Stocks making the biggest moves premarket: PEP, BRKB, CAH, TSN, PX & more
PepsiCo – Indra Nooyi will step down as CEO of the snack and beverage giant on October 3 after 12 years, replaced by President Ramon Laguarta. She will remain as chair of the company's board until early 2019.
Berkshire Hathaway – Berkshire reported quarterly profit of $4190.13 per "A" share, beating the consensus estimate of $3386.62, while revenue also topped estimates. Warren Buffett's firm saw profits jump 67 percent from a year earlier, helped in part by a rebound in Berkshire's insurance business.
Cardinal Health – The drug distributor reported adjusted quarterly profit of $1.01 per share, eight cents above estimates, while revenue also topped forecasts. The company also gave a full year forecast that largely exceeds Street projections.
Tyson Foods – The beef and poultry producer earned an adjusted $1.50 per share for its fiscal third quarter, beating estimates by 10 cents. Revenue was slightly below forecasts, but Tyson said it was pleased with its quarter considering oversupply and a difficult pricing environment.
HSBC – HSBC reported profit that exceeded analysts' forecasts, but the bank's revenue missed consensus estimates. The bottom line was impacted by rising expenses, and a $765 million settlement with US regulators over sales of mortgage securities.
Praxair – Praxair's planned merger with Germany's Linde could be in doubt, after the Federal Trade Commission (FTC) asked for more assets to be sold by the industrial gas makers than previously anticipated. Linde, which agreed to an $87 billion merger with Praxair in December 2016, said the companies would evaluate the FTC requests.
CBS – CBS Entertainment president Kelly Kahl defended the network amid sexual misconduct allegations against CEO Leslie Moonves, saying the network is committed to a safe workplace and that Moonves had been an "excellent boss and mentor." Kahl made his comments at a Television Critics Association event.
Goldman Sachs – Goldman will name trading division executive Jim Esposito as a new co-head of global trading, according to The Wall Street Journal. He'll join current co-head Ashok Varadhan, whose status has been unclear since his two former co-heads of trading resigned in June and were not replaced at that time.
Wells Fargo – The bank is under scrutiny from federal regulators over the bank's purchase of tax credits designed to fund low income housing, according to The Wall Street Journal.
Intel – Intel was downgraded to "equal-weight" from "overweight" at Barclays, which said it sees little evidence of performance advantage for Intel products compared to those of its competitors.
Qualcomm – The chipmaker's stock was upgraded to "outperform" from "market perform" at Cowen, citing the commencement of a $30 billion share buyback, more clarity into earnings and valuation, and solid performance in smartphone chip sales to non-Apple customers.
Comcast – The NBCUniversal and CNBC parent was upgraded to "overweight" from "neutral" at Atlantic Equities, which also raised its price target on the stock to $42 per share from $34. The firm based the upgrade on fewer concerns about Comcast's future now that it has dropped out of the bidding for Fox assets.