Check out the companies that are making the headlines before the bell:
Pfizer, BioNTech – Pfizer chairman and CEO Albert Bourla said the vaccine candidate developed by the two drug makers could be ready for an application for emergency use approval by the end of November. According to Ugur Sahin, CEO of BioNTech, Pfizer and BioNTech are expanding manufacturing capabilities for their experimental coronavirus vaccine. Both companies have announced that they will be able to deliver the doses they have already agreed to to governments around the world, but Sahin said there will be a “fight” to make them available on a larger scale. Pfizer shares rose 2.9% in premarket trading as of 7:30 a.m.CET.
CIT group, First Citizen BancShares – The two banking firms announced a full-stock merger, with CIT shareholders receiving 0.0620 shares of First Citizens for every CIT share they now own. The combined company will be the 19th largest US bank in terms of assets.
VF Corp. The maker of North Face and other clothing brands reported adjusted quarterly earnings of 67 cents per share, beating the consensus estimate of 49 cents. Sales were also above forecasts. According to VF, the results were supported by a 44% increase in digital sales and an improvement in China. VF also announced a dividend increase from 1 cent to 49 cents per share. VF Corp shares gained 2% in premarket trading as of 7:30 am CET.
Bank of New York Mellon – The bank reported quarterly earnings of 98 cents per share, 4 cents above estimates, and revenue also above Wall Street projections. The provision for loan losses decreased from $ 143 million in the second quarter to $ 9 million in the third quarter. Bank of New York’s Mellon shares rose 1.8% as of 7:30 a.m. ET.
Schlumberger The oilfield services company reported adjusted quarterly earnings of 16 cents per share, 3 cents above estimate, but sales were below analysts’ forecasts. Results were impacted by lower drilling and drilling activity in North America, although profit margins improved from the previous quarter.
Hewlett Packard Enterprise – Hewlett Packard Enterprise raised its fiscal 2021 outlook, saying Covid-19 had accelerated the need for remote work solutions and that this had presented the company with a significant opportunity. The shares rose 2.9% in premarket trading from 7:30 a.m.CET.
Ford engine – Ford saw sales in China jump 25% year over year, the second straight increase in three years of decline.
Boeing – According to Europe’s leading aviation authority, Boeing’s 737 Max is safe enough to be put back into service. The Executive Director of the European Union Aviation Safety Agency, Patrick Ky, told Bloomberg in an interview that the agency expects to issue a draft airworthiness directive next month. The Boeing share gained 3.9% in premarket trading from 7:30 a.m. CET.
T-Mobile US – Evercore resumed reporting on T-Mobile with an “Outperform” rating and a price target of $ 150, calling it the only growth story in the US wireless industry.
Black stone The Blackstone Fund, which owns the science building BioMed Realty Trust, sold it to another Blackstone fund for $ 14.6 billion. The original fund would eventually have left its holdings and returned all of the money to investors, but those investors wanted to keep owning BioMed and the new fund can hold it indefinitely.
Albertsons The supermarket operator won a bankruptcy auction for 27 Kings and Balducci grocery stores with a bid of $ 96.4 million. A bankruptcy court has yet to approve the sale.
Intuitive surgery – Intuitive Surgical reported adjusted quarterly earnings of $ 2.77 per share, beating the consensus estimate of $ 2.07. Sales also exceeded forecasts. The company said interventions performed with its da Vinci robotic surgical system had seen a significant upswing, but that a Covid-19 resurgence in some areas has adversely affected the volume of operations.
Chewy.com – Jefferies’ online pet products seller upgraded to “Buy” from “Hold”, citing a positive assessment of pet industry dynamics including pet adoption by “digitally flowing” millennial households. Chewy shares rose 4.96% in premarket trading as of 7:30 a.m. ET.
Caterpillar – Wells Fargo upgraded the heavy equipment manufacturer from “Equal Weight” to “Overweight” in anticipation of a significant improvement in earnings from 2021. Caterpillar gained 1.6% in premarket trading from 7:30 am CET.