Stocks making the biggest moves premarket: QCOM, AVGO, AMD, INTC, CVS, AET & more
Check out which companies are making headlines before the bell:
Qualcomm – Broadcom announced a $70 per share bid for its chipmaking rival, worth approximately $105 billion when debt is excluded. The offer consists of $60 per share in cash and $10 per share in stock.
Advanced Micro Devices – AMD and longtime rival Intel are teaming up, according to The Wall Street Journal. They'll partner on a chip that includes an Intel processor and an AMD graphics chip, in an attempt to battle Nvidia.
CVS – CVS and insurer Aetna are working toward finalizing a more than $70 billion takeover and hope to complete the deal as early as December, according to Reuters. The companies are said to have agreed that CVS would pay for Aetna in both cash and stock. Separately, the drugstore chain operator and pharmacy benefits manager beat estimates by two cents a share, with adjusted quarterly profit of $1.50 per share. Revenue was also above forecasts. The beat comes despite the negative impact of lower pharmacy prices.
Mylan – The generic drugmaker fell 10 cents short of estimates, with adjusted quarterly profit of $1.10 per share. Revenue also missed forecasts. Mylan's results were impacted in part by lower North American sales.
Sprint, T-Mobile US – The wireless carriers have called off merger talks, saying they were unable to find mutually agreeable terms. At the same time, Sprint announced a new multiyear agreement to provide wireless service that will be sold by cable operator Altice USA.
Michael Kors – The luxury goods maker earned $1.33 per share for its latest quarter, well above estimates of 83 cents a share. Revenue beat forecasts, and the company raised its full-year outlook. Comparable-store sales fell by 1.7 percent, but that was smaller than the consensus Thomson Reuters estimate of a 4.7 percent decline.
Berkshire Hathaway – Berkshire reported quarterly profit of $2,094 per share, short of the $2,402 per share consensus estimate. The company's results were hurt by insurance claims related to the quarterly's hurricanes, as well as the Mexico earthquake.
Papa John's – Papa John's said it is re-evaluating its sponsorship of National Football League broadcasts in the wake of declining ratings. President Steve Ritchie said a continuing slide in ratings would mean that the pizza chain would need to shift advertising dollars into more effective venues.
Anthem – Chief Executive Officer Joseph Swedish is stepping down effective November 20 and will be replaced by former UnitedHealth executive Gail Boudreaux as its new CEO. Swedish will continue as executive chairman through May 2018.
Amazon.com — Amazon is cutting the prices of products from third-party sellers as the holiday season approaches. The sellers would still get full price while allowing Amazon to compete more aggressively with Wal-Mart and other competitors.
Goldman Sachs – Goldman and Chinese sovereign wealth fund CIC are reportedly partnering on a fund that would seek to invest up to $5 billion in the United States. The Wall Street Journal reports the fund will be announced during President Donald Trump's trip to Beijing this week. Separately, Goldman's asset management division is said to be facing a multimillion-dollar paper loss on its purchase of Venezuelan bonds, according to the Financial Times.
Netflix – The streaming service and "House of Cards" producer Media Rights Capital have cut ties with the program's star, Kevin Spacey, after sexual harassment accusations made by actor Anthony Rapp last week.
United Continental – The airline is considering the purchase of new Boeing 767 jets, even though Boeing stopped making the passenger version of that jet in 2014. Boeing does still produce versions of the 767 that serve as military refueling tankers and freighters.
AT&T – AT&T and Time Warner are seeing the review of their proposed deal drag on as a new antitrust chief steps in, according to a Bloomberg report.
Snap-On – The tool maker announced a 15.5 percent dividend increase, raising its quarterly payout to 82 cents per share from the prior 71 cents.