Early movers: GPS, AVGO, AMBA, AVP, CC, TM, CST, FB, BP, AVH & more
Check out which companies are making headlines before the bell:
Gap — The apparel retailer reported a 6 percent drop in comparable-store sales at its Gap, Banana Republic, and Old Navy stores. The company called the month "challenging," but added that performance was on the upswing heading into the Memorial Day weekend.
Broadcom — Broadcom reported adjusted quarterly earnings of $2.53 per share, beating estimates of $2.38 a share. The chipmaker's revenue was also very slightly above forecasts. Broadcom, which was reporting its first quarterly numbers following the February combination of Broadcom and Avago, also raised its quarterly dividend to 50 cents per share from 49 cents a share.
Ambarella — Ambarella beat estimates by 6 cents a share, with adjusted quarterly profit of 34 cents per share. Revenue matched forecasts. The supplier of image processing chips did note a decline in its numbers compared to a year earlier, pointing to "near term headwinds" in the wearable sports camera market.
Avon Products — Jefferies began coverage of the cosmetics maker with a "buy" rating, saying Avon is in the early stages of a positive transformation and has shored up its balance sheet.
Chemours — Chemours issued a response to a critical report from short-selling firm Citron, saying it strongly refutes Citron's statements that it is "toxic from the balance sheet to the courtroom" and that the stock is "going to zero." Chemours is the chemical solutions unit that was spun off from DuPont last year.
Toyota Motor — Toyota suspended production at three Japan plants affected by an explosion at a supplier's factory earlier this week. The automaker says it expects full production to resume by the beginning of next week.
CST Brands — CST remains on watch, after Thursday's Reuters report that the convenience store operator is a takeover target. That report said Canada's Alimentation Couche-Tard and 7-11 parent Seven & I Holdings had submitted offers to acquire CST, with the shares jumping 7 percent as a result.
Facebook — Facebook's board of directors has submitted a shareholder proposal that would remove majority voting control from CEO Mark Zuckerberg, should he ever decide to leave his management position. The proposal will be up for a vote at Facebook's annual meeting on June 20.
BP — The energy giant will pay $175 million to settle a shareholder class action suit stemming from the 2010 Gulf of Mexico oil spill. The suit had contended that BP misled investors by understating the severity of the spill.
Avianca Holdings — United Continental and Delta Air Lines are among those considering bids for the Panama-based airline company, according to The Wall Street Journal.
Apple — Apple services like its App Store have been restored following a more than two-hour outage on Thursday.
Citigroup — Citi Chief Executive Officer Michael Corbat told a New York investor conference that the bank's second-quarter net income will be about 25 percent below year-ago levels and flat compared to this year's first quarter.
Tribune Publishing — Tribune will change its name to Tronc as of June 20. The news was announced at the publisher's annual meeting, where the company did not reveal how much support Gannett got after it urged shareholders to withhold their votes for Tribune directors. Tribune has been resisting takeover overtures from Gannett, which is currently considering whether to proceed with its efforts.
McKesson — McKesson is considering a separation of its information technology business, according to The Wall Street Journal. The drug distributor is said to be weighing a sale or a merger for the business, although there's no certainty that a move will be made.
Baidu — Baidu plans to mass produce a driverless car in five years, according to an executive of the China-based search engine company. Baidu has already been testing a self-driving car model in China.
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