Check out the companies making headlines before the bell:
Campbell Soup – Campbell Soup is under increased pressure from investor Daniel Loeb’s Third Point, with the Wall Street Journal reporting that Third Point plans to launch a proxy fight to replace the food company’s entire board.
Five Below – Five Below reported adjusted quarterly profit of 42 cents per share, 4 cents a share above estimates. The discount retailer reported revenue that beat Street forecasts and the company posted better-than-expected comparable-store sales.
Broadcom – Broadcom came in 16 cents a share above estimates, with adjusted quarterly profit of $4.98 per share. The chipmaker’s revenue matched analysts’ projections. Broadcom’s results were helped by growth in demand for data center-related products.
Palo Alto Networks – Palo Alto reported adjusted quarterly profit of $1.26 per share, 9 cents a share above consensus forecasts. The cybersecurity software maker’s revenue came in above estimates and Palo Alto gave upbeat current-quarter guidance.
Molson Coors – The beer brewer was rated “underperform” in new coverage at Jefferies, which said sales headwinds are likely to persist.
Costco – The warehouse retailer said August comparable-store sales rose 9.5 percent, beating the 7.8 percent consensus estimate of analysts surveyed by Thomson Reuters.
Okta – Okta reported a quarterly loss of 15 cents per share, 4 cents a share smaller than the Street had anticipated. Revenue exceeded estimates and the provider of identity technology gave strong guidance for the current quarter and the full year.
Constellation Brands – The spirits maker’s stock is rated “buy” in new coverage at Jefferies, which said the stock’s underperformance this year creates an attractive entry point. Jefferies mentions notes the Corona beer maker’s leading position in Mexican imports as well as leverage to the cannabis market through its recent investment in Canopy Growth.
GameStop – GameStop confirmed earlier reports that it was working with financial and legal advisers to help with a strategic and financial review of the videogame retailer’s operations, including a possible sale. Separately, GameStop reported adjusted quarterly profit of five cents per share, three cents shy of estimates, though revenue did slightly exceed forecasts.
Genesco – The specialty retailer earned an adjusted 4 cents per share for its second quarter, versus expectations of a 3 cents per share loss. Revenue exceeded forecasts as well, and comparable sales tripled consensus estimates by rising 3 percent.
AstraZeneca – The drugmaker’s treatment for a type of severe asthma was granted “breakthrough” status by the Food and Drug Administration, which will accelerate the FDA’s review process. The drug is being developed in partnership with U.S.-based biotech firm Amgen.
American Outdoor Brands – American Outdoor won a rare reversal from proxy adviser Glass Lewis, which had been calling on investors to withhold support for half of the Smith & Wesson parent’s 10 board nominees. After the company provided new information to Glass Lewis, the firm said it would now recommend votes against only one director.
KLA-Tencor – The chipmaker’s Chief Financial Officer Bren Higgins told a Citi investment conference that memory chip shipments are weak for this month and that a recovery might not be as strong as expected.
Teva Pharmaceutical – Teva was downgraded to “neutral” from “outperform” at Credit Suisse, which pointed to the lack of meaningful near to midterm catalysts for the drug maker.
Zumiez – Zumiez reported second quarter profit of 17 cents per share, 3 cents a share above estimates, though the action sports company did see revenue very slightly below forecasts. It also raised its comparable sales guidance for the full year.