Halliburton (HAL) – The oilfield services company earned 5 cents per share for its latest quarter, compared to Wall Street forecasts of an 11 cents per share loss. Revenue came in below estimates, however, amid a significant drop in global activity.
Noble Energy (NBL) – Chevron (CVX) will buy Noble Energy in a $5 billion stock-swap deal, valuing Noble at 7.6 percent above its Friday close. It is the largest oil patch takeover deal since the pandemic hit.
Cal-Maine Foods (CALM) – The nation’s largest egg producer reported quarterly profit of $1.24 per share, 4 cents a share above estimates. Revenue was slightly below forecasts. Cal-Maine benefitted from a rebound in egg prices following a long period of depressed prices, as consumers stocked up due to shelter-in-place orders. The company will not pay a fourth-quarter dividend, based on the metrics involved in its variable dividend policy.
EBay (EBAY) – EBay is near a deal to sell its classified ads unit to Norway’s Adevinta for roughly $8 billion, according to The Wall Street Journal. A cash-and-stock deal could be announced as soon as today.
Nikola (NKLA) – The electric truck maker’s shares are under pressure after the company filed for a new stock offering of up to 53.4 million shares related to warrants.
Facebook (FB) – Walt Disney (DIS) is slashing ad spending on Facebook, according to The Wall Street Journal, joining hundreds of other companies that have paused ad spending on the social media giant’s platform. Disney was Facebook’s top U.S. advertiser during the first half of 2020.
Southwest Airlines (LUV) – Nearly a quarter of Southwest Airlines’ pilots have accepted either early retirement or voluntary leave offers, according to a memo seen by CNBC. About 2,230 pilots will leave the airline after accepting those offers.
Delta Air Lines (DAL) – Delta told pilots that furloughs could be avoided if they agree to a reduction in guaranteed minimum pay, according to CNBC.
KKR (KKR) – KKR is in talks about a potential $4 billion acquisition of French medical clinic and hospital operator Elsan, according to a Bloomberg report. Elsan is currently owned by private-equity firm CVS Capital Partners.
GlaxoSmithKline (GSK) – The drugmaker is buying a 10% stake in German biotech firm CureVac, betting on the success of the mRNA technology currently being used to develop Covid-19 vaccines.
Uber Technologies (UBER) – The ride-hailing company has signed a four-year agreement with Alphabet’s (GOOGL) unit to use the Google Maps Platform Rides and Deliveries Services. Financial terms were not disclosed.
Starbucks (SBUX) – Starbucks was rated “overweight” in new coverage at Wells Fargo Securities, which said the strength of the coffee chain’s business model may be underappreciated in the face of Covid-19 related disruptions.
Amazon (AMZN) – Goldman and Jefferies both raised price targets on Amazon stock to a Street-high $3,800 per share, with both pointing to accelerated online spending this year. Amazon shares have fallen for the past five sessions, the longest losing streak since late May. Its 7.4% decline last week was its largest weekly drop since late February.
Boeing (BA) – Boeing is running out of space to store newly built 787 Dreamliners, according to a Bloomberg report, with more than 50 jets currently on its premises.
Moderna (MRNA) – J.P. Morgan Securities downgraded the drugmaker’s stock to “neutral” from “overweight” in a valuation call, given the stock’s nearly fivefold gain year-to-date. The firm emphasizes the call is not based on any diminished expectations about Moderna’s progress in developing a Covid-19 vaccine and that it is still bullish on the company long term.