Check out the companies making headlines before the bell:
Hasbro – The toy maker earned an adjusted $1.33 per share for its latest quarter, well below the consensus estimate of $1.67. Revenue was also below forecasts, with gaming revenue down 22 percent and partner brands revenue down 20 percent. Hasbro was hurt by a number of factors, including the liquidation of Toys R Us. Separately, Hasbro raised its quarterly dividend by 5 cents a share to 68 cents per share.
Covetrus – The animal health company begins trading today on the Nasdaq, after being formed by the combination of Henry Schein Animal Health and Vets First Choice.
Coty – The cosmetics maker beat estimates by 2 cents a share, with adjusted quarterly profit of 24 cents per share. Revenue also beat Wall Street forecast, but Coty said it still has work to do to put it on a path to sustainable profit.
Eli Lilly – The drugmaker announced plans to divest its remaining stake in Elanco Animal Health through an exchange offer. Lilly shareholders will have the option of exchanging some or all of their Lilly shares for Elanco common stock.
Verizon – Verizon elected CEO Hans Vestberg as chairman, effective March 9, following the retirement of former CEO Lowell McAdam as chairman. The Verizon board also elected former Darden Restaurants CEO Clarence Otis, Jr. as lead director.
Expedia – Expedia reported adjusted quarterly profit of $1.24 per share, 16 cents a share above estimates. The travel website operator also saw revenue beat Wall Street forecasts. Both gross bookings and hotel room nights jumped 11 percent during the quarter, and airline-related revenue was up 18 percent.
Skechers – Skechers beat estimates by 8 cents a share, with quarterly profit of 31 cents per share. Revenue came in slightly below forecasts, but the footwear maker’s sales of $1.08 billion in the quarter was its highest ever.
Mattel – Mattel earned an adjusted 4 cents per share for the fourth quarter, surprising analysts who had expected a loss of 16 cents per share. The toy maker’s revenue also beat Wall Street forecasts, and Mattel’s Barbie line ended 2018 with its highest sales in five years.
Sony – Sony announced its first-ever share buyback of $910 million, sending the stock surging. It was the second major Japanese company this week to announce a large buyback, with SoftBank having made a similar announcement earlier this week.
Visa – Visa boosted its takeover bid for British payment company Earthport to just under $320 million, topping a bid by rival MasterCard. Earthport had initially backed the MasterCard bid, but is now recommending the Visa offer. MasterCard said it is now considering its options.
Fiat Chrysler – Fiat Chrysler paid $77 million in penalties for failing to meet 2016 model year fuel economy standards, according to Reuters. The automaker is among those who have been lobbying the White House to relax fuel economy requirements.
Gannett – Gannett is the target of a proxy fight, with hedge fund-backed newspaper owner Digital First Media seeking to replace a majority of the USA Today publisher’s board members. Digital First owns about 7.5 percent of Gannett shares, and its action comes after its takeover bid was rejected by Gannett.
IAC/InterActiveCorp – IAC reported a quarterly profit of $2.04 per share, beating the consensus estimate of $1.67 a share. Revenue also topped forecasts, with the company’s stakes in Match Group and ANGI Homeservices helping boost its top line.
AutoZone, O’Reilly Automotive – The auto parts retailers were both downgraded to “perform” from “outperform” at Oppenheimer, pointing to concerns about a cyclical slowdown for the group after a period of outperformance.