PepsiCo (PEP) – The beverage and snack giant reported quarterly earnings of $1.32 per share, 7 cents a share above estimates. Revenue also came in above forecasts. The company’s results were largely driven by a 4% jump in organic sales of its snack offerings. PepsiCo also joined the many other companies in withholding financial guidance, due to uncertainty surrounding the Covid-19 pandemic.
Analog Devices (ADI) – In a deal uniting two semiconductor makers, Maxim Integrated (MXIM) agreed to be acquired by Analog for $20.91 billion in stock. Analog shareholders will own 69% of the combined company, Maxim shareholders the remainder. Separately, Analog raised its current-quarter revenue guidance thanks to strength in end markets like industrial and communications.
Carnival (CCL) – The cruise line operator will cut 13 ships from its fleet, reducing capacity by about 9%. CEO Arnold Donald said Carnival is aiming to emerge from the coronavirus pandemic as a leaner and more efficient operation.
AMC Entertainment (AMC) – AMC will receive $300 million in new money from investors, as the nation’s largest theater chain tries to restart its business. Part of that new money will come via a deal with bondholders, who will swap $1.6 billion in current debt for new debt at a discounted rate.
Tesla (TSLA) – The automaker cut the price of its model Y SUV by $3,000, putting the starting price at just under $50,000. The move comes just four months after the Model Y came to market, and follows price cuts for Tesla’s Model 3, Model X, and Model S.
Apple (AAPL) – Apple’s shipments of its MacBook computers will rise more than 20% this quarter compared to the prior three months, according to a story in tech publication DigiTimes citing supply chain sources.
Walt Disney (DIS) – Goldman Sachs initiated coverage of Disney with a “buy” rating, saying Street consensus underestimates the profitability of the company’s Disney+ streaming service.
Pfizer (PFE), BioNTech (BNTX) – The drugmakers said two of their Covid-19 vaccine candidates received “fast track” designation status from the Food and Drug Administration, meaning those treatments will receive expedited FDA review.
Costco (COST) – The warehouse retailer was rated “overweight” in new coverage at Atlantic Equities, with a $375 price target. The firm calls Costco a high-quality retailer with predictable profitability driven by recurring membership fees.
Alibaba (BABA) – Co-founder Jack Ma cut his stake in the China-based online retail giant over the past year to 4.8% from 6.2%, according to an annual filing by the company. The shares sold by Ma are worth about $8.2 billion at current prices.
Moderna (MRNA) – Jefferies rates the drugmaker a “buy” in new coverage, based on its expectation that Moderna’s Covid-19 vaccine candidate will be approved and that it could generate about $5 billion in orders over the next few years.
Quest Diagnostics (DGX) – The medical lab operator reported preliminary second-quarter revenue above analyst expectations, due largely to growing demand for Covid-19 tests.