financial–The parent of Standard and Poor's announced a deal to buy SNL Financial for $2.225 billion in cash. SNL specializes in data and analytic services for the financial industry.
UBS–UBS posted a better than expected second quarter profit, up 53 percent compared to a year earlier. The bank posted its numbers a day earlier than scheduled, to correct what it called "misleading information" that had appeared in a Swiss weekly newspaper over the weekend.
Fiat Chrysler—The automaker has been fined a record $105 million by the National Highway Traffic Safety Administration in a case involving safety recalls. The agreement contains a buyback option covering thousands of vehicles, something that had never been part of any previous NHTSA cases.
Box–Pacific Crest upgraded the cloud services provider's stock to "overweight," citing major customer additions and new partnerships.
Qualcomm–Morgan Stanley upgraded the chip maker to "overweight," saying the market has become too pessimistic and that Qualcomm's recent cost cutting moves and new product releases are sources of momentum for the company and the stock.
GrubHub–Cowen cut its rating on the online menu service to "market perform" from "outperform." Cowen points to an influx of capital for GrubHub competitors that it said will ultimately erode GrubHub's "first mover" advantage.
Delta Air Lines–Delta will take a 3.55 percent stake in China Eastern Airlines for $450 million.
Pearson–The publisher is in talks to sell its 50 percent stake in The Economist. This comes just a few days after Pearson announced it was selling the Financial Times.
Verizon–Verizon's East Coast wireline workers have authorized a strike, if necessary. Their current contracts expire August 1.
Royal Philips–The electronics maker reported a 13 percent jump in net profit for the second quarter, with the Amsterdam-based company helped in part by a weaker euro, as well as improved overall sales in key markets.
Best Buy–The electronics retailer will begin selling Apple's Apple Watch at its stores beginning in August.
Amazon.com–The online retail giant plans to open its first drive-through grocery store in Silicon Valley, according to London's Sunday Telegraph newspaper.
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