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Early movers: DIS, TIME, COTY, WWW, PPG, TM, LUV, X & more
Check out which companies are making headlines before the bell: Walt Disney (NYSE: DIS) — Disney reported quarterly profit of $1.50 per share, compared to consensus estimates of $1.41 a share. Revenue fell below forecasts, however, and investors continue to be concerned about higher programming costs at ESPN. Time Inc. (NYSE: TIME)— The magazine publisher lost an adjusted 18 cents per share for its latest quarter, three cents a share more than expected. Revenue also fell short of estimates as print ad sales decline. The company also slashed its quarterly dividend to four cents per share from 19 cents a share. Coty (NYSE: COTY) — The beauty products maker reported adjusted quarterly profit of 15 cents per share, two cents a share above estimates. Revenue also beat forecasts. Coty saw improvement in its luxury products division, although professional beauty was flat and consumer beauty sales declined. Wolverine World Wide (NYSE: WWW) — The company behind shoe brands like Hush Puppies, Saucony, and Stride Rite beat estimates by six cents a share, with adjusted quarterly profit of 37 cents per share. Revenue was well above forecasts. Wolverine said it was benefiting from its moves to expand profit margins, and that it has accelerated its store restructuring plan. PPG Industries (NYSE: PPG) — The paint maker issued a statement saying it still believes its takeover proposal for Dutch rival Akzo Nobel (Euronext Amsterdam: AKZA-NL) is superior to Akzo's standalone plan. Akzo Nobel has rejected three takeover bids from PPG. U.S. Steel (NYSE: X) — The stock was downgraded to "market perform" to "outperform" at Cowen, noting the risk of the steel maker missing estimates due to its multiyear revitalization program. Coach (NYSE: COH) — The handbag and accessories maker was upgraded to "buy" from "neutral" at Goldman, which is upbeat about Coach's planned acquisition of Kate Spade (: KATE) and its overall willingness to deploy capital to make accretive acquisitions. Crocs (NASDAQ: CROX) — The shoemaker earned eight cents per share for its latest quarter, five cents a share above estimates. Revenue also beat forecasts. The company said consumers are responding positively to its 2017 spring and summer offerings, and that its moves to increase profit margins are taking hold. Norwegian Cruise Line (NASDAQ: NCLH) — The cruise line operator came in three cents a share above estimates, with adjusted quarterly profit of 40 cents per share. Revenue was above Street forecasts as well, and Norwegian raised its full-year forecast due to strong demand. The Caribbean segment was especially strong in the most recent quarter. Sotheby's (NYSE: BID) — The auction house lost 21 cents per share for its latest quarter, compared to forecasts of a 38 cent a share loss. Revenue was well above estimates, on an increase in commissions and fees. Yelp (NYSE: YELP) — Yelp lost six cents per share for its latest quarter, a loss that was two cents a share smaller than analysts had anticipated. The online review site operator also saw revenue miss forecasts. Its current-quarter revenue outlook is short of consensus estimates, as well, with the company citing difficulties in local account retention. Priceline Group (NASDAQ: PCLN) — Priceline reported adjusted profit of $9.88 per share for its latest quarter, beating estimates of $8.89 a share. Revenue for the online travel company was very slightly below forecasts. The Street is also focusing on weaker-than-expected current-quarter earnings guidance. TripAdvisor (NASDAQ: TRIP) — TripAdvisor missed estimates by two cents a share, with adjusted quarterly profit of 24 cents per share. The travel review website operator's revenue also fell below forecasts even though it saw a nearly six percent increase in click-based ad revenue. TripAdvisor also said it is seeing a recovery in per user revenue. Electronic Arts (NASDAQ: EA) — Electronic Arts came in 10 cents a share above estimates, with adjusted quarterly profit of 85 cents per share. The video game maker's revenue was in line with forecasts. EA saw particularly strong results for digital game downloads, which have higher profit margins. Separately, the company approved a $1.2 billion stock buyback. Nvidia (NASDAQ: NVDA) — Nvidia reported quarterly profit of 79 cents per share, 13 cents a share above estimates. The graphics chipmaker's revenue was above forecasts, as well. Nvidia saw strong demand for its flagship chip products, and also benefited from its diversification into the artificial intelligence and autonomous driving markets. Toyota (Tokyo Stock Exchange: 7203.T-JP) — The automaker forecast a 20 percent drop in profit for the current fiscal year, due to a rising yen and higher marketing costs in the U.S. market. Abercrombie & Fitch (NYSE: ANF) — Abercrombie is working with investment bank Perella Weinberg to field takeover bids from other retailers, according to a Reuters report. Sources familiar with the situation say there is no certainty that any deal for the teen apparel retailer will happen. News Corp. (NASDAQ: NWSA) — News Corp. reported adjusted quarterly profit of seven cents per share, two cents above estimates, while The Wall Street Journal publisher saw revenue beat estimates, as well. The results were boosted by digital subscriber growth at the Journal, among other factors. Southwest Airlines (NYSE: LUV) — Southwest has moved to a new technology platform for its bookings, replacing a 30-year old system, and reported that the transition has gone smoothly so far. INC Research (NASDAQ: INCR) — The clinical research services provider is buying privately held inventive Health for an all-stock transaction worth $4.6 billion.
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