Check out the companies making headlines before the bell:
Wells Fargo – UBS cut its rating on Wells Fargo to “neutral” from “buy,” saying the bank still lacks visibility on profitability improvement. UBS cut its earnings estimates for Wells Fargo on prospects for lower net interest income.
HD Supply – The industrial distributor matched estimates with adjusted quarterly profit of $1.08 per share, but revenue missed forecasts. The company – which characterized the start of fiscal 2019 as “difficult” – gave an adjusted full-year EPS forecast of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a share.
Mallinckrodt – The drugmaker sold its contract development and manufacturing unit BioVectra to an affiliate of private-equity firm H.I.G. Capital for about $250 million.
Wendy’s – Wendy’s will spend about $20 million to bring breakfast offerings to its more than 5,800 domestic locations. The restaurant chain will expand its hours, add menu items, and hire about 20,000 new workers as part of that effort.
Facebook – Facebook will have to face most of a class action suit seeking damages for alleged privacy violations, following a ruling from a federal judge.
Callon Petroleum — Callon said it remains confident in the strategic and financial benefits of its proposed $3.2 billion acquisition of Carrizo Oil & Gas. The statement came after Callon stakeholder Paulson & Co. urged Callon to drop the deal and consider selling itself instead.
PG&E – The California utility unveiled its proposed bankruptcy exit plan, which would raise $14 billion to pay damages from deadly California wildfires.
Sanderson Farms – Sanderson received a Justice Department subpoena related to the Department of Justice’s investigation into chicken pricing. The probe is examining allegations that poultry producers like Sanderson, Tyson Foods, and Pilgrim’s Pride conspired to fix poultry prices.
Mosaic — Mosaic announced a $250 million share buyback plan, and the fertilizer producer also said it would idle its Louisiana phosphates operations to cut production. Increased imports of phosphates have put downward pressure on pricing this year.
Ctrip.com – Ctrip.com reported adjusted quarterly earnings of 32 cents per share, beating the 29 cents a share consensus forecast. The China-based travel services company’s revenue came in below estimates, however.
Fox Corp. – The media giant was downgraded to “underweight” from “overweight” at Atlantic Equities, which cited several factors including faster than expected cord-cutting by consumers.