Check out the companies making headlines before the bell:
Coca-Cola – Coca-Cola matched Wall Street forecasts with adjusted quarterly profit of 43 cents per share, revenue above estimates and organic growth strongly beating forecasts. The company said it had a solid quarter despite a negative impact from currency headwinds and refranchising.
Alphabet – Citi named the Google parent its “top pick”, replacing Amazon as #1 on its list of favorite stocks. Citi’s re-ranking of its list is based on expected momentum this year for revenue growth and profit margins. Netflix is number two on the revised Citi list, followed by Facebook.
Generac – The maker of power generators from homes and businesses earned an adjusted $1.42 per share for the fourth quarter, three cents above estimates, with revenue also beating forecasts. Residential product sales were up 10.3 percent, while commercial sales jumped 17.5 percent.
Bloomin’ Brands – The parent of Outback Steakhouse and other restaurant chains earned an adjusted 30 cents per share for its latest quarter, four cents above estimates, with revenue also above Street forecasts. Outback Steakhouse saw a four percent increase in same-restaurant sales for the full year, on a 0.9 percent increase in customer traffic.
Canada Goose – The outdoor apparel maker beat analyst estimates on both the top and bottom lines, with profit up 64 percent from the year before. Results were helped by growth at the company’s direct-to-consumer business. Canada Goose also issued upbeat forward guidance.
Cisco Systems – Cisco reported adjusted quarterly profit of 73 cents per share, beating consensus estimates by a penny. The networking equipment maker also saw revenue beat Street forecasts, helped by growth in cyber security and applications software. Cisco also announced a six percent dividend hike to 35 cents per share and increased its stock buyback program by $15 billion.
Apple – Apple will resume selling older iPhone models in Germany. That comes two months after it had stopped sales because a court had ruled that Apple had infringed a patent held by Qualcomm. The phones that will go back on the market in Germany will contain Qualcomm chips
Yelp – Yelp earned 37 cents per share for the fourth quarter, well above the 10 cent consensus estimate. The online review site operator’s revenue also came in above estimates, with the improved results following a revamp of Yelp’s board of directors.
MGM Resorts – MGM came in one cent above estimates with adjusted quarterly profit of 14 cents per share, with the casino and resort operator seeing revenue beat forecasts as well. MGM also announced an eight percent dividend hike to 13 cents per share from 12 cents.
AIG – AIG posted an unexpected loss of 63 cents per share, after consensus forecasts had predicted a profit of 42 cents per share. The insurance company did see revenue beat estimates, but its results were hurt by weaker returns in the equity and credit markets.
NetApp – NetApp reported adjusted quarterly profit of $1.20 per share for its latest quarter, beating consensus estimates by five cents. However, revenue fell below forecasts, and the data management company also gave weaker than expected revenue guidance.