Philip Morris — The cigarette maker’s stock rose more than 1% in the premarket after an analyst at Bank of America/Merrill Lynch upgraded the stock to “buy” from “neutral.” The analyst said Philip Morris lack of exposure to vaping means the stock will “eventually rise above the noise.”
McCormick — McCormick shares climbed more than 2% in the premarket after the company reported better-than-expected earnings for the third quarter. The company posted a profit of $1.46 per share, topping a Refinitiv estimate of $1.29 per share. CEO Lawrence Kurizus said the company’s consumer segment “accelerated versus our first half and was driven by our Americas and Asia-Pacific regions.”
Apple — The tech giant was denied exemptions from tariffs on five Chinese-made components for its new Mac Pro computer. This comes about a week after Apple said it would make the new computers in Texas rather than China.
Amazon — Amazon is in talks to bring its cashierless technology to airports and movie theaters, CNBC learned through people familiar with the matter.
Emerson Electric — Emerson Electric is conducting a review of its “operational, capital allocation and portfolio initiatives” in an effort to improve long-term shareholder value. The manufacturing company also reiterated its earnings guidance for 2019.
Cleveland-Cliffs — Shares of the mining company slipped after an analyst at B. Riley FBR trimmed his price target on them to $13 a share from $16 per share. The analyst said the lower price target reflects “the evolving macro and price environment for Cleveland-Cliffs.”
U.S. Steel — U.S. Steel will acquire 49.9% of Arkansas-based Big River Steel for about $700 million. The deal includes an option for U.S. Steel to buy the remaining 50.1% within the next four years. The transaction is expected to close Oct. 31.