Skyworks, Qorvo, Wayfair, UPS and more
Check out the companies making headlines before the bell Skyworks Solutions — The maker of high-performance analog and mixed-signal semiconductors climbed 19% after an all stock-and-cash deal to buy its rival Qorvo , which surged 17%. The combined company will be valued at some $22 billion. Qorvo shareholders will receive $32.50 in cash and 0.960 of a Skyworks common share for each Qorvo share held, with Skyworks shareholders controlling about 63% of the new company and Qorvo holders the rest. PayPal Holdings — The payment provider surged 12% after third-quarter earnings per share of $1.34 topped the Wall Street consensus estimate of $1.20, based on a FactSet poll of analysts, and it initiated a quarterly dividend of 14 cents per share . Corning — The fiver optic cable maker dropped some 6% after adjusted third-quarter results and fourth-quarter guidance topped Wall Street estimates. The core operating margin of 19.6% missed the Street’s estimated 20.1%, cash from operations of $784 million missed analysts’ expected $1.07 billion and free cash flow of $535 million was below an expected $706.5 million, FactSet’s StreetAccount said. Wayfair — The online home goods retailer jumped 11% after third-quarter earnings came in better than anticipated, with Wayfair earning an adjusted 70 cents per share on $3.12 billion in revenue. Analysts polled by LSEG forecast 43 cents a share and $3.02 billion, respectively. UPS — The parcel delivery company jumped 10% after posting better-than-expected third quarter revenue of $21.4 billion versus the Street’s forecast of $20.83 billion, and adjusted earnings of $1.74 per share versus a consensus estimate $1.24. Fourth-quarter revenue guidance also topped Street forecasts. F5 —The multi-cloud application security and deliver solutions provider dropped 9% after disclosing its BIG-IP product line recently suffered a security incident. Third-quarter revenue came in at a better-than-expected $810 million. Rambus — The semiconductor maker tumbled 15% after third-quarter earnings of 44 cents per share trailed the 45 cents per share earned in the same period a year ago. Revenue of $178.5 million topped $145.5 million from the year-earlier period. Rambus shares had more than doubled in the past six months and were almost 80% higher in the past three months alone going into the report. Sysco — The food distributor fell 4% after fiscal first-quarter results underwhelmed investors. Sysco earned $1.15 per share, excluding certain items, on revenue of $21.1 billion. Analysts polled by FactSet expected a profit of $1.12 per share on revenue of $21.08 billion. Sherwin-Williams — Shares jumped 5.6% after the paint and coatings company reported earnings results that exceeded expectations on the top and bottom lines. Sherwin-Williams posted third-quarter adjusted earnings of $3.59 per share on revenue of $6.36 billion. Analysts polled by FactSet were anticipating earnings of $3.44 per share on revenue of $6.20 billion. Waste Management — Shares fell nearly 4% on disappointing third-quarter results. The company earned $1.98 per share, excluding certain items, on revenue of $6.44 billion. Analysts expected a profit of $2.02 per share on revenue of $6.5 billion. UnitedHealth — The health insurer rose more than 3% on better-than-expected third-quarter results. The company earned an adjusted $2.92 per share on revenue of $113.2 billion. Analysts polled by LSEG expected a profit of $2.79 per share on revenue of $113.06 billion. Amazon — Shares ticked higher after the company said it would lay off approximately 14,000 employees. D.R. Horton — The homebuilder fell 5% on an earnings miss. Horton’s earnings per share of $3.04 in its fiscal fourth quarter came in roughly 7% below analysts’ expectations. Royal Caribbean — Shares tumbled 7.6% after the cruise line’s third-quarter revenue trailed estimates and it gave weaker full-year earnings guidance than the Street expected. Royal Caribbean’s latest quarter revenue totaled $5.14 billion, versus the $5.17 billion FactSet consensus estimate. RCL full-year earnings guidance of $15.58 and $15.63 missed the $15.70 per share expected by analysts. Rival cruise line Carnival Corp. fell more than 4% in sympathy. — CNBC’s Alex Harring, Fred Imbert, Sarah Min, Michelle Fox Theobald and Scott Schnipper contributed reporting
Post Comment