Check out the companies making headlines before the bell: Estee Lauder — Cosmetics stocks rose 15% after Estee Lauder beat expectations with its latest results. Estée Lauder reported second-quarter adjusted earnings of 88 cents per share, beating FactSet’s consensus estimate of 54 cents per share. Sales of $4.28 billion exceeded analysts’ expectations of $4.19 billion. Catalent — Catalent stock soared more than 12% after the contract drugmaker agreed to be acquired by Novo Holdings for $63.50 per share in an all-cash deal. The deal values Catalent at $16.5 billion on an enterprise value basis. This transaction is expected to be completed by the end of 2024. Caterpillar — The heavy equipment maker’s stock soared more than 4% after the company reported fourth-quarter adjusted earnings per share of $5.23. Revenue came in at $17.07 billion, slightly below the consensus estimate of $17.06 billion. Sales were particularly strong in North America. Air Products and Chemicals — Shares fell 9% after Air Products and Chemicals reported disappointing quarterly results. The industrial gas distribution company reported adjusted earnings of $2.82 per share in the first quarter, which was below the $3.00 per share expected by analysts surveyed by Street Accounts. Revenue was $3.0 billion, below the consensus estimate of $3.2 billion. GlobalFoundries — Shares fell about 2% after JPMorgan downgraded GlobalFoundries to neutral from overweight, citing a “deepening cycle bottom” due to weak manufacturing activity. Nvidia — Shares of the chipmaker rose about 3% before the opening bell after Goldman Sachs raised its price target to $800, suggesting it has 21% upside potential. The company said it was optimistic ahead of its Feb. 21 quarterly results due to “various data points from the broader ecosystem demonstrating sustained strength in demand for accelerated computing.” Stated. Stellantis — Italian daily Il Messaggero, citing financial sources, reported that the French government is considering a merger between Stellantis and Renault to compete with German and Chinese automakers, according to FactSet. As a result, Stellantis’ stock price fell 1.7%. The French government invests in both companies. McDonald’s — Shares fell slightly after the fast food chain reported mixed quarterly results. McDonald’s had sales of $6.41 billion and earnings per share excluding items of $2.95. Analysts had expected the restaurant chain to earn $2.82 per share on revenue of $6.45 billion, according to LSEG. The company’s profits have been hit by the Middle East conflict. Elanco Animal Health — Shares soared 7% after Merck Animal Health announced plans to acquire Elanco’s seafood business in a $1.3 billion cash acquisition. Mattel — The company’s stock fell 2.9% after JPMorgan downgraded the stock to neutral from overweight, saying the expected tailwind from Warner Bros.’ Discovery blockbuster “Barbie” was too strong. The company said a sluggish year-end sales season and rising freight costs in 2023 will hinder share price growth. —CNBC’s Brian Evans, Michelle Fox, Fred Imbert, Ha-Kyung Kim and Pia Shin contributed reporting.
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