Check out the companies making headlines before the bell:
Clorox (CLX) – The household products maker beat estimates by 15 cents a share, with quarterly earnings of $1.46 per share. Revenue also topped estimates and Clorox raised its full-year outlook as cost savings and price increases made up for increased costs.
McKesson (MCK) – The drug distributor earned an adjusted $3.81 per share for its latest quarter, beating the $3.56 a share consensus estimate. Revenue was slightly below Wall Street forecasts. McKesson also reaffirmed its full-year outlook.
Sirius XM (SIRI) – The satellite radio operator matched forecasts with quarterly earnings of 5 cents per share, while revenue beat estimates. The company also said it expects net subscriber additions of more than 900,000 for the full year.
Alphabet (GOOGL) – The Google parent reported quarterly earnings of $15.35 per share, well above the $12.53 a share consensus estimate. Revenue was below forecasts, however, and newly revealed data on YouTube and Google Cloud fell shy of analysts’ projections.
Sony (SNE) – Sony raised its full-year profit outlook, following a stronger-than-expected quarter. Sony’s improved forecast was driven in part by growth in smartphone image sensor sales. The company warned, however, that its global supply chain could be impacted by the spread of the coronavirus.
Sanofi (SNY) – The drugmaker is the target of an investigation regarding the approval and marketing of its epilepsy drug Depakine. The drug is said to cause birth defects and slow development in babies when taken during pregnancy. Sanofi said it will “prove it has always complied with its duty to inform and been transparent.”
Cummins (CMI) – The engine maker reported quarterly profit of $2.56 per share, 14 cents a share above estimates. Revenue also beat Street forecasts, despite lower North American truck production and weaker demand in markets like global construction and mining.
BP (BP) – BP reported better-than-expected profit for the fourth quarter, despite a 26% decline from a year ago. The energy producer also raised its dividend by 2.4%.
Tesla (TSLA) – Tesla’s joint venture partner Panasonic reported that their automotive battery business was profitable for the first time and that it was ramping up production to keep up with demand from the automaker. Tesla shares jumped again on Tuesday, smashing past the $800 level and set to open at a new record high as major shareholder Ron Baron forecast the company will top $1 trillion in revenue in a decade and as investors who bet against the stock scrambled to catch up.
Green Dot (GDOT) – Activist investor Starboard Value revealed an approximately 9% stake in the prepaid debit card issuer, according to a Securities and Exchange Commission filing.
e.l.f. Beauty (ELF) – The cosmetics maker was upgraded to “overweight” from “neutral” at Piper Sandler, which feels the brand is poised to gain market share.
—CNBC’s Michael Sheetz contributed to this report.
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