Check out the companies making headlines before the bell:
Target – The retailer beat estimates by 7 cents a share, with adjusted quarterly profit of $1.47 per share. Revenue beat forecasts, as well. Target also posted a better-than-expected increase in comparable-store sales and raised its full-year outlook.
Lowe’s – The home improvement retailer earned an adjusted $2.07 per share for its latest quarter, beating forecasts by 5 cents a share. Revenue also came in above estimates, however Lowe’s posted a comparable-store sales increase of 5.2 percent that fell short of the 5.3 percent consensus estimate. Lowe’s also cut its full-year forecast.
Urban Outfitters – Urban Outfitters reported quarterly profit of 84 cents per share, beating estimates by 7 cents a share. The apparel retailer’s revenue also topped forecasts. Comparable-store sales jumped 13 percent, beating the consensus estimate of an 11.3 percent increase, as the company boosted online sales and sold more merchandise at higher prices.
Pure Storage – Pure Storage earned an adjusted 1 cent per share for its second quarter, compared to an expected loss of 6 cents per share. The provider of data storage technology also announced the acquisition of privately held software provider StorReduce for an undisclosed price.
La-Z-Boy – La-Z-Boy beat estimates by 9 cents a share, with adjusted quarterly profit of 34 cents per share. The furniture retailer’s revenue also topped forecasts. La-Z-Boy’s results were helped by increased sales of higher-priced furniture.
Red Robin Gourmet Burgers – Red Robin came in 2 cents a share shy of estimates, with adjusted quarterly profit of 46 cents per share. The restaurant chain’s revenue also came in shy of Street forecasts. Comparable-restaurant sales were down 2.6 percent, a slightly larger-than-anticipated drop than the 2.3 percent average estimate of analysts surveyed by Thomson Reuters.
Praxair – Praxair’s deal to merge with German industrial gas rival Linde has hit another potential roadblock, even after the deal got approval from European regulators. U.S. regulators must still approve the transaction. Linde is now warning that required divestments have reached a level that would allow either party to abandon the deal. Linde noted that constructive talks to save the deal are underway.
AT&T – AT&T was downgraded to “market perform” from “outperform” at Wells Fargo, which also cut its price target on the stock to $35 per share from $40 a share. Wells Fargo said it still believes in the longer-term outlook, but thinks the stock will be range-bound for the near to medium term as the company deals with delivering, the Time Warner acquisition, and margin pressures.
Navigators – The specialty insurance underwriter agreed to be acquired by Hartford Financial for $2.1 billion in cash, or $70 per share. The price is 8.9 percent above Tuesday’s closing price for Navigators.