Check out the companies making headlines before the bell: Estee Lauder — The cosmetics stock jumped 15% after Estee Lauder beat expectations with its latest results. In its second quarter, Estee Lauder reported adjusted earnings of 88 cents per share, topping the FactSet consensus estimate of 54 cents per share. Revenue of $4.28 billion exceeded the $4.19 billion anticipated by analysts. Catalent — Catalent shares popped more than 12% after the contract drug manufacturer agreed to be taken over by Novo Holdings for $63.50 per share in an all-cash deal. The agreement values Catalent at $16.5 billion on an enterprise value basis. The deal is expected to close in late 2024. Caterpillar — Shares of the heavy machinery maker popped more than 4% after the company reported adjusted earnings per share of $5.23 for the fourth quarter. Revenue came in at $17.07 billion, slightly shy of the $17.06 billion consensus estimate. Sales were particularly strong in North America. Air Products and Chemicals — Shares dropped 9% after Air Products and Chemicals posted disappointing quarterly results. In its first quarter, the industrial gas supplier reported adjusted earnings of $2.82 per share, weaker than earnings of $3.00 per share expected by analysts polled by StreetAccount. Revenue of $3.00 billion came in below the consensus estimate of $3.20 billion. GlobalFoundries — The stock slid about 2% after JPMorgan downgraded GlobalFoundries to neutral from overweight, citing a “deeper cycle bottom” as manufacturing activity weakens. Nvidia — Shares in the chipmaker added about 3% before the opening bell after Goldman Sachs increased its price target to $800, suggesting 21% upside ahead. The firm said it was optimistic ahead of its quarterly results on Feb. 21 due to “various data points from the broader eco-system that point to sustained strength in demand for accelerated computing.” Stellantis — Stellantis shares slid 1.7% after Italian daily Il Messaggero , citing…
Read the full article here
