Check out the companies making headlines before the bell:
Walmart — The retail giant reported adjusted quarterly profit of $1.13 per share, 11 cents a share above Wall Street forecasts. Revenue came in below estimates, however, largely due to currency-related headwinds. But comparable-store sales at Walmart’s U.S. locations rose 3.4%, beating the Refinitiv consensus of 3.3%.
Cisco Systems — Cisco reported adjusted quarterly profit of 78 cents per share, beating the consensus estimate of 77 cents a share. The networking equipment maker’s revenue also beat Street forecasts, and Cisco also gave better-than-expected current-quarter revenue guidance.
Pfizer — The drugmaker was named a “top pick” at Credit Suisse following a meeting with Pfizer’s management team. Credit Suisse said the meeting increased its confidence in both management and the prospects for Pfizer’s new products.
PG&E — The utility’s transmission lines caused California’s Camp Fire last year, according to a determination by state fire investigators. The fire, which killed 85 people, was the deadliest and most destructive wildfire in California history.
XPO Logistics — XPO investors rejected a shareholder proposal calling for an independent chair, and also approved the logistics company’s executive compensation plan. The debate over executive compensation came amid a 50% drop in shares over the past eight months and a profit forecast for 2019 that has been lowered twice.
Sony — Sony announced it would buy back 4.8% of its stock, about $1.8 billion worth, through the end of the current fiscal year next March. Sony had announced its first-ever share buyback plan in February.
Flowers Foods — Flowers reported adjusted quarterly profit of 32 cents per share, 2 cents a share above estimates. The maker of Wonder Bread and other baked products also saw revenue beat forecasts. Higher prices helped overcome slower sales.
Dillard’s — Dillard’s beat estimates by 19 cents a share, with quarterly profit of $2.99 per share. The retailer’s revenue was in line with forecasts, however comparable-store sales were flat compared to expectations of a 1.3% increase.
KB Home — KB Home was upgraded to “outperform” from “sector perform” at RBC Capital Markets, which pointed to improvements in the home builder’s pricing.
Tesla — The automaker’s senior director of communications, Dave Arnold, is leaving Tesla after 2-1/2 years, according to sources who spoke to TechCrunch.