Early Movers: ELAN, OMC, SKS, WYNN, MSFT & more
Check out which companies are making headlines before the bell on Monday:
Elan — The drug maker agreed to be acquired by Perrigo (PRGO) for $8.6 billion in cash and stock. Perrigo plans to become an Irish-based company, a plan which could cut its tax liabilities nearly in half.
Omnicom — The advertising giant will combine with France's Publicis Groupe in what the two are calling a merger of equals. The new firm will be called Publicis Omnicom Group and will be the world's largest advertising company, though the deal is expected to face a great deal of regulatory scrutiny — both in the U.S. and in France.
Norwegian Cruise Line —The cruise line operator earned 29 cents per share for the second quarter, two cents above estimates. Revenue came in below consensus at $644 million.
Wynn Resorts — The hotel and casino operator earned second quarter profit of $1.51 per share, six cents below estimates, with revenues essentially in line with Wall Street estimates.
Microsoft — The software giant's stock was downgraded to "neutral" from "overweight" at Atlantic Equities, with the firm citing pressures in the Windows and Servers product lines.
Hormel — The food producer's stock was upgraded to "outperform" from "neutral" at Credit Suisse, due to profit margin expansion in Hormel's turkey and pork segments, as well as earnings accretion from the Skippy brand acquisition.
Whole Foods — Cantor Fitzgerald downgraded the grocer's shares to "hold" from "buy" ahead of the Wednesday issuance of quarterly earnings. Cantor said it lacked sufficient basis to raise its price targets or estimates enough to maintain the "buy" rating.
Barnes & Noble — The book seller reported errors with financial statements for the past four quarters and prior fiscal year, due to an issue with accruals. It is planning to restate its financials, but said in the interim, its previous statements should no longer be relied upon.
Boeing — The Dreamliner maker is requesting expanded inspections of aircraft that use Honeywell emergency locator beacons. In addition to 787 jets, Boeing is now asking customers of its 717, Next Generation 737, 7477-400, 767, and 777 aircraft to inspect the beacons, following possible issues with those transmitters aboard the 787.
PPG Industries —PPG will sell its controlling stake in Transitions Optical to its business partner Essilor International for $1.73 billion. The unit is the maker of popular variable-tint plastic lenses for glasses.
Visa —Visa is being sued by U.K. retailers, who seek refunds of a decade's worth of credit card payment processing fees, according to London's Daily Telegraph. A Visa Europe spokesman told the paper he had not seen the retailers' claims.
Yahoo — The Internet company is close to buying e-commerce app platform Lexity, according to All Things Digital. Lexity CEO and founder Amit Kumar was a long time Yahoo employee.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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