ADT (ADT) – Alphabet’s (GOOGL) Google unit will invest $450 million for a 6.6% stake in ADT, as part of a partnership that will see ADT offer Google’s Nest smart home devices to its customers. Each company will also commit $150 million to expand product and service offerings.
Clorox (CLX) – The household products maker reported fiscal fourth-quarter profit of $2.41 per share, beating the consensus estimate of $1.99 a share. Revenue also exceeded forecasts on strong sales of cleaning and disinfecting products. Separately, Clorox named company president Linda Rendle as CEO, effective Sept. 14. Current CEO Benno Dorer will continue to serve as executive chairman.
Eli Lilly (LLY) – The drugmaker has begun a late-stage study to determine if an experimental Covid-19 antibody treatment can prevent the spread of the virus in nursing homes.
McKesson (MCK) – The drug distributor reported quarterly profit of $2.77 per share, beating the consensus estimate of $2.32 a share. Revenue was also above estimates, with McKesson saying volumes across its business rebounded sooner than expected, and the company also raised its full-year outlook.
Tyson Foods (TSN) – The food producer reported quarterly earnings of $1.40 per share, beating the 94 cents a share consensus estimate. Revenue fell short of Wall Street forecasts as beef and pork sales both declined by double-digit percentages. Separately, Tyson named company president Dean Banks to succeed Noel White as CEO, effective October 3.
DiamondPeak (DPHC) – The special purpose acquisition company will merge with electric truck maker Lordstown Motors and take on the Lordstown name. When the deal closes, Lordstown Motors will be listed on Nasdaq under the ticker symbol “RIDE.”
Marathon Petroleum (MPC) – Marathon is selling its Speedway gasoline station and convenience store chain to 7-11 parent Seven & I Holdings for $21 billion in cash. Marathon had been seeking a buyer for Speedway over the past year under pressure from activist investors. Separately, Marathon reported an adjusted quarterly loss of $1.33 per share, smaller than the $1.75 per share loss that Wall Street analysts had been predicting.
Microsoft (MSFT) – Microsoft is planning to move forward with talks to buy video-sharing app TikTok from Chinese owner ByteDance, and hopes to conclude a deal by Sept. 15. That follows weeks of secret negotiations that were nearly upended after President Trump said he favored an outright ban of TikTok in the U.S.
Capital One (COF) – The bank slashed its quarterly dividend to 10 cents per share from 40 cents a share, a cut of 75%. The payout will be made on Aug. 20 to shareholders of record as of Aug. 10.
News Corp. (NWSA) – News Corp. announced the resignation of James Murdoch from its board of directors. Murdoch said he was resigning due to disagreements over editorial policy and other strategic decisions by The Wall Street Journal publisher.
Carnival (CCL) – Carnival postponed the plan start of cruises by its AIDA cruises unit, while it awaits approvals from the Italian government to resume sailings. Trips that had been scheduled between Aug. 5 and Aug. 12 have been canceled.
Varian Medical Systems (VAR) – Varian agreed to be bought by Germany’s Siemens Healthineers for $16.4 billion in cash, or $177.50 per share. The price for the cancer care specialist represents a 24% premium to Varian’s Friday closing price.
Spirit Aerosystems (SPR) – Spirit Aerosystems is cutting 1,100 jobs, with the Boeing (BA) supplier citing jet maker’s recently announced production cutbacks as well as the ongoing pandemic.
Zoom Video Communications (ZM) – Zoom will halt selling products directly to customers in mainland China. According to a letter seen by CNBC, Zoom will begin the new policy on Aug. 23 and only offer services in China through third-party partners.
Nio (NIO) – Nio delivered 3,533 vehicles in July, more quadruple year-ago levels for the Chinese electric vehicle maker. Nio also said it would be able to increase its production capacity significantly to support higher deliveries during the current quarter.