Check out the companies making headlines before the bell:
Costco – Costco reported adjusted quarterly profit of $2.69 per share, beating the consensus estimate of $2.54 a share. Revenue and comparable-store sales came in below estimates, however, as the warehouse retailer joined rivals in cutting prices to defend market share.
Apple – Apple is increasing the production of its iPhone 11 models by about 10%, approximately 8 million units, according to Japan’s Nikkei news service. Sources say a recent jump in iPhone orders is focused on the least expensive of the new models.
HP Inc. – HP will cut up to 16% of its workforce, or up to 9,000 workers. The computer and printer maker will accomplish those reductions through a combination of employee departures and voluntary early retirement, with annual cost savings of about $1 billion by the end of fiscal 2022.
BP – The energy giant named upstream operations chief Bernard Looney as its next CEO. He will take over from current CEO Bob Dudley, who will step down after the company reports full-year results in February.
Altria – Hedge fund Darsana Capital wrote down its investment in the e-cigarette maker Juul Labs by more than a third, according to people familiar with the matter who spoke to The Wall Street Journal. Juul – which is partly owned by Altria – is now valued at $24 billion, down from a $38 billion level last year.
Five Below – Five Below was rated “outperform” in new coverage at William Blair, which thinks the discount retailer offers a “fun, differentiated” shopping experience for kids, teens, and their parents.
Etsy – Etsy was rated “buy” in new coverage at Nomura Instinet, which praises the online crafts marketplace operator’s execution and pricing strategy.
Domino’s Pizza – Wedbush initiated coverage of the pizza chain’s stock with an “outperform” rating, noting a compelling financial model and saying market sentiment toward Domino’s is overly negative.
DuPont – The chemical maker is rated “overweight” in new coverage at Melius Research, which thinks the stock is close to a bottom with various negative factors priced in. It also points to a number of upside catalysts in terms of both costs and its product portfolio.
Snap – The Snapchat parent was upgraded to “equal-weight” from “underweight” at Morgan Stanley. The firm points to faster ad revenue growth and improved discipline in managing operating expenses.