Stocks making the biggest moves premarket: NKE, MU, CSCO, PFE, DBX, WYNN & more
Check out which companies are making headlines before the bell:
Nike – Nike reported adjusted quarterly profit of 68 cents per share, 15 cents a share above estimates. The athletic apparel and footwear maker's revenue beat forecasts, as well. Nike's results were boosted by strong demand in international markets.
Micron Technology – Micron came in 8 cents a share above estimates, with adjusted quarterly earnings of $2.82 per share. The chipmaker's revenue was above forecasts, as well, as both demand and pricing for memory chips jumped during the quarter. However, the company said nitrogen supply disruptions at one of its production facilities would have a two to three percent impact on production during the current quarter.
Cisco Systems – The networking equipment maker was added to the "Conviction" list at Goldman Sachs, which sees Cisco as a defensive play in a volatile market. Goldman calls Cisco's end markets "healthy and improving."
Pfizer – Pfizer said it is continuing to evaluate options for its consumer health-care unit, but has not yet made a decision on a sale, spinoff, or other transaction. That statement comes after GlaxoSmithKline dropped out of the bidding, a day after British consumer products maker Reckitt Benckiser did the same. Analysts had been projecting that the unit could fetch as much as $20 billion.
Dropbox (DBX) – Dropbox priced its initial public offering at $21 per share, above the expected range of $18 to $20 per share. Earlier in the week, the expected range for the IPO had been $16 to $18 per share. At $21 per share, the data storage company would have a market valuation of about $9.2 billion. The stock will begin trading today on the Nasdaq.
Wynn Resorts – Former CEO Steve Wynn has sold his entire stake in the casino operator, completing that process with a sale Thursday after selling about a third of his stake on Wednesday.
KB Home – KB Home reported adjusted quarterly profit of 40 cents per share, 12 cents a share above estimates. The home builder's revenue was below forecasts. The company said it sees demand remaining steady and inventory staying tight for the foreseeable future.
Cintas – Cintas beat estimates by 10 cents a share, reporting quarterly profit of $1.37 per share. Cintas, which makes uniforms and provides facility services, saw revenue beat estimates, as well.
General Mills – The food company was upgraded to "positive" from "neutral" at Susquehanna, which cited an attractive valuation. General Mills shares tumbled earlier this week to a multi-year low following its quarterly earnings reports, in which it beat estimates but lowered its full-year forecast in the face of rising input costs.
Occidental Petroleum – The energy producer's stock was upgraded to "buy" from "hold" at Deutsche Bank, which points to both an improved outlook and current valuation.
Target – There is no truth to the report that the retailer is in talks with Kroger on a merger, a source close to the matter tells CNBC.