GE, FB, CBS, FCAU, NWL, USG, HLT & more

Business


Check out the companies making headlines before the bell:

General Electric – In a new report, Cowen recommends avoiding GE stock ahead of an upcoming restatement of earnings and its first quarter report scheduled for Apr. 20. Cowen feels a first-quarter earnings miss is “probable,” and doesn’t feel the already-cut dividend is necessarily safe.

Facebook – CEO Mark Zuckerberg will be back on Capitol Hill Wednesday for a second day of testimony before lawmakers, this time appearing before the House Energy & Commerce Committee. Facebook saw its best one-day gain in nearly two years Tuesday on positive investor reaction to Zuckerberg’s Senate appearance.

CBS – CBS CEO Leslie Moonves may be an obstacle to a potential purchase of Viacom, according to a Reuters report, which said controlling shareholder Shari Redstone wants Moonves to run the combined company with Viacom CEO Bob Bakish as his No. 2. Moonves is said to be resisting that idea.

Fiat Chrysler – Fiat Chrysler is in talks with the Justice Department to settle accusations that the automaker used software to skirt diesel emissions requirements in vehicles sold since 2014. A Fiat Chrysler lawyer said a settlement is likely to be reached during the summer.

Newell Brands – Activist investor Starboard Value will seek four board seats at Newell, according to an SEC filing. Investor Carl Icahn already has four board seats at Newell, but Starboard said even more work is need to be done to set the company on the right course.

USG – USG shareholders are being urged by Germany’s Gebr Knauf to pressure the building materials maker to engage in deal talks. USG rebuffed a $5.9 billion bid by its German rival in late March.

Alexion Pharmaceuticals – Alexion is offering $788 million for Swedish drug maker Wilson Therapeutics. Directors at Wilson, which specializes in treatments for rare diseases, have unanimously recommended that shareholders accept the offer.

Hilton Worldwide – Hilton priced a secondary offering at $73 per share. A seller linked to China’s HNA Group – Hilton’s largest shareholder – is selling the shares, and the hotel operator is not receiving any proceeds from the sale.

Analogic – Analogic will be bought by private equity firm Altaris Capital Partners in a $1.1 billion deal worth $84 per share in cash. The price is below Tuesday’s close of $96.05, but above where it was last June when the maker of medical imaging and security screening systems said it was exploring strategic alternatives.

Mattel – The toymaker’s stock was upgraded to “hold” from “underperform” at Jefferies, saying near term risks for the toy maker are known and priced into the stock, but Jefferies also said its confidence in a longer term recovery is low.

Altice USA – The cable operator was rated “outperform” in new coverage at Evercore, which cited cost discipline and healthy free cash flow among the positive factors for the stock.



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