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Check out the companies making headlines before the bell:
Walgreens Boots Alliance — The drugstore chain operator reported adjusted quarterly profit of $1.64 per share, 8 cents a share below estimates. Revenue also missed and Walgreens cut its full-year earnings forecast, noting market challenges that have accelerated.
Boeing — Boeing will submit its software upgrade for the 737 MAX jet in the “coming weeks,” later than originally planned, according to both the Federal Aviation Administration (FAA) and Boeing. The FAA said additional time is needed to address various issues identified by the jetmaker.
Wells Fargo — Wells Fargo had its outlook cut to “negative” from “stable” by Standard & Poor’s, with the ratings agency saying the resignation of Tim Sloan as chief executive officer adds another layer of uncertainty for the bank.
Dow Inc. — Dow will begin trading today on the New York Stock Exchange, following its separation from DowDupont. The materials sciences company’s stock will also replace DowDupont in the Dow Jones Industrial Average as of today. A third company, Corteva Agriscience, will be separated from DowDupont on June 1, at which time DowDupont will change its name to DuPont. Deutsche Bank has rated Dow a “buy” in new coverage, calling it a more focused and shareholder friendly company than the old Dow Chemical.
Lyft — The ride-hailing service’s shares were rated “sell” in new coverage at Seaport Global Securities, with a price target of $42. The firm calls the thesis that millennials and later generations will forego car ownership a “big leap of faith.”
Amazon.com — Amazon is cutting prices at its Whole Foods supermarkets this week, with The Wall Street Journal reporting that more than 500 products will see reduced prices. The paper said the price reductions will focus on produce and meat.
Walt Disney — Disney was rated “buy” in new coverage at Rosenblatt Securities, with a price target of $150. Rosenblatt said the current valuation is “compelling,” given its view that the company’s Disney+ service will likely be successful.
Nio — Nio said it delivered 3,989 of its ES8 electric SUV model in the first quarter, bringing total deliveries of that model by the China-based electric vehicle maker to 15,337 vehicles.
Exelon — The nuclear plant operator was upgraded to “outperform” from “market perform” at Wells Fargo Securities, which pointed to several factors including new supportive nuclear-related legislative initiatives.
Intuitive Surgical — The maker of robotic surgical devices was rated “buy” in new coverage at Deutsche Bank, with a price target of $630. Deutsche Bank said that the company is the dominant global leader in robotic surgery, and that it has strong, durable revenue growth.
Lab Corp, Quest Diagnostics — The medical lab operators were both upgraded to “buy” from “hold” at Jefferies, based on the prospect that both will be included in a preferred lab network being rolled out by health insurer UnitedHealth.
