Check out the companies making headlines before the bell:
3M – 3M earned an adjusted $2.31 per share for the fourth quarter, 3 cents a share above estimates. Revenue beat forecasts as well, but 3M cut its full-year outlook citing the current economic environment among other factors.
Pfizer – The drugmaker beat estimates by a penny a share, with adjusted fourth-quarter profit of 64 cents per share. Revenue also beat Street forecasts, however Pfizer’s 2019 earnings outlook came in short of consensus. The company is expecting a hit from the loss of patent protection on its Lyrica pain treatment.
Verizon – Verizon’s fourth-quarter earnings came in 3 cents a share above estimates at an adjusted $1.12 per share, with revenue just shy of forecasts. Verizon’s results were helped by a greater-than-expected number of subscriber additions.
Harley-Davidson – The motorcycle maker earned an adjusted 17 cents a share for its latest quarter, 11 cents a share shy of estimates. Revenues also came up short on demand weakness in the U.S., which is Harley’s biggest market.
Xerox – The office technology provider came in 10 cents a share above estimates, with adjusted quarterly profit of $1.14 per share. Revenue was slightly shy of forecasts, but Xerox also gave a 2019 earnings outlook that surpasses consensus estimates.
PG&E – PG&E filed for Chapter 11 bankruptcy protection, as it deals with potential liabilities from wildfires in California in 2017 and 2018. The utility has filed a motion seeking court approval for $5.5 billion in debtor-in-possession financing.
Whirlpool – Whirlpool reported adjusted quarterly profit of $4.75 per share, beating the consensus estimate of $4.23 a share. The appliance maker’s revenue came in below Street forecasts, however, and Whirlpool posted its first annual loss in more than 10 years. It expects to return to profitability this year, but its forecast falls below analysts’ estimates.
Wynn Resorts – Wynn executives ignored sexual misconduct complaints against former CEO Steve Wynn, according to a newly released report from the Nevada Gaming Control Board. The report was accompanied by a proposed settlement, in which Wynn agreed to pay an undetermined fine. The casino operator agreed that the report largely matches its own findings.
AK Steel – AK Steel beat estimates by 5 cents a share, with adjusted quarterly profit of 16 cents per share. The steelmaker’s revenue was essentially in line with forecasts. Stronger sales helped offset the effect of higher expenses.
SAP – SAP said it would implement a restructuring, following a year in which the business software maker missed its own sales and earnings targets. SAP will take a charge of up to roughly $1 billion for the restructuring, most of it during the first quarter.
Intel – Intel will invest about $11 billion in a new Israeli semiconductor plant, according to the country’s finance minister.
Apple – Apple said it would issue a software patch later this week to fix a bug involving its Facetime service. The bug lets iPhone users hear audio from someone they’ve dialed even if the call is not answered. (Here’s how to disable FaceTime so people can’t spy on you by exploiting a bug.)
AT&T – AT&T plans to cut jobs in some of its weaker business units while hiring more workers in faster-growing areas, according to a Reuters report quoting a company spokesman.
Square – Square was downgraded to “underperform” from “market perform” by Raymond James, which thinks the mobile payments technology provider saw organic growth peak during its third quarter and that key metrics will show material deceleration this year.
BlackRock – BlackRock was upgraded to “buy” from “hold” at Jefferies, which said the asset management giant will benefit from favorable changes in investor behavior despite a volatile market backdrop.
Polaris Industries – The recreational vehicle maker beat estimates by a penny a share, with adjusted quarterly profit of $1.83 per share. Its revenue fell below forecasts, however, and it gave a weaker-than-expected full-year forecast for 2019, citing global trade and economic uncertainties.