Check out the companies making headlines before the bell:
Carnival – Carnival’s debt rating was cut to “junk” by Standard & Poor’s, which is forecasting continued weak demand for the cruise industry due to the Covid-19 pandemic.
Dell Technologies – Dell is exploring options for its $50 billion stake in cloud computing company VMWare, according to the Wall Street Journal quoting people familiar with the matter. Those options could include both selling the stake, or buying the portion of VMWare that it doesn’t already own.
Winnebago – The recreational vehicle maker lost 26 cents per share for its latest quarter, smaller than the 45 cent loss that analysts were predicting. Revenue was well above estimates, despite the negative impact of shutdowns related to the coronavirus pandemic.
Dick’s Sporting Goods – Cowen upgraded the sporting goods retailer’s stock to “outperform” from “market perform”, noting increased market share as well as strong growth in e-commerce.
Morgan Stanley – The investment firm was upgraded to “buy” from “neutral” at D.A. Davidson, which cited several factors including attractive valuation and lower credit risk for Morgan Stanley compared to its peers.
Nokia – Nokia said new Chief Executive Officer Pekka Lundmark will join the telecom equipment maker on August 1, a month earlier than originally planned. That comes after Finnish utility Fortum – Lundmark’s current employer – said Chief Financial Officer Markus Rauramo will take over July 1, allowing Lundmark to leave after a one-month transition.
T-Mobile – T-Mobile said the sale of shares in a public offering priced at $103. The offering was part of Softbank Group’s sale of shares in the wireless carrier. T-Mobile had closed Tuesday at $107.16 per share.
La-Z-Boy – La-Z-Boy reported adjusted quarterly profit of 49 cents per share, well above the 20 cent consensus estimate, though the furniture retailer’s revenue was short of forecasts. The company also said it was increasing production as pandemic-related restrictions ease and stores reopen.
Simon Property – The mall operator is teaming up with shopping center operator Brookfield Property Partners to explore a bid for bankrupt retailer J.C. Penney, according to the Wall Street Journal. Penney is Simon’s second-largest mall anchor tenant behind Macy’s.
Facebook – Ben & Jerry’s became the latest company to join an ad boycott of Facebook and Instagram, calling on Facebook to stop the platform “from being used to spread and amplify racism and hate”.
Amazon.com – Amazon announced the establishment of a “Counterfeit Crimes Unit”, aimed at bringing to justice counterfeiters who violate the law and Amazon’s policies.
Alphabet – Alphabet’s Google unit is the target of criticism by newspaper publishers, according to the New York Post. The paper said the publishers have told the Justice Department that Google’s market power forces them into unfair agreements.
Unilever – Several potential suitors are considering bids for Unilever’s tea business, according to a Bloomberg report. KKR, Blackstone and Bain Capital are said to be among the possible bidders for the tea brands, which include Lipton and Pure Leaf.