Tesla – Tesla cuts its full-time workforce by 7 percent to lower costs, according to an employee memo. In the memo, CEO Elon Musk said cuts are needed along with manufacturing design improvements to achieve economies of scale and maintain a viable company.
CVS Health – CVS and Walmart have signed a new multi-year agreement that will keep Walmart
VF Corp. – The parent of North Face and other apparel brands earned an adjusted $ 1.31 per share for the third quarter, 21 cents and share above estimates. Revenues also beat forecasts, and VF also raised its full-year outlook on strong demand for North Face apparel and Vans shoes, among other factors.
SunTrust Banks – The bank earned and adjusted $ 1.50 per share for its latest quarter,
Citizens Financial – The financial services company earned 96 cents per share for its latest quarter, 2 cents a share above estimates. Revenue was in line with expectations. Citizens also announced a 19 percent increase in its quarterly dividends.
Chevron – UBS raised its rating on the energy producer to "buy" from "neutral", saying recent oil prices have prompted a buying opportunity for Chevron shares. UGS has added that Chevron can fund both its capital spending and its dividend at or below $ 50 per barrel.
MGM Resorts – MGM struck a deal to give board board to Keith Meister, the founder of the Corvex Management hedge fund. Corp is owned by about three percent of the casino operator, and the company said it has been holding a "constructive dialogue" with Meister over the past few months.
PPG Industries – PPG will not make a challenge from Trian Fund Management at paint and yearly shareholder meeting, according to sources quoted by Reuters.
JPMorgan Chase – CEO Jamie Dimon was awarded a five percent raise in compensation for 2018 to a total of $ 31 million, according to a SEC filing.
The Interpublic Group has been downgraded to "sector performance" from "outperform" at RBC Capital, which is projected to slow down organic growth for the advertising firm in 2019.
Alibaba – Alibaba is postponing hiring and cutting travel spending, according to a Bloomberg report. The Chinese e-commerce company is said to be bracing for a slowing economy.
J.B. Hunt Transportation – J.B. Hunt reported adjusted quarterly profit of $ 1.78 per share, beat estimates by 30 cents and share. The trucking company's revenue also topped Wall Street forecasts.