Check out the companies making headlines before the bell:
Apple (AAPL), Alphabet (GOOGL) – Apple and Alphabet's Google unit are being sued by Epic Games, the developer of the popular videogame Fortnite, after both removed Fortnite from their app stores. Both claim that Epic violated guidelines regarding in-app purchases to avoid fees. Separately, Apple is on watch after coming close to a $2 trillion valuation in Thursday's trading. Apple hit a high of $464.17, coming close to the $467.77 level needed to hit that $2 trillion mark.
Applied Materials (AMAT) – Applied Materials reported adjusted quarterly earnings of $1.06 per share, 11 cents above estimates, while the maker of semiconductor manufacturing equipment also saw revenue beat Wall Street forecasts. Applied Materials also gave an upbeat current-quarter forecast amid rebounding demand.
Baidu (BIDU) – Baidu beat estimates on the top and bottom lines for its latest quarter, but the Chinese search-engine giant's shares are under pressure on news that its video streaming service iQIYI (IQ) is the subject of an SEC investigation. The SEC is seeking financial records dating to the beginning of 2018 as well as documents relating to various acquisitions and investments.
CureVac (CVAC) – CureVac will begin trading on the Nasdaq today after selling 13.33 million shares at $16 per share in its initial public offering, valuing the company at about $2.8 billion. The German biotech company is among those using messenger RNA technology to develop a Covid-19 vaccine.
DraftKings (DKNG) – The online-sports-betting company reported a quarterly loss of 55 cents per share, compared to a consensus loss estimate of19 cents per share. However, revenue and its forecast for current-quarter revenue are both above Wall Street forecasts. DraftKings said its results were strong during the second quarter as it dealt with a limited sports calendar.
AutoZone (AZO) – AutoZone announced plans to hire more than 20,000 U.S. employees. The auto-parts seller is taking the action in response to rebounding demand from both retail and commercial customers.
Tesla (TSLA) – Tesla was upgraded by Morgan Stanley analyst Adam Jonas to "equal weight" from "underweight." He also upped his opinion on the automaker's stock based on growth prospects for Tesla building an electric vehicle battery supply business.
Ventas (VTR) – Ventas was upgraded to "outperform" from "sector perform" at RBC Capital, which points to improving trends for senior housing. Ventas is a real estate investment trust that owns and operates senior housing and health care properties.
Citigroup (C) – Citi mistakenly paid $900 million to lenders of cosmetics maker Revlon (REV) by mistake, according to people familiar with the matter who spoke to the Wall Street Journal. The paper said the bank is now asking for the money to be returned, saying it was paid inadvertently due to a clerical error.
Farfetch (FTCH) – The London-based, online luxury fashion retailer lost an adjusted 24 cents per share for its fiscal first quarter, smaller than the 33 cent loss anticipated by analysts. Revenue also exceeded estimates, although the company did say that pandemic-related "uncertainties" could materially impact its future performance.
Myriad Genetics (MYGN) – The molecular diagnostics company posted an adjusted quarterly loss of 31 cents per share, compared to consensus estimates of a 47 cent loss, though revenue was slightly below analyst forecasts. Myriad said testing volumes at the end of the quarter increased to about 75 percent of pre-pandemic levels.
Dillard's (DDS) – The department store operated reported a much smaller than expected quarterly loss, although revenue was short of Street forecasts. Dillard's said inventory and cost control measures helped boost profit margins and that it would maintain the same conservative fiscal approach moving forward.
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